Punjab and Sind Bank Car Loan EMI Calculator

The Punjab and Sind Bank Car Loan EMI Calculator is an effective online tool that can help you with the easiest calculation of your monthly car loan repayments with ease. By entering a few basic loan details such as the loan amount, interest rate, and tenure, you can quickly calculate your EMI, total repayment, and interest payable. It’s applicable for both cases, for a new car or a used car, by giving a clear picture of your repayment obligations. It’s a handy resource to compare different loan options and choose the one that best fits your budget.

How to Use Wishfin Punjab and Sind Bank Car Loan EMI Calculator?

Using the Wishfin Punjab and Sind Bank Car Loan EMI Calculator is a straightforward process that helps you estimate your monthly loan repayments. Here's how you can use it:​

• Enter the Loan Amount: Input the total amount you wish to borrow for purchasing your car.​

• Specify the Interest Rate: Provide the annual interest rate offered by Punjab and Sind Bank applicable to your car loan.​

• Select the Loan Tenure: Choose the duration (in months or years) over which you plan to repay the loan.​

Once you've filled in these details, the calculator will instantly display your estimated monthly EMI, total interest payable, and the overall repayment amount. This tool allows you to adjust the loan parameters to compare different scenarios, helping you select the most suitable loan plan that fits your budget and repayment capacity.​

Please note: The EMI calculated is an estimate, and the actual EMI may vary based on the final terms and conditions set by Punjab and Sind Bank

Example of EMI Calculator - Punjab and Sind Bank Car Loan EMI Calculator

Suppose you're planning to take a car loan of Rs 20,00,000 from Punjab and Sind Bank at an interest rate of 8.50% per annum for a loan tenure of 5 years.

Let’s understand it better with the help of a table where you can estimate your monthly EMIs -

Formula for Calculating Punjab and Sind Bank Car Loan EMI

Assume you take a car loan of Rs 20,00,000 from Punjab and Sind Bank for 5 years (60 months) at an interest rate of 8.50% per annum (on a reducing balance basis).

EMI Calculation:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]​

Where:

• P = Rs 20,00,000 (loan amount)
• r = 8.50% annual interest ÷ 12 = 0.00708 (monthly interest rate)
• n = 60 months (loan tenure)

After the calculation:

• Monthly EMI = Rs 41,033.06
• Total repayment amount = Rs 24,61,983.76
• Total interest payable = Rs 4,61,983.76

Note: These values are based on the reducing balance method. Actual figures may vary slightly based on final loan terms and processing by the bank.

The Minimum EMI Offered on a Punjab and Sind Bank Car Loan

The table below displays the EMI calculated on the Wishfin Punjab and Sind Bank Car Loan EMI Calculator on a loan amount of Rs 20,00,000 with a tenure of up to 5 years at an interest rate of 8.50% p.a.

Documents Required For Punjab and Sind Bank Car Loan

Here is a simplified and concise version of the document list for a Punjab and Sind Bank Car Loan:

Common Documents:

• Filled and signed application form
• Two passport-size photographs
• Age proof
• Identity and address proof

Income Proof:

• Salaried individuals:
• Last 3 months' salary slips,
• ITR/Form 16 for the last 3 years (if applicable)
• Business/Other individuals:
• Business proof and address
• ITRs and audited/certified balance sheets for the past 3 years (if applicable)
• Personal asset & liability statement
• Last 6–12 months’ bank statements (for non-PSB accounts)
• Loan account statement from other banks/FIs (if any)
• Bio-data with educational, professional, and business details (with proof)
• Proof of income of spouse/parents/children if considered for repayment
• Guarantor’s form with income/net worth proof (if applicable)
• Guarantor’s ITRs for the last 2 years
• Employer’s undertaking for EMI deduction (if feasible)

Loan-Specific Documents – Car Loan:

• Quotation for the vehicle to be purchased
• For used cars: Valuation report and fitness certificate

Punjab and Sind Bank Car Loan – Eligibility Requirements

• Eligible Applicants: Both individuals and business entities (corporate and non-corporate) can apply.
  
• Age Limit:
  • Minimum age: 18 years
  • Maximum age at loan maturity:
    • Salaried (non-pensionable): Up to 60 years
    • Salaried (with pension): Up to 70 years
    • Others (e.g., self-employed/businessmen): Up to 70 years

Note: If a younger co-borrower (such as a spouse, adult child, sibling, or daughter-in-law) contributes 50% or more to the Installment-to-Income Ratio (IIR), the age of the younger applicant may be considered for determining eligibility.

Fee/Charges of Punjab and Sind Bank Car Loan

Conclusion

The Punjab and Sind Bank Car Loan EMI Calculator is a convenient and efficient tool to estimate your monthly car loan payments. By entering key details such as loan amount, interest rate, and tenure, you can get an accurate idea of your EMI, helping you plan your finances better. Whether you're purchasing a new or used vehicle, the calculator provides a clear breakdown of your repayment schedule, ensuring you make an informed decision. With easy-to-understand calculations and no additional costs for usage, it's an essential tool for prospective car loan borrowers.