How To Check Loan EMI Using Punjab National Bank Personal Loan EMI Calculator?

Punjab National Bank is a renowned public sector Bank that provides banking products to customers. As one such product is a personal loan which is unsecured and does not require any collateral or asset. The loan amount can be used for varied purposes such as marriage, education, medical emergency, house renovation, etc.

Punjab National Bank Personal loan scheme

It provides you personal loan depending on your credit score and income. You can apply for a loan amount from Rs. 50,000 to 4 lakh and above depending on the income. Bank processing fee is 1.80% of the loan amount, the interest rate of the loan also differs and depends on various factors such as:

• Loan up to 10 lakh for the individual who has a salary account in the PNB have to pay interest rate of  MCLR+3.55%.
• For those who do not have a salary account at the Bank branch and apply for a loan amount of Rs. 5 to 10 lakh. Then the user has to pay the interest rate of MCLR+4.55%. 

The user can also use the Punjab National Bank Personal Loan EMI Calculator to calculate the total EMIs of the loan.

How the EMI calculator works?

The customer can easily use the EMI calculator, you do not have to do the complicated calculations. Just visit the PNB website and choose the Punjab National Bank Personal Loan EMI Calculator, after that enter the loan amount, tenure and interest rate. Just take an example, you have applied for a loan of 4 lakh and the loan tenure is 60 months with an applicable interest rate of 10.45%. Then the calculated EMI of the loan would be Rs. 8,588.

Factors Affecting Punjab National Bank Personal Loan Application

There are some factors which can affect your loan approval. Let us see the points which can make a difference in your loan amount.

1. Place: Applicant living state is important in loan approvals. The minimum salary is higher in metropolitan cities like Mumbai, Delhi, Kolkata, and Bangalore. The bank's minimum salary criteria may vary from state to state. 
2. Income: Your monthly income determines the capacity to repayment of the loan amount. 
3. Housing situation: If you are living in a rental house, it may also affect your loan approval as it reduces your monthly income. which means that your repayable capacity is also reduced.
4. Employment: When the applicant is working in a reputed company for more than 1-year, it determines the user's job stability. Which makes you a desired candidate. 
5. Existing credit: If the customer's previous loan or credit debt is still in due then it plays a major role in determining the loan amount and interest rate.
6. Credit history: It is a primary factor upon which the loan amount, interest rate and tenure depend upon. Your loan application should be rejected if the credit score is less than 750.

Ways to Get a Personal loan

You can simply apply for a personal loan by visiting your nearby Punjab National Bank. Fill the personal loan application form and provide the necessary documents. The customer can also just visit the Punjab National Bank website and click on the “personal loan”. After that check your loan eligibility & EMI, then fill the details and upload the KYC documents.