PNB Car Loan Calculator
The PNB Car Loan calculator is an easy tool that you can use to calculate the EMIs, that you will have to pay when you take a car loan. The calculator can help you make an informed decision on how much funding you need to purchase your dream car, how much your EMIs are likely to be, and other details.
A car loan can help you buy your dream car. All you need to do is to submit the car loan application online. Almost every bank today offers car loans at attractive interest rates. The loan amount can go up to 85% to 90% of the on-road price of the car. Some banks offer up to 100% financing on the vehicle's on-road price to certain conditions.
EMI or equated monthly installment is one part of the equally divided monthly outgoes to clear off an outstanding loan within a stipulated time frame. The EMI is dependent on multiple factors like the principal borrowed, rate of interest, tenure of the loan, and monthly/annual resting period.
How Does The PNB Car Loan EMI Calculator Work?
Below is the formula used by the calculator to calculate your car loan EMI.
Where,
P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months
Example:
You are planning to buy a luxury car and want to take a car loan for ₹72 lakhs. The interest for the loan is 9% and the duration of the loan is 8 years. Let's put the above values in the formula.
EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 72,00,000 x 0.09/12 x (1 + 0.09/12)^96 / [(1 + 0.09/12)^96 - 1]
EMI = 72,00,000 x 0.0075 x (1.0075)^96 / (1.0075)^96 - 1
EMI = 72,00,000 x 0.0075 x 2.0489212282389 / 1.0489212282389
EMI = 1,10,641.7463249006 / 1.0489212282389
EMI = ₹1,05,481
So, if you take a car loan for ₹72 lakhs at an interest rate of 9% for a tenure of 8 years, you would have to pay a monthly EMI of ₹1,05,481.
How To Use The PNB Car Loan EMI Calculator?
The calculator is pretty straightforward to use.
- Enter the car loan amount.
- Specify the interest rate of the loan.
- Mention the duration of the loan.
Once the details are entered, the calculator will automatically reflect the approximate EMI amount for the loan tenure.
Example:
Mr. Bala is planning to take a car loan for ₹32 lakhs. The bank is offering him the loan at an interest rate of 11%. The tenure of the loan is 6 years. When we put the above values in the formula, we get:
EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 32,00,000 x (0.11/12 x (1 + 0.11/12)^72) / [(1 + 0.11/12)^72 - 1]
EMI = 32,00,000 x 0.009167 x (1.009167)^72 / (1.009167)^72 - 1
EMI = 32,00,000 x 0.009167 x 1.9290297222897 / 0.9290297222897
EMI = 56,586.92948553497568 / 0.9290297222897
EMI = ₹60,909
So, if Mr. Bala takes a car loan for ₹32 lakhs at an interest rate of 11% for 6 years, he would have to pay an EMI of nearly ₹61,000 every month.
Benefits Of Using The PNB Car Loan EMI Calculator
The car loan EMI calculator is pretty helpful. Below are some ways in which the calculator can help you.
- The car loan EMI calculator is free to use.
- The calculator is easy to use and offers accurate details.
- The calculator can help save you time by performing complex calculations in a matter of seconds.