Punjab National Bank Car Loan EMI Calculator

The PNB Car Loan EMI Calculator is a digital tool offered by Punjab National Bank to help prospective car buyers easily estimate their monthly loan repayments. By simply entering basic loan details such as the loan amount, interest rate, and repayment tenure, users can instantly calculate their Equated Monthly Installments (EMIs). This calculator simplifies financial planning by giving you a clear idea of how much you’ll need to pay each month, helping you choose a loan option that best fits your budget.

How to Use Wishfin PNB Bank Car Loan EMI Calculator?

To use the Wishfin PNB Bank Car Loan EMI Calculator, start by visiting the Wishfin website and navigating to the car loan EMI calculator section. Once there, select Punjab National Bank (PNB) as your lender. Then, input key loan details such as the loan amount, interest rate, and tenure (in months or years). The calculator will instantly display your monthly EMI, along with a detailed amortization schedule showing the breakup of principal and interest over the loan tenure. This tool is especially useful for comparing different loan scenarios by adjusting the inputs, helping you make informed borrowing decisions and plan your finances efficiently.

Example of PNB Bank Car Loan EMI Calculator

Imagine you're considering a car loan of ₹6,00,000 from Punjab National Bank, with an annual interest rate of 8.35% and a repayment period of 5 years.

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

Formula for Calculating PNB Bank Car Loan EMI

Here's how the PNB Car Loan EMI works for a loan of ₹6,00,000, taken for 5 years at an interest rate of 8.35% per annum. The formula for calculating PNB Bank Car Loan EMI (or any standard loan EMI) is:

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

Where:

• EMI = Equated Monthly Instalment
• P = Principal loan amount, which refers to the total sum of money you borrow from the bank
• R = Monthly interest rate, calculated by dividing the annual interest rate by 12 and then by 100
• N = Loan tenure in months (Years × 12)

Explanation:

You are borrowing ₹6,00,000 at an annual interest rate of 8.35% for 5 years (60 months). Then the calculation will be -

• P = 6,00,000
• R = 8.35 ÷ 12 ÷ 100 = 0.006958
• N = 5 × 12 = 60

Plug these values into the formula to calculate your monthly EMI.

Explanation:

When you take a loan of ₹6 lakhs for a tenure of 5 years, the bank charges interest monthly. With the 8.35% annual rate (converted to a monthly rate), your EMI comes out to about ₹12,267. This fixed amount includes both the principal and interest, and you pay it every month for 60 months. Throughout the loan, you repay a total of ₹7,35,995, which means you pay ₹1,35,995 as interest on the loan.

The Minimum EMI Offered on a PNB Bank Car Loan

The table below displays the EMI calculated on the Wishfin Punjab National Bank Car Loan EMI Calculator on a loan amount of Rs 6,00,000 with a tenure of up to 5 years at an interest rate starting from 8.35% p.a. up to 10.20% p.a.

Documents Required For PNB Bank Car Loan

Here are the Vehicle Loan documentation requirements for both new and old vehicles,

For New Car/Van/Jeep:

• Duly filled loan application form with a recent photograph.
• Income Proof :
  • Salaried individuals : Latest salary certificate, Form 16/ITR (last 2 years), and salary account bank statement (last 6/12 months).
  • Business concerns : ITR and audited balance sheet for the last 2 years.
  • Agriculturists : Proof of landholding, cropping pattern, or other income records.
• Age proof and address proof.
• Vehicle quotation from an authorized dealer.
• Income proof of spouse/parents/earning children, if their income is considered for eligibility.
• Guarantor details with documents and photograph (if applicable).
• Statement of assets and liabilities with supporting documents.
• Any other documents required by the bank as per case specifics.

For Old Car/Van/Jeep:

• Duly filled loan application form with a recent photograph.
• Income proof, as mentioned above, is required for new vehicles.
• Age proof and address proof.
• Vehicle details and a copy of the Registration Certificate (original to be shown at disbursement).
• Latest quotation from an authorized dealer.
• Income proof of spouse/parents/earning children, if applicable.
• A sales agreement is a contract made between the buyer and the seller.
• Prescribed transfer form, signed by the seller, for RTO submission.
• Road tax receipt and other applicable tax receipts (latest).
• Guarantor details with supporting documents and a photograph (if applicable).
• Statement of assets and liabilities with proofs.
• Any other documents as required by the bank.

Fees/Charges of PNB Car Loan

Eligibility Criteria For PNB Car Loan

• The vehicle must be for private use only.
• The following applicants are eligible:
• Individuals
• Joint borrowers, including:
• • Parent(s)
  • Spouse
  • Earning children (married or unmarried)
  • Earning daughter-in-law
• Business concerns (corporate or non-corporate), provided the company/firm has recorded cash profits in the last two financial years.

For Reimbursement of Vehicle Cost:

• Applicable for individuals or corporate entities who have purchased a new vehicle from their funds.
• The applicant must be an existing customer with a satisfactory track record, i.e., all existing loan accounts are running regularly with no inspection irregularities.
• The vehicle must have been purchased using own funds, supported by:
  • Documentary proof, such as bank account statements or other valid documents.
  • Independent verification of the invoice from the dealer.
• The invoice date of the vehicle must not be older than 3 months.

Income Criteria

• Minimum net monthly income/salary/pension required: ₹25,000.
• For determining loan eligibility, the income of one of the following may be clubbed with that of the primary borrower:
  • Parent(s)
  • Spouse
  • Earning children
• The income of only one co-applicant can be added, and they must stand as a co-borrower.
• No minimum income requirement applies if the borrower offers 110% liquid security in the form of a Term Deposit.
• For agriculturists and individuals engaged in allied agricultural activities, net income may be assessed by the sanctioning authority based on factors such as land holding, cropping pattern, and yield.

Purpose of PNB Car Loan For Public

• Purchase of a new Car, Van, Jeep, multi-utility vehicle (MUV), or Sports Utility Vehicle (SUV).
• Purchase of a pre-owned Car, Van, Jeep, MUV, or SUV, not older than 3 years and free from any existing finance (i.e., unencumbered).
• Reimbursement for purchasing a new Car, Van, Jeep, MUV, or SUV made from own funds by an individual or corporate entity, provided the purchase was made within the last 3 months.

Summary!

The PNB Bank Car Loan EMI Calculator is a simple yet effective tool that helps you estimate your monthly loan repayment in seconds. By entering just a few details like the loan amount, interest rate, and tenure, you can calculate your EMI and plan your budget more accurately. It also allows you to compare different loan scenarios, making it easier to choose a loan amount and tenure that fits your financial comfort. Whether you're planning to buy a new or used vehicle, using this calculator can give you a clear understanding of your repayment obligations and help you make informed borrowing decisions.