Car Loan Punjab National Bank EMI Calculator
Punjab National Bank car loan Calculator – interest rates, eligibility criteria, application process, documents required, tax benefits, schemes in India
What is Punjab National Bank car loan Calculator?
A Punjab National Bank car loan calculator helps you know the amount of the EMIs that you will need to pay towards your Punjab National Bank car loan and helps make an informed decision. The EMI-Calculators.com's Punjab National Bank car loan calculator also functions as a Punjab National Bank car loan interest calculator, as you will be able to know the interest amount due on your Punjab National Bank car loan, in addition to the general EMI amount, in only 3 simple steps. First, enter the loan amount that you wish to take. Then, select your preferred tenor. Finally, put in the Punjab National Bank car loan interest rate advertised on the website. That's all!
What is Punjab National Bank car loan?EMI stands for Equated Monthly Instalment. EMI is the monthly repayment that a Punjab National Bank car loan borrower must make to repay the Punjab National Bank car loan within the specified loan tenor. The following table illustrates the EMI on several Punjab National Bank car loan amounts with different tenures. The applicable fixed rate of interest is 8.60%* onwards and floating rate of interest 8 % onwards.
Factors that Affect Punjab National Bank car loanPrincipal- The principal is the loan amount that you avail from the lender. It is directly proportional to your EMIs - lower principal will lower your monthly instalments and vice versa.Rate of interest- The rate of interest is the rate at which the lender offers you the loan. It is also directly proportional to the worth of your loan EMIs.Tenure- The tenure is the time within which you repay your loan. The tenure is inversely proportional to your loan EMIs - longer tenure makes the monthly instalments cheaper and vice versa.
Eligibility Criteria for Punjab National Bank car loanClick here for Eligibility Calculator for Punjab National Bank car loan
|Minimum and Maximum Age||Minimum and Maximum Age 21 Yrs. – 65 Yrs. Note: However, almost all banks require a minimum age of 18 years|
|Loan Amount||Loan Amount -up to Rs. 10 lakhs. Some banks give maximum loan up to Rs. 50 lakhs Note: Loan amount depends upon the worth of the Car and therefore the EMI you'll pay|
|Net Monthly Income||Minimum Rs. 18,000 per month|
|Employment Type||Salaried and Self Employed Interest rates are typically in the range of 7.75% to 29.00% once a year|
|Minimum Work Experience||At least 1 year of total work experience Business tenure should of 5 years & ITR required for a minimum of 2 years (For Self Employed only)|
|CIBIL Score to apply for Punjab National Bank car loan||700+ more credit history Note: Most banks avoid giving loans if you've got low credit score|
Documents required to apply Punjab National Bank car loana detailed article on Documents checklist for Punjab National Bank car loan
- Filled up the loan application form
- 2 Passport Size Photo
- Copy of Income Tax and PAN card
- Identity Proof –any one Aadhaar card, Passport , Driving License , Voter ID , PAN card
- Address Proof (Residential Proof) - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income documents – related documents such as 3 months’ pay slip, 2 years Form 16, 3 months statement showing salary credit and any EMI debit
- CIBIL Score or Credit Score
- Car quotation
- Filled up loan application form
- 2 Passport Size Photo
- Copy of Income Tax and PAN card
- Identity Proof –any one Aadhaar card, Passport , Driving License , Voter ID , PAN card
- Address Proof (Residential Proof) - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport
- Income documents – related documents such as 3 months pay slip, 2 years Form 16, 3 months statement showing salary credit and any EMI debit
- CIBIL Score or Credit Score
- Car quotation
Punjab National Bank car loan for Different Loan AmountsFollowing table shows the EMIs for a various loan amount based on different tenures at 8.60%* onwards
- The EMI that you can avail with a Punjab National Bank car loan of 10 Lakh is 10,024 with 15-years tenure. The EMI increases once you choose tenure of 5 years.
- The EMI for a loan of 15 Lakh is higher – 30,992, when you opt for 5-years. It decreases to 15,036 if you opt for a tenure of 15 years.
