Punjab National Bank or PNB offers personal loans at attractive rates of interest with EMIs starting at Rs.2,199 per lakh.
The bank offers loans starting at interest rates ranging between 8.90% p.a. - 14.45% p.a. You can use the Personal Loan EMI calculator available on the BankBazaar website by entering the loan amount you wish to avail, repayment tenure, and rate of interest.
|Rs. 3 lakh @11.50% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||Rs.14,052||Rs.9,893||Rs.6,598|
|Total Interest Payable (Rs.)||Rs.37,250||Rs.56,141||Rs.95,867|
|Processing Fee (Rs.)||Rs.5,400||Rs.5,400||Rs.5,400|
The loan EMI calculator is an online calculator where you must enter the amount of loan that you will borrow as well as other details. The calculator uses the following formula:
E = P x r x (1+r)^n/((1+r)^n-1)
Where, E is the EMI
P is the borrowed amount
r is the monthly rate of interest
n is the loan tenure (in months)
The calculator also uses processing fee for calculation of EMI. However, it differs from bank to bank depending on the rate being offered. The processing fee also changes anywhere in the range of 1% to 3%.
The EMI amount may sometimes vary from the calculation of the loan EMI calculator from the bank. The difference could be due to the change in loan processing fees and interest rates applied being different while actually taking the loan from the time of calculation.
The online loan EMI calculator is a ready to use tool with instant access to output. In an excel sheet, you are required to formulate the calculation before using it.
The BankBazaar Personal Loan EMI Calculator allows you to change various fields such as loan tenure to generate the EMI for each option.
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