PNB Car Loan EMI Calculator

Punjab National Bank (PNB) is one of India's largest banks, providing wide-ranging financial products at competitive interest rates. These include personal loans and car loans with flexible repayment options. The PNB Car Loan EMI Calculator will help you plan your finances more effectively to determine the monthly repayments you may need to commit to in buying your dream vehicle. It is a free, user-friendly automatic tool that delivers instant results, helping you make the right financial decision.

What is the PNB Car Loan EMI Calculator?

The PNB Car Loan EMI Calculator is a digital tool that instantly calculates your EMI and applicable interest rate. Using a predefined formula, it provides quick results without requiring sign-ups or personal details. Enter key loan details, and the calculator will display your monthly EMI. Free and easily accessible online, it helps you estimate interest charges and easily plan your loan affordability.

How Does PNB Car Loan EMI Calculator Work?

The PNB Car Loan EMI Calculator provides an easy-to-use interface with a clear view of your car loan repayment cycle. To calculate the EMI of a car loan from Punjab National Bank, you need to follow the steps mentioned below:

• Visit the official website of PNB. 
• On the home page, search for the ‘Calculator’ tab and click on it.
• A new page will appear where you have to provide the following details:
• Loan amount
• Rate of interest 
• Loan Tenure

Upon submitting this information, you will receive your approximate EMI amount.

PNB Car Loan EMI Calculator Formula

The monthly EMI for your car loan is calculated using a specific formula incorporated into the Punjab National Bank car loan EMI calculator, as shown below:

EMI = [P x R x (1+R)^N]/ [(1+R)^N-1] 

Where, 

• P: Principal loan amount
• R: Interest rate per month
• N: Loan tenure in months

PNB Car Loan EMI Calculator Example

Suppose you have taken a car loan of Rs. 5,00,000 in January 2024 at an annual interest rate of 9% for a tenure of 5 years (60 months). Here is how the calculation works:

• P = Rs. 5,00,000
• R = 9% annual interest rate 
• N = 60 months

EMI = [5,00,000 X (9/100/12) X (1+ 9/100/12)^60] / [(1+9/100/12)^60-1]

EMI = Rs. 10,379

By inputting this value in the PNB Car Loan EMI Calculator, your monthly EMI will be approximately Rs. 10,379.

How To Apply For PNB Car Loan?

There are two methods by which you can apply for PNB car loans:

Online Method: Follow the steps mentioned below to apply for a car loan online:

• Go to the official portal of Punjab National Bank. 
• Select ‘Punjab National Bank car loan’ under the Loan> Vehicle Loans section.
• Tap on the ‘Apply Now’ button.
• Choose ‘Car’ and provide the necessary details in the car loan application form.
• Upon filling out the application form, submit it to the bank. 
• The bank will assess your car loan eligibility and ask you to submit the required KYC and income documents. 

If PNB finds you eligible, they will deposit the loan amount into the applicant's bank account as specified in the application form.

Offline Method: Follow the steps mentioned below to apply for a car loan offline:

• Go to the nearest branch of Punjab National Bank.
• Ask the bank representative for the PNB car loan application form and mention the necessary details.
• Provide the required documents that verify your age, residential address, income, and identity.
• The bank will perform document verification and check your eligibility. 
• Your loan amount will be credited to your bank account if you meet the eligibility criteria.

Types Of PNB Car Loan EMI Options

• New Car Loan: The PNB Car Loan offers financing for new cars with a maximum loan amount of up to ₹1 crore or 25 times the applicant’s gross monthly salary or pension, whichever is lower. The interest rates range between 8.80% and 9.80%, ensuring competitive borrowing costs. Borrowers can choose a repayment tenure of up to 84 months (7 years), allowing flexibility in managing EMIs.
• Old Car Loan: PNB Used Car Loan offers financing for old cars with a maximum loan amount of up to ₹1 crore or 25 times the gross monthly salary or pension, whichever is lower. The interest rates are between 9.80% and 10.80%, depending upon eligibility and loan terms. The borrower can choose a repayment tenure of up to 60 months or 5 years, which provides a structured and manageable EMI plan.

Factors Affecting Axis Bank Car Loan EMI

Several factors influence the monthly EMI of your Axis Bank Car Loan:

• Loan Amount: The loan amount determines your EMI—higher loans result in higher EMIs.
• Interest rate: The interest rate on the principal loan amount determines your borrowing costs
• Loan Tenure: The duration of your loan affects the EMI. Longer tenures spread repayments over more months, resulting in smaller EMIs and increasing total interest paid. Shorter tenures lead to higher EMIs but lower overall interest.
• Down Payment: The upfront payment reduces the loan amount, lowering your EMI—a more significant down payment results in a smaller loan and more manageable EMIs.
• Credit Score: An excellent credit score may help you get a relatively low interest rate, thus reducing the EMI. However, a low credit score will result in high interest rates and higher EMIs.
• Type of Interest Rate: The EMI amount depends on the nature of your interest rate. It may be fixed or floating. You get the same EMI if fixed, but it keeps changing over time in floating ones.

PNB Car Loan EMI With Prepayment

Prepayment allows you to fully or partially repay your PNB Car Loan before its due date, helping reduce future interest costs. However, lenders may charge a prepayment fee to compensate for lost interest, usually a percentage of the remaining loan amount. You can prepay your Punjab National Bank (PNB) car loan EMI online or in person at a branch. 

Online 

• Go to the PNB EMI payment page on a payment website like Freecharge, MobiKwik, or Paytm.
• Enter your loan account number
• Select the payment method you want to use
• Enter the requested payment details
• Check the details and confirm the payment

Offline

• Visit a PNB branch during working hours
• Provide your loan account details
• Pay your EMI in person
• Additional information
• You can check your lender's terms and any early payment penalties. 
• Some lenders allow prepayments after 12 EMIs, but the penalty may differ between the first and subsequent prepayments. 
• You can request a foreclosure or prepayment of the loan from your lender. 
• You will need to obtain a foreclosure statement detailing the outstanding amount. 

Advantages of Using PNB Car Loan EMI Calculator

Here are the main benefits of using the PNB car loan EMI calculator:

• Accurate EMI Calculation: The PNB car loan EMI calculator provides accurate results. You can instantly calculate your monthly EMI by entering the loan amount, tenure, and interest rate to make financial planning simple and precise.
• Convenient Access: This is easy to calculate and accessible on any device, such as a smartphone, tablet, or computer. You can calculate your EMI with flexibility and convenience anytime and anywhere.
• Saves Time and Effort: With this calculator, you do not have to compute complex EMI formulas. Instead, it can give you instant results, saving you all the time and effort needed in lengthy calculations.
• Better Financial Planning: The EMI calculator can help you plan your finances better. It lets you vary the loan amount and tenure to explore different repayment options and choose one that fits your budget and financial goals.

The PNB Car Loan EMI Calculator is a user-friendly tool that simplifies loan planning and management. Providing instant and accurate EMI calculations allows you to explore various loan options, assess repayment scenarios, and plan your finances efficiently. Utilise this calculator to make well-informed decisions and choose a car loan that aligns with your budget and financial goals.