- For a loan of 25 Lakh, the cheapest EMI you can avail with 15-year tenure - 25,060. Decreasing the tenure to 5 years increases the EMI to 51,654.
- The EMI is 72,315 when you avail a loan of 35 Lakh for 5 years. The same will decrease to 35,084 if you increase the tenure to 15 years.
- The cheapest EMI comes with a 15-years tenure with a loan of 50 Lakh – 50,120. The EMIs double when you opt for 5 years' tenure.
Step by step guide before having Punjab National Bank car loan – Application process :detailed article on Punjab National Bank car loan application process
Step 1 : Check Punjab National Bank car loan and calculate Punjab National Bank car loan eligibility – Punjab National Bank car loan CalculatorAs you opt to require a Punjab National Bank car loan, always estimate your loan amount eligibility to understand the loan amount you'll be eligible for and may apply for. Also calculate the monthly EMI that you simply can comfortably service given your net take personal salary and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your Punjab National Bank car loan eligibility is calculated supported your age, net income, existing obligations and other factors. EMI depends on the loan amount, rate of interest and tenure. Once you understand your minimum loan requirement, your eligibility and monthly EMI you'll comfortably service, shortlist the banks which supply your maximum loan amount to satisfy your requirements.
useful links on official Punjab National Bank car loan:
Step 2 : Check authorization status and processing fee – Punjab National Bank car loan CalculatorIf you're buying a car, then check for the banks which have approved the cars you've got shortlisted. For resale car, check the approved interest rates and processing fee on loan and compare it with all other banks. Shortlist the banks which lend on your chosen car.
Step 3 : choose sort of Punjab National Bank car loan rate of interest offers – Punjab National Bank car loan CalculatorAs you cut down the list of banks in Step 2 and three, you would like to conduct an rate of interest on Punjab National Bank car loan comparison of the loan offers of varied banks. a number of the rate of interest offers that must be checked are: Choice between fixed and floating rates – Fixed rates come at a rather higher rate of interest compared to floating rate loans and rate of interest remains constant during the tenure of Punjab National Bank car loan. In floating interest rate loan, interest rates are reset at periodic intervals in response to changes in MCLR and PLR rates of NBFCs or banks. Majority of Punjab National Bank car loan s in India today are floating rate loans because it allows the borrowers to urge Punjab National Bank car loan rate of interest in line with the present interest rates. Decide if you would like a car saver loan – this is often a loan with overdraft facility which allows you to deposit surplus amount in your Punjab National Bank car loan overdraft account as and when available, allowing you to scale back your overall interest amount. This loan is very recommended for salaried individuals with high bonuses and self-employed business which is seasonal and has fluctuating cash flows. The rate of interest s on overdraft loan is slightly above that of a daily Punjab National Bank Punjab National Bank car loan interest rate. Check and compare the present Punjab National Bank car loan interest rates of the banks on various sorts of loan products and take an informed decision.
Step 4 : Compare shortlisted banks | Punjab National Bank car loan CalculatorIn addition to interest rates, banks also charge many other fees on Punjab National Bank car loans. alongside interest rates, you ought to check other associated costs with a your loan which include prepayment charges, processing fee, premium and other charges offered by the shortlisted banks. you ought to calculate all-inclusive costs on Punjab National Bank car loan to be ready to further shortlist the banks and reduce your option to 2-3 banks. You can take the assistance of loan advisors of online on various websites
Step 5 : Select the bank supported other service related parameters | Punjab National Bank car loan CalculatorFinally as you opt to require the loan, also consider other service and transparency related parameters of the chosen banks. a number of these factors are turnaround offered by the banks, quick loan delivery, doorstep services, transparency within the loan process. you furthermore may get to understand the trends and changes in MCLR rates over a period. Last but not the smallest amount, read reviews of existing customers on banks on their services, interest rates and transparency to require your decision to borrow from a bank.
