PNB Bank Personal Loan Emi Calculator
PNB offers personal loans to help you cope with your immediate financial needs. You can borrow up to ₹20 lakhs, with additional amounts available for doctors. These personal loans can be easy and effective, as they can later be repaid with easily calculated EMIs. PNB offers an interest rate ranging from 8.9% p.a. to 14.45% p.a., which accounts for ₹2,199 per lakh.
What is the PNB Personal Loan EMI Calculator?
The PNB EMI Calculator is a digital tool used by the bank to estimate the EMI amount that needs to be paid on a borrower's personal loan. The EMI calculator simplifies and speeds up the process of EMI calculation, providing you with an estimate of the amount of EMI and interest that needs to be paid each month. It reduces the tedious process to simply entering values into a formula and obtaining answers based on the principal amount and tenure. It operates on an algorithm that gives accurate results according to standard reference formulas.
Factors Influencing the PNB Personal Loan EMI Calculator
Several key factors play a major role in calculating the interest or EMI amount on the PNB EMI calculator. These are primarily three main factors:
Principal Amount: This is the total amount you intend to borrow from PNB. The rate of interest, tenure, and EMI are highly dependent on this principal amount.
Loan Tenure: The tenure is the duration over which you will repay the loan. It can range from a few months to several years. A longer tenure generally results in lower EMIs, and vice versa.
Interest Rate: The interest rate is the cost of borrowing expressed as a percentage. This rate can vary based on several factors, including your credit score and market conditions.
How Can the EMI Calculator Help?
You do not need any technical knowledge or expertise to use this EMI calculator; it is simple to use. Anyone with internet access can use this calculator by entering the required values, such as the principal amount, rate of interest, and tenure, to calculate the EMI.
Before proceeding with loans, you can compare different EMIs based on tenures and amounts, which aids in the loan borrowing process. It provides a clear picture and helps customers gain clarity regarding this procedure.
The calculator offers 100% accurate information, and the exact amount of EMI is calculated for you.
Benefits of Using the PNB Personal Loan EMI Calculator
Here are five key points about the PNB personal loan calculator:
Diverse ROI Options
The calculator offers a variety of interest rates, making it easy to experiment and compare different scenarios.
Flexible Calculations
Users can calculate EMI amounts by adjusting principal amounts, interest rates, and loan tenures.
Personalised Interest Rates
The final interest rate depends on factors such as credit score, monthly income, age, occupation, and repayment capacity.
Free and Unlimited Use
The calculator can be used repeatedly at no cost, allowing users to refine their estimates.
User-Friendly
The tool simplifies the loan comparison process, helping users find the best fit for their financial needs.
Formula for PNB Personal Loan EMI Calculation
The EMI calculator works on a simple formula that is highly accurate and provides an estimate of your monthly EMI. You can simply enter your desired amount and time period to get your estimated EMI with just one click.
The PNB Personal Loan EMI Calculator operates using the following formula:
E=(1+R)N−1P×R×(1+R)N
Where:
E = EMI (Equated Monthly Instalment)
P = Principal amount
R = Rate of interest
N = Loan repayment tenure
However, it’s crucial to remember that the interest rate you receive for a personal loan will depend on your eligibility. This assessment considers several factors, including your monthly income, age, credit score, repayment capacity, and occupation profile.
Example Calculation
Mrs. Raani intends to take a personal loan from Punjab National Bank in July 2022 of ₹5 lakhs for her business, choosing a tenure of 1 year. The interest rate for her personal business loan is 7.6%.
Thus, the details of the loan as per the EMI Calculator are:
- P = ₹5 lakhs
- R = 7.6%
- N = 1 Year (12 months)
The EMI calculated is ₹43,402.
PNB Personal Loan Interest Rates for 2024
Let’s take estimates to understand this better:
In 2022, the interest was ₹15,145, the principal amount accounted for ₹2,45,264, with a total payment of ₹2,60,409; thus, the outstanding loan will be ₹2,54,734.
In 2023, the interest was ₹5,676, the principal amount accounted for ₹2,54,733, with a total payment of ₹2,60,409; thus, the outstanding loan will be ₹0.
How to Use the LiveMint EMI Calculator
Calculating your personal loan EMI is easy with the LiveMint EMI Calculator. Just follow these simple steps:
Input loan amount: Enter the total amount you wish to borrow.
Select rate of interest: Choose the applicable interest rate for your loan.
Choose loan duration: Select a repayment period that suits your financial needs.
Once you’ve filled in the required details, the calculator will provide you with an estimate of your monthly EMI.
