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.

How does PNB loan EMI calculator work?

The PNB loan EMI calculator functions based on three crucial parameters – the loan amount, the loan tenure, and the interest rate. Upon inputting these details, the calculator instantly computes the EMI you need to pay each month for the loan tenure. The breakdown provided by the calculator offers a crystal-clear understanding of the loan repayment structure, thereby allowing for well-informed decisions.

PNB Bank Personal Loan Interest Calculator Formula

The EMI for a personal loan depends on three parameters: the loan amount, the interest rate, and the loan tenure. Here’s the formula used to calculate EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:

• P represents the loan amount.
• R stands for the monthly interest rate (annual interest rate/12/100).
• N represents the loan tenure in months.

Let’s take an example: if you avail a loan of Rs. 5 lakh for a period of 2 years (24 months) with an annual interest rate of 12%, the EMI would be calculated as follows:

EMI = [5,00,000 x (1+0.01)^24] / [(1+0.01)^24 – 1] = Rs. 23,537.

The EMI calculated will be payable each month for 24 months.

Amortization schedule

Here is the amortization schedule on a personal loan of Rs 5 Lakh. The interest rate is 12% every year and the tenure is 10 years or 120 months.

Month	Principal (in Rs)	Interest (in Rs)	Principal + Interest	Balance to be paid
1	2174	5000	7174	497826
2	2195	4978	7174	495631
3	2217	4956	7174	493414
4	2239	4934	7174	491175
5	2262	4912	7174	488913
6	2284	4889	7174	486628
7	2307	4866	7174	484321
8	2330	4843	7174	481991
9	2354	4820	7174	479637
10	2377	4796	7174	477260
11	2401	4773	7174	474859
12	2425	4749	7174	472434

This table is indicative of the first 12 months of the loan tenure. The interest component will keep on reducing as the tenure progresses, while the principal component increases proportionately. 

PNB Bank Personal Loan Interest Rate

PNB Bank offers competitive interest rates on personal loans. These rates are determined based on several factors, such as the applicant’s credit score, loan amount, tenure, and more. For instance, as of 2021, the bank provided personal loans starting from an interest rate of 10.75% p.a. These rates are subject to change and are regularly updated on the bank’s official website.

PNB Bank Personal Loan Features and Benefits

• Flexible tenure: PNB Bank offers flexible loan tenure options ranging from 12 to 60 months, allowing you to choose a repayment period that best suits your financial situation.
• High loan amount: You can avail a personal loan up to Rs 20 lakh, depending on your eligibility, to cater to a wide range of financial needs.
• Quick and easy process: The loan application process is quick, and the bank requires minimal documentation. This means you can get the funds when you need them without any delay.
• Online access: The bank offers online account access, so you can check your loan status, view your EMI schedule, and manage your loan account conveniently.

PNB Bank Personal Loans Documents Required

• Identity Proof – Voter Id Card/Passport/Driving License/Aadhar Card
• Address Proof – Aadhar Card/ Passport/ Telephone or Electricity bill/ Ration Card/ Rental Agreement
• Bank statement – Bank statement of last 3 months or bank passbook of 6 months
• Salary Slip – Salary slip of the last 3 months with Form 16

Factors Affecting PNB Personal Loan EMI

Here are some factors that play a vital role in your EMI amount:

1. Income

The borrower’s income plays a crucial role in determining the interest rate on a loan or whether a person is eligible for the personal loan or not. People with high disposable incomes are likely to get approval for a bigger personal loan as compared to someone with a lower income. The logic is simple — people with higher incomes can pay higher interest rates and are more likely to return the loan safely.

2. Credit Score

High credit scores always make you a better candidate for a personal loan as compared to lower credit scores. People with high credit scores get bigger loans and hence have larger EMIs. People with lower credit scores become high-risk borrowers and hence will always get lesser loans and have lower EMIS. 

3. Employer’s Status

Did you know that even your employer’s financial status has a role in the loan amount that gets sanctioned and, finally, the EMI you will pay? While personal loans do not require any security, banks check backgrounds before lending, especially your employer’s financial status. This, because it helps ascertain your creditworthiness. People working for reputable organisations are always more likely to get better loan amounts. 

4. Tenure

The loan tenure is known to affect your EMI inversely. The longer the tenure, the lesser is the EMI you pay, but at the same time, higher is the interest. Therefore it is vital to create a balance between the loan tenure and the EMI using the PNB bank personal loan EMI calculator. It is also good to remember that PNB offers a personal loan for a maximum tenure of 5 years. 

What is the monthly EMI for Rs 5 lacs PNB Personal Loan?

Let’s have a look at your complete PNB Personal Loan details under various circumstances

When your PNB Personal Loan Interest Rate is 12.5% 

Tenure (in months)	EMI (in Rs)	Interest Payable	Total Outgo
24	23,654	67,688	5,67,688
36	16,727	1,02,165	6,02,165
48	13,290	1,37,920	6,37,920
60	11,249	1,74,938	6,74,938

You see, although your EMI will be less when going for a longer tenure but at the same time you will have to pay a hefty interest on your PNB Personal Loan.

When your PNB Personal Loan Interest Rate is 14%

Tenure (in months)	EMI (in Rs)	Interest Payable	Total Outgo
24	24,006	76,155	5,76,155
36	17,089	1,15,197	6,15,197
48	13,663	1,55,835	6,55,835
60	11,634	1,98,048	6,98,048

Here you can see that despite a flared up interest rate, you can find your PNB Personal Loan EMI balance by choosing the tenure that fits your pocket or future financial planning.

What is the monthly Rs. 10 lakh Personal Loan EMI PNB?

Like above, let’s have a look at your complete PNB Personal Loan details under various circumstances

When your PNB Personal Loan Interest Rate is 12.5% 

Tenure (in months)	EMI (in Rs)	Interest Payable	Total Outgo
24	47,307	1,35,375	11,35,375
36	33,454	2,04,331	12,04,331
48	26,580	2,75,840	12,75,840
60	22,498	3,49,876	13,49,876

You see, although your EMI will be less when going for a longer tenure but at the same time you will have to pay a hefty interest on your PNB Personal Loan.

When your PNB Personal Loan Interest Rate is 14% 

Tenure (in months)	EMI (in Rs)	Interest Payable	Total Outgo
24	48,013	1,52,309	11,52,309
36	34,178	2,30,395	12,30,395
48	27,326	3,11,671	13,11,671
60	23,268	3,96,095	13,96,095

Here you can see that despite a flared up interest rate, you can find your PNB Personal Loan EMI balance by choosing the tenure that fits your pocket or future financial planning.

Benefits of using CashZeni PNB Bank EMI Calculator?

The CashZeni PNB Bank EMI Calculator is a simple, efficient, and effective way to calculate your loan EMIs. Not only is it free and easy to use, but it also allows you to experiment with different variables like loan amount, tenure, and interest rate. This tool provides you with the precise amount of your EMIs, thus helping you make informed decisions about your loan.

Frequently Asked Questions