Comparison of Punjab National Bank car loan Interest Rates in India
- Processing fees – Most banks charges minimum processing fees of Nil to up to Rs.1,000. to urge lowest fee, comparison of Punjab National Bank car loan rates, offers and cashback applying online after comparison
- Premium (Insurance) – Punjab National Bank car loans are secured loans, but it's advisable to require an policy when availing a loan. However, the premium varies from bank to bank depending upon the danger coverage under various policies. So, check the loan sanction letter carefully to understand the coverage and premium.
- Prepayment and foreclosure – once you want to repay your Punjab National Bank car loan partially before time, it's called part prepayment. just in case you opt to pay the whole Punjab National Bank Punjab National Bank car loan amount before time, it's called foreclosure. Banks typically levy foreclosure or prepayment charges in such situations, and these can range from nil to even upto 3%. So, check carefully if the low rate of interest Punjab National Bank car loan you're getting comes with high prepayment or foreclosure charges. Note that some Punjab National Bank car loans can't be repaid before time.
- Deposit (Down payment) – Banks offer Punjab National Bank car loans either at 80% of on-road price or 100% of ex-showroom price. However, 80% of on-road is nearly like 95% of ex-showroom price. you're advised to fund maximum as deposit because it reduces your burden of high monthly payments.
Do’s and Don’ts while taking Punjab National Bank car loanTo get best and lowest Punjab National Bank car loan interest rates online, read the do’s and don’ts mentioned below.
|Check best offers and discounts – Always check current offers and Punjab National Bank Car loan interest rates offered to employees of large reputed companies||Do not apply for loan amount more than what you are eligible for – Applying for an amount higher than your eligibility may lead to rejection of your loan application|
|Compare Car rates based on loan amount – Some banks offer lowest interest rate for Punjab National Bank car loan at higher loan amountdecide carefully on which type of insurance would be required - Comprehensive, Third Party, or Zero Dep insurance. Check and compare the value , coverage and claim settlement ratio||Do not apply with multiple banks – Simultaneous loan applications gets recorded in your CIBIL report and can hurt your chances of getting a Punjab National Bank car loan|
|Discount or offers on tenures – Banks may offer lower rates on Punjab National Bank Car loan for certain tenure||Your salary bank may not offer the cheapest loan – Various banks offer attractive schemes to acquire premium customers. Hence, salary bank might not be the simplest option|
Schemes under Punjab National Bank car loan associated with EMI and Interestdetailed article on the list of schemes for Punjab National Bank car loan
- EMI in arrears scheme – This is a standard method of paying EMI where the interest for a month (and principal repayment) is payable at or after the end of the month.
- Advance EMI scheme – Under this scheme, you pay interest and EMI at the start of the month. So, each month, you pay interest on amount that you have already repaid to the bank at the beginning of the month.
- Imp Note – In case your bank charges EMI in advance, the EMI amount should be about 1% lower than that in case of EMI in arrears. For those curious about more precise figures, EMI per Rs. 1 lakh loan amount on a 5-year Punjab National Bank car loan at 10% rate of interest as per EMI behind method involves Rs. 2,125 while that as per EMI beforehand method involves Rs. 2,107.
- Zero interest scheme (also called 0% finance scheme) – this is often one among those free lunches scheme that really doesn’t exist. So, watch out for schemes that claim to supply zero interest. It is likely that the car company is offering a subvention scheme whereby the interest is paid by it to the bank upfront. Now, you'll always ask the dealer for an equivalent amount as a cash discount. It’s like padding up the worth of the car for the interest amount and marketing it under a pleasant name.
- Flat rate of interest scheme – during this method, you pay interest on the whole principal amount of loan till maturity. So, on a loan of Rs. 5 lakhs at 10% for 5 years, you'd need to pay back a complete of Rs. 5 lakhs plus interest of Rs. 50,000 a year, that's a sum of Rs. 7,50,000. The EMI in this case would be Rs. 12,500.
- Reducing balance scheme - during this method, you pay interest on the quantity outstanding monthly . as you pay EMI, the balance principal amount keeps reducing. So, on a Rs. 5 lakh loan at 10% for five years, you would have to pay back a total of Rs. 5 lakhs plus interest on reducing basis which involves Rs. 1,37,411 or Rs. 6,37,411 including principal. The EMI in this case would be Rs. 10,624, an honest 15% but that for a flat rate scheme.
