Punjab and Sind Bank EMI Calculator 2022

All set to apply for a Punjab and Sind Bank Personal Loan? Interest rates tested, YES! But have you tested the results of the Punjab and Sind Bank Personal Loan EMI Calculator? Nah! -Nah! Then, do it soon to get a rundown in advance of the repayment. This will assist you in carefully monitoring your expenses to ensure a smooth repayment of a loan before the tenure expires. Let's talk about the task of calculating in detail.

The addition of interest and the principal amount per month before the expiry of the term is the EMI payable on a personal loan. Let us notify you without further delay that the EMI calculator takes the amount of loan, interest rate, and tenure into account to calculate the indicative installments and the total interest production.

There is also a formula that is used by the calculator to measure the increments. Do you want to know? Take a look below then.

E = P . R . (1+R)^N/((1+R)^N-1)

Where

• E = EMI
• P = Principal Amount
• R = Rate of Interest 
• N = Monthly Tenure 

Here is an example to help you for having a better understanding of how an EMI calculator works. 

For ex, at Punjab and Sind Bank, Raj Mehta, a senior software engineer, is applying for 5-year personal loan worth Rs. 2 lakhs. The government lender approved his application and paid him a loan at an interest rate of 13.65 percent. But how much is EMI Ravi paid to pay?

There is an answer to the table below. Take a peek.

EMI, Interest Outgo, and Complete Repayment Sum Table Indicate

LOAN AMOUNT	INTEREST RATE	TENURE	MONTHLY INSTALMENT	TOTAL INTEREST AMOUNT	TOTAL AMOUNT
₹ 2,00,000	13.65%	1	₹ 17,925	₹ 15,094	₹ 2,15,094
₹ 2,00,000	13.65%	2	₹ 9570	₹ 29,669	₹ 2,29,669
₹ 2,00,000	13.65%	3	₹ 6802	₹ 44,857	₹ 2,44,857
₹ 2,00,000	13.65%	4	₹ 5430	₹ 60,652	₹ 2,60,652
₹ 2,00,000	13.65%	5	₹ 4617	₹ 77,046	₹ 2,77,046

EMI, Total Interest Outgo, Total Repayment (Interest + Principal) 

YEAR	PRINCIPAL	INTEREST	BALANCE AMOUNT
1	₹ 29,936	₹ 25,473	₹ 1,70,063
2	₹ 34,288	₹ 21,121	₹ 1,35,775
3	₹ 39,272	₹ 16,137	₹ 96,502
4	₹ 44,981	₹ 10,427	₹ 51,520
5	₹ 51,572	₹ 3888	₹ 0

 

The EMI calculator calculates your EMI loan and has several benefits listed below—

• Saves time for tedious calculations: The EMI calculator helps the borrower save time by calculating EMI in seconds by doing tedious calculations, as you get the output the moment you enter the details of the personal loan.
• Gives precise results: An online calculator will give you precise results, as incorrect calculations can lead to incorrect results that can change your loan EMI and change your decision while taking a loan. It is therefore always recommended to use the online EMI calculator to get accurate results.
• Plan your finances: The personal loan calculator informs you about the EMI to be paid over the tenure of the loan and also tells you whether or not you will be able to repay the loan. In case you make defaults in loan payments when paying loan EMIs, always go an amount that does not impact your budget, current financial health, and your credit score.
• Allows several schedules to be assessed: The EMI calculator also allows you to view amortization schedules and EMIs for different loan tenure and interest rate combinations. So, you can pick the EMIs that fit your repayment capabilities.

Personal loans allow us to achieve many financial and life objectives. In a matter of hours, most banks disburse different sorts of loans. What is more, in repaying the loan, the borrower has a fair amount of power and flexibility. You can select your tenure and loan sum as a borrower and change your Equated Monthly Instalments (EMIs) accordingly.

If you are looking to get a higher loan amount at a lower EMI, consider these handy tips.

• Opt for a longer loan repayment tenure: Your loan repayment tenure is inversely proportional to your loan's EMI amount. Opting for longer repayment periods enables you to disburse the total due amount over a longer period, reducing the amount of the EMI. It is important to understand, that your longer loan tenure includes affordable, tiny EMIs, it also increases the interest rate payable on the loan. Only if you believe that you cannot afford higher EMIs should you opt for longer repayment tenures.
• Choose to pay a higher down payment amount: Down payment refers to the customer's amount paid when purchasing a loan item. Typically, most banks offer 85 percent-90 percent of the actual price of the product taken on loan, while the customer must bear the remaining 10 percent-15 percent and pay it as a down payment. However, you can opt to pay a higher down payment amount and decrease the total amount taken as a loan. Remember that on the principal amount you borrow, you only have to pay interest. A higher loan amount can result in higher interest and higher EMIs being paid by you. Paying a large down payment can also help lower the EMIs and lower the interest rates.
• Opt for a lower interest rate: One of the most important factors affecting the disbursed principal loan and the tenure of the loan is the interest rate. When you choose a lower interest rate, you choose a shorter tenure, too. By paying off high EMIs, if you believe that you can repay the loan faster, then you can opt for a lower tenured loan. A loan received at a lower interest rate allows you to pay off your debt more quickly.
• Opt for balance transfer: You can choose to refinance if you have a high-cost loan by taking out a lower-cost loan. This is known as a loan for a balance transfer, which generally comes with a lower interest rate. You can also take out a top-up loan on your loan for a large amount. 
• When taking a loan, consider your current bank: Borrowing from a bank with which you have an existing relationship can work in your favor, as you can negotiate the terms of the loan. You may be able to obtain lower interest rates on the amount of your loan if you have a good working relationship with your bank.

The combination of the loan amount, loan tenure, and interest rate is used by the Personal Loan EMI Calculator to calculate EMI online. In addition to this, it also tells you how much interest you will pay over your loan period. The longer the tenure of the loan, the greater the amount of interest payable for the same amount of the loan and the personal loan interest rate.