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PNB Car Loan EMI Calculator

Loan Amount

Interest rate

%

1%

15%

Loan Duration

Yrs

1 Yr

30 Yrs

EMI

0

Principal Amount

Interest

Total Payable

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What Is the PNB Car Loan EMI Calculator?

The PNB car loan EMI calculator is a valuable financial tool that assists you in determining the EMIs for the repayment of your car loan. It allows you to calculate the monthly repayment based on the principal amount, interest rate, and loan tenure. All you need to do is enter the details, and the calculator will yield the EMI amount along with the total payment and interest payable.

The online PNB car loan EMI calculator uses a formula incorporating these inputs to calculate the EMI amount and total loan cost. Using the PNB car loan EMI calculator, you can clearly understand the monthly repayments and align them with your budget.

How Does the PNB Car Loan EMI Calculator Work?

The PNB car loan EMI calculator uses a mathematical formula to determine your car loan EMIs. This calculation considers essential factors such as the principal amount, interest rate, and loan tenure. You can quickly estimate the EMI you must pay each month by inputting these values. This way, you can also assess the car loan's affordability and try various loan amounts and tenures combinations to determine what works best. Remember, longer tenures result in lower EMIs but higher overall repayment amounts, while shorter tenures yield higher EMIs, but the total loan cost is lower.

What Is the PNB Car Loan EMI Calculator Formula?

  • The PNB car loan EMI calculator uses the formula below to calculate your car loan EMIs:
  • EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

  • Where,
  • P is the principal
  • N is the repayment term in months
  • R is the monthly interest rate

How To Use the Online PNB Car Loan EMI Calculator?

Follow these simple steps to use the online PNB car loan EMI calculator available on Angel One:

  • Go to the PNB car loan EMI calculator page on Angel One.
  • Enter the amount you wish to borrow to purchase a car.
  • Input the interest rate.
  • Enter the loan tenure.

After entering the required details, the PNB car loan EMI calculator will display the EMI amount you must make towards the repayment of the car loan. It will also show the total payable amount and interest.

Here’s an example to help you better understand the calculation.

Imagine you're interested in obtaining a car loan amounting to Rs. 30,00,000, to be repaid over a period of 13 years, with an annual interest rate of 13%. When you input these details into the PNB car loan EMI calculator, it will compute your EMIs at Rs. 39,936. As a result, you will need to repay Rs. 62,30,064, with interest amounting to Rs. 32,30,064.

Benefits Of Using the PNB Car Loan EMI Calculator

Here's why you should take advantage of this innovative calculator:

  • Accurate financial planning: Using the PNB car loan EMI calculator, you can accurately plan your finances. It helps you determine your monthly instalment based on your loan amount, interest rate, and tenure. It helps you budget your expenses and keeps you on track with repayments.
  • Time-saving and convenience: Gone are the days of manual calculations and complicated spreadsheets. The online PNB car loan EMI calculator saves you time and effort by providing instant results. With just a few clicks, you can quickly evaluate various loan scenarios and determine the most suitable option.
  • Comparative analysis:With the PNB car loan EMI calculator, you can compare different loan options effortlessly. Adjusting the loan amount, interest rate, and tenure lets you see how each variable affects your monthly instalments. It empowers you to make an informed decision and choose the most cost-effective car loan option..
  • Enhanced negotiation power:Armed with the accurate information from the PNB car loan EMI calculator, you gain a significant advantage during loan negotiations. You can confidently discuss loan terms with lenders, knowing what you can afford and which options align with your budget. It ensures you secure the best possible car loan deal.

Factors Influencing the PNB Car Loan EMI Amount

Here are the key elements that influence the car loan EMI amount:

  • Loan amount: The principal loan amount you borrow to purchase the car directly impacts your EMI. A higher loan amount will result in a higher EMI and vice versa.
  • Loan tenure: The duration or tenure of the loan is another crucial factor influencing the EMI. A longer tenure may lower your monthly EMI, but you'll pay more interest over time. On the other hand, a shorter tenure means higher EMIs, but you'll clear the debt sooner and pay less interest in the long run.
  • Interest rate:The interest rate the lender charges significantly affects your EMI. A higher interest rate will increase the EMI amount, while a lower rate will reduce it. It’s essential to compare interest rates from different lenders to secure the best deal.
  • Down payment: The upfront amount you pay as a down payment affects your EMIs. A higher down payment reduces the loan amount and, subsequently, the EMIs. It is advisable to save for a substantial down payment to minimise the EMI burden.

Types Of Car Loans Offered by PNB

PNB offers the following car loans:

  • PNB Car Loan: PNB offers a range of car loans designed specifically for your needs. As an individual or joint borrower, you can apply for car loans, provided you meet the minimum net monthly salary/pension/income requirement of Rs. 25,000.
  • PNB Green Car (E-Vehicle) Loan: PNB offers a car loan to finance a new electrical car (e-vehicle). You can take a loan to buy a brand-new e-vehicle for personal use or seek reimbursement for the cost of a new e-vehicle purchased within the last three months. However, you must have a minimum net monthly salary, pension, or income of Rs. 25,000.
  • Pride Car Loan For Government Employees: PNB offers car loans to facilitate the purchase of cars by permanent employees of the Central and State Governments, Defense Personnel, and Paramilitary Forces.

FAQs

What is the PNB car loan EMI calculator?

The PNB car loan EMI calculator calculates the EMIs for a car loan. It helps you determine the fixed amount you must pay monthly for your car loan, considering the principal amount, interest rate, and loan tenure.

How to use the car loan EMI calculator online?

To use the online PNB car loan EMI calculator, visit Angel One and locate the EMI calculator tool. Input the required details, such as the loan amount, interest rate, and tenure. Once you've filled in these details, the calculator will provide a breakdown of the monthly instalment, total interest payable, and the overall loan cost.

Is the PNB car loan EMI calculator free to use?

Yes, the PNB car loan EMI calculator on Angel One is a complimentary service to assist you in assessing your car loan repayments.

How is the total interest of the PNB car loan calculated?

The total interest of a car loan is calculated based on several factors, including the loan amount, interest rate, and tenure. The online loan calculator uses a formula to calculate the total interest.

Is there a penalty on the prepayment of the PNB car loan?

Whether or not there is a penalty on the prepayment of a car loan depends on the terms and conditions set by the lending institution. Some lenders may impose a penalty for prepaying the loan before the agreed-upon tenure. It's important to carefully review the loan agreement or consult with the lender to understand their policy regarding prepayment penalties.

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