- Very Important Note – Never get hoodwinked with the low rate of interest offered on a flat rate scheme. A flat rate of 10% is adequate to an rate of interest of 18.7% on reducing rate basis on a 5 year Punjab National Bank car loan .
Punjab National Bank car loan Calculator FAQs
What are the additional charges?
Apart from rate of interest, there are two sorts of charges being charged by the banks.
- Punjab National Bank car loan processing fee: this is often charged once you apply for the loan. The processing fee charged is upto Rs. 3,000 of the loan amount and will be reduced if you'll bargain.
- Punjab National Bank car loan pre-closure fee: this is often charged once you close your loan before the completion of loan tenure. Prepayment penalty charged could also be up to five of the outstanding amount.
Is CIBIL Score for Punjab National Bank car loan important?
CIBIL score is extremely important. Good CIBIL score indicates good repayment record and hence banks offers you higher loan amount at low rate of interest for Punjab National Bank car loan . Bad CIBIL Score will end in either loan at higher rate of interest or rejection of the application . So, make all of your payments on time and maintain your CIBIL so as to urge best Punjab National Bank car loan rates.
Can I apply jointly with my spouse?
Yes, you'll apply for loan jointly with a co-applicant (either your spouse or your parents). This helps you to extend your eligibility. Hence you'll get higher loan amount as your co-applicant’s income also gets added to your income. In co-applicant cases, the entire income is taken into consideration for calculating the eligibility.
Does it effect co-applicant credibility if I default in loan?
Yes, if you fail to pay the loan on time then it'll also affect your co-applicant. Default in loan will affect his/her CIBIL rating also .
Can I get a loan for the complete cost of my car?
Typically, banks loans only up to 80% to 90% of the entire cost of the vehicle. However, there are a couple of banks which will cover the whole cost of the car.
Is a guarantor mandatory for a replacement Punjab National Bank car loan?In case you're unable to satisfy the eligibility, criteria set by the lender, then a guarantor is mandatory.
What is the minimum amount of loan we will apply for?In most cases, you'll apply for a minimum loan of Rs. 1 Lac.
Is there a provision to pre-pay the whole loan amount?A small fee within the sort of pre-payment penalty are going to be chargeable by the bank, but yes, it's allowed to pre pay the loan amount and save vital interest payments. This however is subject to a minimum period that the loan must be held which is typically 6 months.
Are all cars financed by the loan institutions?All small to medium sized cars, sport utility vehicle Vehicles (SUV) and Multi Utility Vehicles (MUV) usually come under the Punjab National Bank car loans finances available in India.
What is the maximum and minimum tenure of Punjab National Bank car loan?Punjab National Bank car loan is usually taken for a brief period of your time . Generally, Punjab National Bank Car loan tenure is between 3 years to eight years.
What is ex-showroom price and on road price?Ex-showroom price is that the price of the Car including excise duty but excluding local duties and statutory charges. On road price is that the price you buy the Car including the ex-showroom price and price of registration, insurance, octroi, municipal entry tax, road tax and any accessories. The on road price tends to be 15-25% quite the ex-showroom price and should vary from city to city.
How am i able to prevent rejection of my loan application?Banks or NBFCs give Car finance to those borrowers about whom they're sure that he/her can repay the loan. you would like to understand few things if you don’t want your application to urge rejected:
- Job stability for Punjab National Bank car loan is vital . you would like to be stable in your current job as too many job changes can impact negatively at the time of authorization
- You shouldn't be having too many loans running at just one occasion . Banks can reject your application if you're already paying too many EMI’s at same time.
- Don’t offer you landline number for tele-verification if you recognize that no-one else is there reception once you are at work. A typing mistake in apartment number also can put negative impact on lenders.
What should I do if the Punjab National Bank car loan application gets rejected due to any reason ?Some possible reasons why your application gets rejected are already running multiple loans and hence a bank could also be unsure about your repayment ability of a replacement loan.