PNB Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Amortisation Schedule:
| Month | Principal | Interest | EMI | Balance |
|---|---|---|---|---|
| 1 | 40235 | 3166 | 43402 | 459765 |
| 2 | 40489 | 2911 | 43402 | 419275 |
| 3 | 40746 | 2655 | 43402 | 378529 |
| 4 | 41004 | 2397 | 43402 | 337524 |
| 5 | 41264 | 2137 | 43402 | 296260 |
| 6 | 41525 | 1876 | 43402 | 254734 |
| 7 | 41788 | 1613 | 43402 | 212946 |
| 8 | 42053 | 1348 | 43402 | 170893 |
| 9 | 42319 | 1082 | 43402 | 128573 |
| 10 | 42587 | 814 | 43402 | 85986 |
| 11 | 42857 | 544 | 43402 | 43128 |
| 12 | 43128 | 273 | 43402 | 0 |
(Source: groww.in/calculators/pnb-personal-loan-emi-calculator)
Punjab National Bank Personal Loan Interest Rates
Punjab National Bank determines personal loan interest rates based on several factors, including the applicant's job profile, credit score, employer's credentials, and the relationship with the bank through their salary account. These elements collectively influence the interest rates offered to each individual.
1. PNB Sahyog Rin – Personal Loan for Public
| Type | CIC Score | Rate of Interest (p.a.) |
|---|---|---|
| For paramilitary/defence personals who get salaries through PNB (customers under Rakshak Plus Scheme are included) | NA | 11.40% |
| For government employees getting salaries through PNB and for central government gazetted officers having no salary account with PNB | 800 | 11.75% |
750 less than 800 Or No credit history | 12.75% | |
650-749 | 13.75% | |
less than 650 | 14.25% | |
| For corporate/other employees withdrawing their salaries through PNB and for government employees not getting salaries through PNB | 800 | 12.75% |
750 less than 800 or No credit history | 13.75% | |
650-749 | 15.75% | |
Less than 650 | 16.25% | |
| Loan to employees under check off facility | 800 | 14.25% |
750 less than 800 or No credit history | 14.75% | |
650-749 | 16.45% | |
Less than 650 | 16.95% |
2. PNB Doctor’s Delight – Personal Loan Scheme for Doctors
| Type | CIC Score | Rate of Interest |
|---|---|---|
| PNB Doctor’s Delight-Personal Loan Scheme for Doctors | NA | 11.40% |
| PNB Doctor’s Delight-Personal Loan Scheme for Doctors 1% concession for applicants having salary account with PNB Or Maintains receipt collection account with PNB Or With Tangible Collateral Security of 100% of loan amount | NA | 10.40% |
3. PNB Personal Loan Scheme for Self-employed
| CIC Score | Interest Rate (p.a.) |
|---|---|
| 800 | 12.75% |
| 750* less than 800 Or With Nil credit history (i.e – 1 or 0) | 13.75% |
4. PNB Personal Loan for Pensioners
| Type | Interest Rate (p.a.) |
|---|---|
| Personal Loan for Pensioners (Term Loan/Overdraft/Demand Loan) | 11.75% |
PNB Personal Loan Fixed Interest rates
1. PNB Sahyog Rin – Personal Loan for Public
| Type | CIC Score | Rate of Interest (p.a.) |
|---|---|---|
| For paramilitary/defence personals who get salaries through PNB (customers under Rakshak Plus Scheme are included) | NA | 12.40% |
| For government employees getting salaries through PNB and for central government gazetted officers having no salary account with PNB | 800 | 12.75% |
750 less than 800 Or No credit history | 13.75% | |
650-749 | 14.75% | |
less than 650 | 15.25% | |
| For corporate/other employees withdrawing their salaries through PNB and for government employees not getting salaries through PNB | 800 | 13.75% |
750 less than 800 or No credit history | 14.75% | |
650-749 | 16.75% | |
Less than 650 | 17.25% | |
| Loan to employees under check off facility | 800 | 15.25% |
750 less than 800 or No credit history | 15.75% | |
650-749 | 17.45% | |
Less than 650 | 17.95% |
2. PNB Doctor’s Delight – Personal Loan Scheme for Doctors
| Type | CIC Score | Rate of Interest |
|---|---|---|
| PNB Doctor’s Delight-Personal Loan Scheme for Doctors | NA | 12.40% |
| PNB Doctor’s Delight-Personal Loan Scheme for Doctors 1% concession for applicants having salary account with PNB Or Maintains receipt collection account with PNB Or With Tangible Collateral Security of 100% of loan amount | NA | 11.40% |
3. PNB Personal Loan Scheme for Self-employed
| CIC Score | Interest Rate (p.a.) |
|---|---|
| 800 | 13.75% |
| 750* less than 800 Or With Nil credit history (i.e – 1 or 0) | 14.75% |
4. PNB Personal Loan for Pensioners
| Type | Interest Rate (p.a.) |
|---|---|
| Personal Loan for Pensioners (Term Loan/Overdraft/Demand Loan) | 12.75% |
PNB Personal Loan Processing Fees & Charges
1. PNB Personal Loan Scheme for Public
| Processing Charges |
|
| Documentation Charges |
|
| Pre-payment Charges | NIL |
2. PNB Personal Loan to Doctors
| Processing Charges | 0.90% of loan amount |
| Documentation Charges | ₹450 |
| Pre-payment Charges | NIL |
3. PNB Personal Loan to Pensioners
| Processing Charges | NIL |
| Documentation Charges | ₹500 |