PNB Personal Loan Calculator
The PNB personal loan EMI calculator is an online tool to calculate the EMI amount a borrower has to pay every month to repay the loan. The calculator considers the loan amount, interest rate, and loan tenure to calculate the EMI. When you use the personal loan EMI calculator, you can figure out the loan selection, as per your affordability by comparing different loan amounts, ROI (Rate of Interest), and loan tenure.
A personal loan is a loan that doesn't require collateral or security and is offered with minimal documentation. You can use the funds from the personal loan for any legitimate financial need. Like any other loan, the personal loan has to be repaid in accordance with the agreed terms with the bank.
A personal loan EMI is the amount that is payable per month, if you avail of a personal loan for a certain period. The EMI amount will be used to pay off both the principal loan amount and the personal loan interest over the loan tenure until the loan is paid in full. The EMI will remain the same throughout the tenure.
How Does The PNB Personal Loan EMI Calculator Work?
The PNB personal loan EMI calculator works based on the below formula to calculate the EMI amount:
Where,
P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months
Example:
You plan to take a personal loan of ₹4.5 lakhs at an interest rate of 14%. The tenure of the loan is 3 years. Let’s use the above calculator formula to compute the EMI amount.
EMI = 4,50,000 x 0.14/12 x (1 + 0.14/12)^36 / [(1 + 0.14/12)^36 - 1]
EMI = 4,50,000 x 0.01166 x (1.51844) / (0.51844)
EMI = 7,967.25468 / 0.51844
EMI = ₹15,368 (approximately).
How Should You Use The PNB Personal Loan EMI Calculator?
The handy and automatic online calculator can give you a head start in calculating the EMI numbers that you will need to pay while calculating your personal loan EMI. Here's how you should use the PNB personal loan EMI calculator.
Firstly, enter the amount of personal loan you are looking to take.
Secondly, you should type in the interest rate of your personal loan.
Finally, you should enter the tenure of your loan.
When the above details are entered, the calculator will show you the total loan amount, principal amount, total interest, and monthly EMI amount.
Example:
Mr. Ben is looking to take a personal loan for ₹7 lakhs. The loan carries an interest rate of 12.5% and the tenure of the loan is 6 years. Now, let’s calculate the EMI amount for Mr. Ben’s personal loan.
EMI = 7,00,000 x 0.125/12 x (1 + 0.125/12)^72 / [(1 + 0.125/12)^72 - 1]
EMI = 7,00,000 x 0.01041 x 2.10780 / (2.10780 - 1)
EMI = 15,359.5386 / 1.07801
EMI = ₹13,865 (approximately).
So, if Mr. Ben takes a personal loan for ₹7 lakhs with an interest rate of 12.5% and a loan tenure of 6 years, he will have to pay an EMI of around ₹13,865 every month.
Benefits Of Using The PNB Personal Loan EMI Calculator
There are several benefits for users when they use the PNB personal loan EMI calculator. Here are a few of them.
- The tool offers adequate guidance, telling users how much amount they need to every month toward their loan. This allows users to see whether the EMI will fit in their budget.
- The personal loan calculator eliminates the need for manual calculations.
- The calculator is completely accurate and makes no errors, which are common in manual modes.