- In this case, if you've got a spouse who is additionally working, you'll add him/her as a co-applicant to spice up the combined salary levels.
- Clear your old debts first in order that your leverage levels come down.
- Balance transfer of your existing loans in order that the speed of interest on loans can come down and extra loan are often availed.
What is the interest rate on Punjab National Bank car loan?The rate of interest for a Punjab National Bank car loan starts at 18.00%. The interest rates may vary across different Banks. Further, the interest factor is additionally hooked in to the sort of two-wheelers you would like to shop for , the income of the applicant, age, and occupation.
How to finance a Car?Opting for a Punjab National Bank car loan is that the easiest method to finance a Car. a spread of Banks and other lenders could provide you with funds to shop for your dream Car. However, one must meet the essential eligibility criteria and documentation requirements
Can a student get a Punjab National Bank car loan?A student can apply for a Punjab National Bank car loan if he or she fulfills the basic eligibility criteria. An applicant must be a minimum of 21 years of age. However, the loan can be applied only with a co-applicant, who has a good CIBIL score and a fixed, reliable source of income.
How much can I pay as a down payment on a Car?A down payment usually ranges from 15-30% of the two-wheeler value. However, it may vary across the lender. The amount of down payment made on the two-wheeler will decide the EMI of the Punjab National Bank car loan. The bigger the down payment, the lower the EMI.
What benefits do I get by calculating my EMI before taking an Punjab National Bank car loan?Calculating your EMI before taking a loan can help you in the following ways: You can manage your monthly expenses better. Once you know how much you must pay towards your loan each month, you can then budget the other expenses accordingly. You will be able to determine what tenure to choose depending on how much you can afford to repay every month. Planning prepayments and pre-closures can be done easily, helping you pay off your loan faster.
2. Will my EMIs change in case of prepayment?When you prepay a part of your loan, the outstanding principal will reduce. This allows you to opt for a lower EMI while keeping the loan tenure the same. Or, you can maintain the same monthly instalment as before and reduce the tenure of the loan. It is advisable to maintain the same EMI and reduce the tenure since this will reduce the amount of interest you pay in the long run.
3. Can I use the same EMI calculator for all banks?Yes. An EMI calculator is a common tool and is not tied to any bank or financial institution. If you know your principal, interest rate, processing charges, and tenure, you should be able to generate your EMI. BankBazaar’s calculator also allows you to factor in prepayment details.
4.How accurate is an EMI calculator?An EMI calculator estimates your loan repayment details based on the data you give it. But the EMI that your bank gives you may be a little different due to other charges involved in the calculation. Also, if your Punjab National Bank car loan is subject to a floating rate, then the interest rate changes every year based on the MCLR or base rate change. Even a slight change in interest rate will make a difference to the total loan amount you repay, depending on the duration of the loan. These variables limit the accuracy of an EMI calculator.
5. Why are the interest charges in the repayment table slightly higher during the initial months of the loan?The interest rate of your loan is applied based on “reducing balance principle”. Because of this, the interest will be slightly higher during the initial phase since the principal outstanding is higher. As this amount reduces, the incidence of interest will also come down proportionately.
How is Punjab National Bank car loan Calculated?Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan has to be repaid. This amount has to be paid monthly.E = P x r x (1+r)^n/((1+r)^n – 1)
E is the amount that you will have to pay every month; basically, the EMI.
P is the amount that you want to borrow.
r is the rate of interest that is applicable but calculated on a monthly basis instead of the annual rate of interest. It is obtained by using the formula r = (annual interest/12) x 100.
n is the duration of the loan in terms of months. So if you select a term of 5 years, n will be 60.EMI is simply the quantity you (borrower) repay to the bank, each month , to clear your outstanding loan.You have to repay the EMI monthly , on a specific fixed date, for the whole duration (tenure) of the loan, till you repay the whole outstanding amount. (amount borrowed + interest). For Example, if you borrow 10,000,000 units of a currency from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = Units of currency 10,000,000 * 0.00875 * (1 + 0.00875)^120 / ((1 + 0.00875)^120 – 1) = Units of currency 134,935. i.e., you'll need to pay total currency units 134,935 for 120 months to repay the whole loan amount. the entire amount payable are going to be 134,935 * 120 = 16,192,200 currency units that has currency units 6,192,200 as interest toward the loan.
