PNB Personal Loan EMI Calculator

PNB is one of the ancient banks that started the banking business in the pre-independence era. It was founded in the year 1894 and since then has been performing with a motive of economic development. Its PAN India presence makes it all the more popular and easy to access from anywhere in the country. The implementation of core banking services has made it even more convenient for the customers to operate from any corner of the country. PNB offers various personal and financial services. The retail products of PNB, especially personal loans, are very popular owing to the ease at which one can avail of the loan.

The ease with which the PNB personal loan can be availed makes them the most impulsive option for any financial requirement. Individuals opt for a personal loan at the drop of a hat. Even more, since the online application of the loan is made possible and the loan is approved and disbursed within no time. Your personal loan journey does not stop at just availing of the loan and making use of the funds for the purpose for which it was availed of. Repayment also has to be done promptly for the entire tenure. So the calculation of the EMI that fits your pocket is very much necessary before applying for a personal loan. PNB has provided the PNB Personal Loan EMI calculator for this purpose. To make use of the calculator, you will have to follow the steps given below.

• Access the EMI calculator for Personal Loan PNB on the official website of the bank.
• Key in the variants required, i.e., the loan amount, the rate of interest and the tenure
• Tap the enter key, and you will get the EMI immediately. 
• You can use the EMI multiple times till you arrive at the loan amount with the EMI that you are comfortable with.

The interest calculation can either be the flat rate method or the reducing balance method. Most personal loan providers do the calculation on the reducing balance method that is more beneficial for the customers, interest cost-wise. PNB also calculates the interest on the personal loan on the reducing balance method, and the formula applied for the calculator is

EMI = [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)]  
EMI is the Equated Monthly Instalment  
P is the Principal  
R is the rate of interest   
N is the tenure

This calculation will give an idea about the overall cost of the loan for a chosen tenure. This will prompt you to manage your funds to provide for a higher EMI so that you can lower the interest cost. 

Know in detail: Simple Interest Formula Calculation.

For a stress-free personal loan journey, you will have to be aware of the liability you are about to incur on account of the proposed loan and manage the monthly budget for prompt repayment of the loan. The versatility of the personal loan in terms of usage purpose makes it the most tempting loan product. Also, the ease with which it is available makes it the most sought after option for any financial situation. But prudence lies in making a calculated decision in order to avoid any future financial mishaps. The EMI calculator for personal loan PNB helps you with the complicated calculation along with other embedded benefits.

• It makes the complicated calculation very simple, which otherwise would be cumbersome and confusing,  
  You do not need any special technical skills to use the calculator. 
• It is available for one and all on the official website of the bank. All you need is an internet connection.
• You can use the calculator any number of times to arrive at the desired amount with an EMI that fits your pocket.
• The calculator has input boxes wherein the variants have to be entered, and the output field will give you the EMI that is 100% accurate. It also gives the total interest that will be applied for a given tenure. By using the PNB
• Personal Loan EMI Calculator, there will be no scope for errors.
• You can use the PNB Personal Loan EMI Calculator absolutely free of charge.

The PNB personal loans interest rates starts from 11.40% p.a. and without insisting on any collateral security. The application process is made very easy by making it online. The turnaround time has drastically reduced owing to the online loan process. Individuals are very vulnerable to such offers and tend to get impulsive and resort to personal loans very easily. This lands them in a critical financial situation when they will not be able to service the loan promptly. To avoid such instances, the PNB Personal Loan EMI Calculator should be used.

Before using the EMI calculator, you should assess the disposable monthly income after providing for existing obligations and liabilities. You can then use the EMI Calculator for Personal Loan PNB to limit the loan amount for an EMI that is within the disposable income.

By doing so, you can ensure that your liability does not go overboard and avoid EMI miss outs. Every EMI missout will bring down your credit score by 50 to 70 points which will hamper your eligibility for future big-ticket loans like home loans.

EMIs turn out to be the biggest burden on a person’s income if the budget goes overboard. It is essential to judge the repayment capacity based on the disposal amount that is available out of the income. To arrive at the disposable income, consolidation of all the existing obligations and liabilities should be done. The amount that is available after providing for the consolidated amount is the disposable income. While deciding the EMI, you should keep in mind the expenses incurred to maintain the dependents.

EMI should be calculated using the EMI calculator for personal loan PNB to estimate the EMI that fits your budget. This feat is necessary for on-time payment of the EMIs to avoid future complications. You can use permutations and combinations by changing the tenure and the loan amount till you arrive at the EMI that fits your budget. You can compare the EMI of popular banks using the personal loan EMI calculator to ensure that PNB is the best destination for your requirement.

The three main factors that affect the PNB Personal Loan EMI are the loan amount, rate of interest and tenure. Any change in these factors will reflect in the EMI.

Loan amount: The loan amount depends on your income, repayment capacity, and credit score. The loan amount will be relative to your monthly income. The net take-home should be 40 to 50% of your gross income after providing for the existing obligations and liabilities inclusive of the proposed EMI. So the loan amount is directly proportional to the EMI you can afford. Higher the loan amount higher will be the EMI, and lower the amount lower will be the EMI.

Rate of Interest: EMI is again directly affected by the rate of interest. The EMI changes with the rate of interest. The higher the rate of interest, the higher will be the EMI and vice-versa. That is the reason it is recommended to shop around a bit to be aware of the prevailing interest rates in the market so that you can choose the lender who will give you the best deal. Also, the rate of interest will depend on the type of employment, credit score, relationship with the bank and the loan amount. In the best scenario, i.e., all the factors being ideal, you will get the best rate which will make the EMI affordable.

Tenure: The EMI is inversely proportional to tenure. If the disposable income available will not fetch you the amount required, you can go for a higher tenure that will reduce the EMI and increase your eligibility. You can always make a lump sum payment during the repayment period to reduce the tenure.

The EMI calculator will give you a 100% accurate EMI value for the inputs given to you. It will also give you the total interest cost for the repayment tenure for the loan to be availed. But there are other aspects that the EMI calculator will not tell you. The expense of the loan is not derived only by considering the interest payable for the loan tenure opted. There are various other factors that determine the cost of the loan like the processing charges, prepayment charges, delay penalty, EMI return charges etc. Even these costs vary from lender to lender. If you have to understand the exact cost of the loan, you will have to get the information regarding the factors discussed above from the bank branch since the EMI calculator will not give you any information about the other charges.