What Does PNB Personal Loan EMI Calculator Have in Store for You?

Punjab National Bank (PNB) is a renowned public sector bank that offers a wide range of financial products such as personal loans. The loan is available to salaried personnel, professional doctors having acquired MBBS, BDS and other degrees, etc. The best part is that you won’t need to pledge any security to procure the loan. So, it’s an unsecured loan that individuals get from PNB. The unsecured loan means the rate of interest would be higher in comparison to secured loans. And that’s why one must look into PNB Personal Loan EMI Calculator to figure out the amount they would actually pay to the lender over the loan course which can be a maximum of 5 years. If you don’t know what it is, you can read this post and be aware of the same.

PNB Personal Loan EMI Calculator Excel Sheet

The great thing about the EMI calculator is it's availability. You can find it online and download the same in an excel sheet. The calculator, which functions on the back of smart algorithms, helps compute the indicative installments that include a portion of the interest as well as the principal loan amount. It calculates installments based on the loan amount, interest rate and tenure. The calculator expands by showing the principal and interest payment to be made on a month-on-month or year-on-year basis. In addition, you get to see the outstanding loan balance at the end of every year.

Check Out PNB Personal Loan Interest Rate 2019 to Calculate EMI

PNB provides personal loans at varied interest rates ranging from 9.45%-15% per annum. The rates are benchmarked to the 1-year MCLR, abbreviated for Marginal Cost of Lending Rate. The 1-year MCLR, as of now, stands at 8.45%. Now, the MCLR is subject to review every month and the bank can either increase or decrease the same based on their cost of funds. The change in MCLR would thus lead to a change in the eventual lending rate.

The rates vary based on the customer profile and loan amount. PNB disburses personal loans up to ₹10 lakh to individuals having a salary account at its branch at an interest rate of 12% per annum. These individuals can even be defence personnel. On the other hand, individuals not having a salary account with PNB would need to pay at 13% for loans above ₹5 lakh to up to ₹10 lakh. Loans up to ₹5 lakh can be granted to individuals availing the check-off facility at 14% per annum. For others applying for a loan up to ₹5 lakh, the rate of interest can be 15% per annum. PNB offers loan to doctors under Doctor’s Delight Personal Loan. They get the loan at an interest rate of 10.45% per annum. There will be a concession of 1% if the concerned doctor is maintaining a salary account with PNB. The bank also provides a loan to pensioners who get the said credit facility at 11.25% per annum.

Now that the interest rates are out, you can make the EMI and interest calculation. This will help you plan your repayment better. You can thus make adjustments to your spending pattern and ensure a smooth payment from your end.