How to Calculate EMI for Punjab National Bank car loan?Calculating the EMI amount on your Punjab National Bank car loan is sort of easy. Simply enter the loan amount you would like to require , the tenor (in months, and not years) and therefore the rate of interest, within the required fields. Once you discover the EMI calculator for Punjab National Bank car loan , To calculate the quantity of EMI, you would like to place the subsequent inputs within the EMI calculator:
- Loan Amount – The principal amount borrowed from the bank or financial organization is understood because the loan amount.
- Interest Rate – rate of interest are often either fixed or floating.
- Loan tenure – is that the time over which you select to repay the loan.
What are the benefits of Knowing Punjab National Bank car loan in Advance?Good planning always ensures stable finances. Calculating the Punjab National Bank car loan beforehand gives a far better understanding of the quantity of cash you'd need to spend monthly . Hence, ready to "> you'll plan well and choose whether you're able to spare that much money or not.
Components of a Punjab National Bank car loan Calculator?
- Amount of loan to calculate EMI
- Loan term (months or years) to calculate EMI
- Rate of interest (percentage) to calculate EMI
How to use Punjab National Bank car loan Calculator?Using the EMI Calculator may be a very simple process. All you would like to try to to is follow these steps–
- Go the Punjab National Bank car loan Calculator page
- Choose the loan amount, rate of interest, and tenor (in months)
What are the benefits of a Punjab National Bank car loan Calculator?A Punjab National Bank car loan Calculator helps you to make a decision whether you'll afford the financial commitment of a Punjab National Bank car loan within the future . If you would like , you'll increase or decrease your EMI amount counting on the quantity of loan you're taking and therefore the period of time that you will be paying the EMIs. Quick Results – Applicants can easily use this calculator to calculate the EMIs that they're going to be susceptible to buy the pre-determined tenure and rate of interest that the Punjab National Bank Punjab National Bank car loans are offered, in just seconds. Simplicity – The calculations using this EMI calculator for Punjab National Bank car loan are supported the applicant providing three key bits of data i.e. the principal amount of the loan, the applicable rate of interest and therefore the loan tenure. Varying Combinations – With the Punjab National Bank car loan calculator, you'll easily input different interest rates and tenures to seem for a mixture which will allow you to simply repay the principal amount, without putting undue pressure on your finances. Free Usage – The EMI-Calculators.com's Punjab National Bank car loan calculator may be a user friendly Punjab National Bank car loan calculator that's available to everyone freed from charge and is straightforward to use
What Is a Punjab National Bank car loan Amortization Schedule?A Punjab National Bank car loan amortization schedule is that the table or record which details all the periodic payments on your loan. this is often generated through an amortization calculator. Amortization is essentially the procedure of repaying a loan through regular payments over a specified period. An amortization schedule is that the total tally of loan payments showing the quantity of interest and principal contained in each payment, until the loan is repaid fully .
What are the factors that impact monthly Punjab National Bank car loan?The estimated monthly investment (EMI) depends on variety of things such the quantity , the tenure of the loan, and therefore the rate of interest . The estimated monthly investment (EMI) differs consistent with the loan type and therefore the amount. If the rate of interest of the loan is fixed, the estimated monthly investment remains fixed also for the whole time the loan is active. The borrower also can choose a pre-payment wherein the estimated monthly investment (EMI) gets reduced. If the rate of interest is floating, the EMI is additionally floating.
