PNB Personal Loan EMI Calculator - Jul 2018

Last Updated 11th Jul 2018

Get monthly EMI as low as Rs. 2,224 per lakh on PNB personal loan. Personal loan EMI in PNB depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

PNB Personal Loan Calculator

Loan Amount1 year loan3 year loan5 year loan
Rs. 1 LakhRs. 8,827 Rs. 3,262 Rs. 2,162
Rs. 5 LakhRs. 44,133 Rs. 16,310 Rs. 10,809
Rs. 10 LakhRs. 88,265 Rs. 32,620 Rs. 21,618
Personal Loan EMI Calculator
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Personal Loan EMI Calculator PNB

PNB Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to PNB against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • PNB offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,224 per lakh for a 60 tenure and lowest rate of interest on personal loans at 12.00%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 12.00% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 LakhRs. 4,707Rs. 3,321Rs. 2,224
3 LakhRs. 14,122Rs. 9,964Rs. 6,673
5 LakhRs. 23,537Rs. 16,607Rs. 11,122
10 LakhRs. 47,073Rs. 33,214Rs. 22,244
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 12.00% interest rate offered by PNBfor different tenures
2 years 3 years 5 years
PNB EMI for a loan amount Rs. 1 lakh at 12.00% 4,707 3,321 2,224
Total amount you pay back to the bank including principal and interest 1.13 Lakh 1.20 Lakh 1.33 Lakh
Interest you have to pay over loan tenure 12,968 19,556 33,440

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan from PNB for a period of 4 years, you pay the lowest EMI of Rs. 2,224. However, you pay an interest of Rs. 33,440 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from PNB at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,707 and pay an interest of only Rs. 12,968 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting PNB Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from PNB.If you apply for a higher loan amount, your monthly EMI will be high. PNB gives a minimum loan of Rs. 50,000 which can go upto an amount of Rs. 15 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. PNB personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by PNB is 12.00%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period in which you can repay your loan in PNB. Longer loan tenure means lower personal loan EMI. Generally, PNB offers loan for a maximum tenure of 5 years.

PNB Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how PNB Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 15 Lakh

r = Rate of interest per month. Current rate is 12.00%

n = tenure in month. For PNB, this can be 60 months

Tips to decide the right amount of EMI
  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your PNB personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - PNB calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - PNB will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. PNB lends up to a maximum FOIR of 0.45. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. PNB's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • PNB will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.
Quick guide on PNB personal loan
  • Purpose of Loan: PNB personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self employed.
    • Borrowers within the age group of 21 and 58 years.
    • Loan amount of minimum Rs. 50,000 to Rs. 15 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 12.00% to 15.00%.
    • Lowest EMI of Rs. 2,224 per lakh.
  • Processing Fees: 1.8% + taxes of loan amount. This is to be paid at the time of loan application
  • Special schemes: PNB offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator PNB – How it works?

  • PNB personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • PNB EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. PNB gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on PNB EMI Calculator

Why should I calculate PNB loan EMI before taking a loan?

It is advised to calculate personal loan EMI prior to taking a personal loan. There are several benefits of calculating your PNB personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance toapply for a lower loan amount which fits your monthly budget and makes EMI easilyaffordable
  • If you already know the EMI you have to pay each month, then you can plan your spendsaccordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan infuture when you have surplus amount
What is the lowest EMI per lakh offered by PNB on personal loan?

PNB offers personal loan at 12.00% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,224. However, PNB personal loan interest rate for salary account holders or existing customers can vary.

What are the prepayment charges on PNB ?

PNB offers you an option of prepayment after 0 months at Nil prepayment charges.

Is there any processing charge on personal loan from PNB?

Personal Loan from PNB charges a processing fee of 1.8% + taxes.

Will i get the personal loan from PNB if i have a bad credit score?

No, for taking a loan from PNB, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

Can i have a co-applicant while applying for a Personal loan with PNB ?

Yes, you can opt for a co-applicant to take personal loan from PNB that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

PNB Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 011-23318130
Ahmedabad 011-23318130
Ambala 011-23318130
Anand 011-23318130
Aurangabad 011-23318130
Bangalore 011-23318130
Bhilai 011-23318130
Bhilwara 011-23318130
Bhiwadi 011-23318130
Bhopal 011-23318130
Bhubaneswar Cuttack 011-23318130
Bikaner 011-23318130
Chandigarh 011-23318130
Chennai 011-23318130
Cochin 011-23318130
Coimbatore 011-23318130
Dehradun 011-23318130
Delhi 011-23318130
Durg 011-23318130
Faridabad 011-23318130
Gandhinagar 011-23318130
Ghaziabad 011-23318130
Goa 011-23318130
Greater Noida 011-23318130
Gurgaon 011-23318130
Guwahati 011-23318130
Gwalior 011-23318130
Hyderabad 011-23318130
Indore 011-23318130
Jabalpur 011-23318130
Jaipur 011-23318130
Jalandhar 011-23318130
Jodhpur 011-23318130
Kanpur 011-23318130
Karnal 011-23318130
Kolhapur 011-23318130
Kolkata 011-23318130
Kota 011-23318130
Kozhikode 011-23318130
Lucknow 011-23318130
Ludhiana 011-23318130
Madurai 011-23318130
Meerut 011-23318130
Mehsana 011-23318130
Mohali Sas Nagar 011-23318130
Mumbai 011-23318130
Mussoorie 011-23318130
Nagpur 011-23318130
Nashik 011-23318130
Noida 011-23318130
Noida Extn 011-23318130
Panipat 011-23318130
Patna 011-23318130
Pondicherry 011-23318130
Pune 011-23318130
Raipur 011-23318130
Rajkot 011-23318130
Ranchi 011-23318130
Rohtak 011-23318130
Roorkee 011-23318130
Salem 011-23318130
Shimla 011-23318130
Sonepat 011-23318130
Surat 011-23318130
Trichy 011-23318130
Udaipur 011-23318130
Vadodara 011-23318130
Varanasi 011-23318130
Vijaywada 011-23318130
Vizag 011-23318130

PNB Personal Loan News - Jul 2018
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