Monthly EMI  ₹ 
Principal amount  ₹ 
Total interest  ₹ 
Total amount  ₹ 
Punjab National Bank offers customers car loans (used and new), for which the customers are required to pay an EMI or equated monthly installment.
The EMI for the PNB Car Loan EMI means a fixed amount of money that is paid against the loan that has been taken to purchase a car. Every month, the EMI will be due on a particular date until the loan has been completely repaid.
The EMI will always consist of both the interest payment and the principal repayment. Though the component of the EMI amount would remain the same every month, the principal component will keep increasing, and on the other hand, the interest component will keep reducing.
In order to estimate this EMI, customers and potential customers can use the PNB Car Loan EMI Calculator that is available on the bank's official portal and for free with Groww.
The PNB Car Loan Calculator is an online tool that can be accessed through Groww anytime and from any location as preferred. This calculator will use a formula box to estimate the exact EMI on your car loans based on the principal amount and interest rates that are charged by Punjab National Bank.
It is a tool that eliminates the need for manual calculations or any human error by providing instant solutions online and for free. As it is available online, it can also be used as much as required.
The PNB Car Loan EMI Calculator can be used to eliminate all of the manual computations for EMI. It will assist you in figuring out the amount of EMI you will be paying on your car loans, along with the total interest amount that will be incurred on your loan. It is also a simple and easytouse tool that will not require any technical knowledge to be utilized.
The inaccuracies that occur with manual computations can be eliminated completely since the tool works on a programmed formula. The users will also not have to log in or register to use this tool for free.
The PNB Car Loan EMI calculator is an easytouse tool, and you will not be required to have the technical expertise to use it. You will need to provide the details that are mentioned below:
1) The Principal Amount You Require from Punjab National Bank
This is the amount that you want to purchase the car.
2) The Tenure of the Car Loan
You will have to provide the length for which you would want to pay off the loan, and it is also the period for which you will be paying your EMIs.
3) Interest Rate
This is the rate of interest that will be charged to you by PNB for your car loan.
You need to drag the cursor on each of these points and provide the data that your loan will be based on. Instantly, the PNB Car loan calculator will show you the EMI amount you will pay each month, along with the interest amount charged on the loan.
The PNB calculator works on an algorithmic formula, which is the formula needed to calculate your monthly EMIs, and it is discussed below:
[PxRx(1+R)^N]/[(1+R)^N1]
P  It Stands for the Principal amount
R  It Stands for the Rate of Interest on the loan
N  It Stands for The Tenure of the loan
Here is an example to demonstrate a car loan EMI calculation from the Punjab National Bank 
So, if you are taking a car loan is for Rs. 3,00,000, at the rate of 8% for four years in the month of June 2022  your EMI calculation will be in the following manner:
P = Rs. 3,00,000
R = 8%
N = 4 Years (48 Months)
EMI = [3,00,000 x 12/100/12 x (1+12/100/12)^48] / [(1+12/100/12)^481]
EMI = Rs. 7,324
Here is the amortization or the debt repayment schedule for a period of timebased on the example explained above:
Year 
Total Payment 
Loan Outstanding 

2022 
Rs. 43,944

Rs. 2,67,519 

2023 
Rs. 87,888

Rs. 1,98,540 

2024 
Rs. 87,888

Rs. 1,23,835 

2025 
Rs. 87,888

Rs. 42,930 

2026 
Rs. 43,937

Rs. 0 
Here are the advantages of using the PNB Car Loan EMI Calculator:
The interest rate will be the only factor that determines the total amount of interest to pay on the car loan. The car loan tenure will play a vital role in determining the total interest that will be paid over the Principle. Generally, the longer the Tenure, the greater will be the interest amount and viceversa.
The formula that is used to calculate the car loan EMI from PNB is:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Primarily, they are for the same cause. But, a PNB Car Loan EMI Calculator will show you the specifics of a car's loan.
If you enter the same values, it will be the same. Please be aware that even a small adjustment will affect the final figure. You will notice that the numbers are different from the EMI Calculator if the bank adjusts some of the parameters.
The car loan EMI calculator was developed specifically to compute car loan EMIs quickly. The Car Loan EMI Calculator is simpler to use than the Excel Calculator.