What is Flat/Fixed Rate of Interest? And Flat/Fixed Rate of Interest Effect your EMI for Punjab National Bank Car loan?A fixed rate of interest is one where the rate of interest on a loan remains fixed throughout the loan repayment period (loan tenure). this sort of rate of interest is relatively above a floating rate of interest. Fixed rate of interest is best for those that don’t prefer the danger of fluctuation that's an integral a part of a variable rate of interest . within the case of a hard and fast rate of interest, the loan EMI remains an equivalent throughout the loan tenure. The online loan EMI calculator are often wont to calculate loan EMIs with a hard and fast rate of interest. the various Interests Rates which will be implied during a Loan contract are Fixed rate of interest and Floating rate of interest . Fixed rate of interest means interest payment on loan are going to be in fixed equal installments over the whole period of the loan. The rate of interest won't change no matter any market fluctuations.
Benefits of Fixed Interest Rate:
- Interest Rate doesn't change as per the market fluctuations
- Having a hard and fast rate of interest brings a way of safety and security for the borrower
- Since it entails a hard and fast monthly repayment schedule, it helps in easy budgeting
Drawbacks of Fixed Interest Rate:
- Generally, Fixed Interest Rates are 1%-2.5% above Floating rate of interest
- Fixed Interest Rates are subject to vary as per the market fluctuations, hence if accidentally the rate of interest decreases, the fixed rate Punjab National Bank car loan won’t be benefited because the borrower will need to pay an equivalent fixed amount monthly .
What is Floating Rate of Interest? And Floating Rate of Interest Effect your EMI for Punjab National Bank Car loan?Floating rate of interest changes counting on the market-lending rate. it's also referred to as variable rate of interest. If the lending rate increases, the floating rate of interest also will increase. thanks to the danger of fluctuation, the floating rate of interest is typically less than the fixed rate of interest. With a floating rate of interest for a specified loan tenure, you'll either expect your EMI to scale back or increase counting on the increase within the rate of interest . The online loan EMI calculator for Punjab National Bank car loan are often wont to calculate loan EMIs with a Floating rate of interest. Floating rate of interest is that the rate which changes as per the market conditions. Loans on floating interest rates are tied to a interest rate PLUS a floating element thereof.
Benefits of Floating Interest Rate:
- Floating rate of interest s are cheaper than Fixed Interest Rate
- During the future , albeit the floating rate of interest rises up the fixed rate of interest , they're going to eventually fall. Hence ensuring tons of savings.
Drawbacks of Floating Interest Rate:Due to frequent fluctuations in rate of interest , the character of monthly installments is sort of uneven. Hence it's necessary that you simply conduct a correct cost and benefit analysis before choosing among Fixed and Floating Rate of Interests.
Why should i exploit a Punjab National Bank car loan calculator?The simplest answer is that it’s fast and it’s convenient. this suggests that you simply can do multiple calculations in minutes where such calculations many take longer were you to take a seat down with a pen and paper. These calculators also are super accurate, so it eliminates the likelihood of errors in calculations, provided you provide accurate data.
Will banks provide the Punjab National Bank car loan calculator?Yes. lately most, if not all, banks have Punjab National Bank car loan calculator, specific to varied loans, available on their websites.
How much should I pay as monthly EMI for Punjab National Bank car loan?Monthly EMI for Punjab National Bank car loan depends upon your income and expenses. Generally, banks advise you to limit your EMI to 35% to 45% of your net in order that you'll pay your EMI with none burden or difficulty. you'll calculate your EMI online which can assist you to understand your repayment capacity.
What if I miss EMI payment for Punjab National Bank car loan or there's an ECS bounce?If you miss your EMI payment on your Punjab National Bank car loan or if there's an ECS bounce then bank may charge a penalty. additionally , it'll even be reflected in your CIBIL report and your CIBIL score may get impacted.
What if i buy delay in paying the Punjab National Bank car loan EMI?Banks charges penalty for delaying EMI payment for Punjab National Bank car loan . the quantity of penalty varies from bank to bank.
Why it's necessary to calculate EMI beforehand?It is important to calculate your EMI beforehand to take care of stability in future payments. once you avail loan for your house, you promise the bank to pay a hard and fast amount at fixed date monthly . So, before availing the Punjab National Bank car loan you ought to consider the steadiness of your income, monthly expenses and therefore the existing loan obligations to avoid any discrepancies in future payments.Disclaimer:Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply EMI-Calculators.com's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
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