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PNB Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
PNB Pride Car Loan for Government Employees MCLR+0.20%-MCLR+5.00% Nil Maximum of 100 lakhs or 25 time net monthly salary 7 years
Details
Documents Required

  • Duly filled in application form along with a recent passport sized photographs
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Identity card of current employment
  • PAN Card
  • Statement of bank account for the last 6 months
  • Income Proof Details – Form 16 for the last 2 years, Latest Salary Slip for 3 months
Benefits

  • This car loan is specifically meant for employees who are working in state/ central government, quasi-government, defence personnel and paramilitary forces
  • The tenure of the loan is spread over 84 equated monthly instalments
  • Lowest Interest Rates
  • Easy on the pockets of borrowers to repay the loan amount
Eligibility

  • The borrower should be an employee of State/Central Government, Defence Personnel, Quasi Government, Paramilitary Forces
  • The minimum net monthly income of the applicant should be Rs 20,000
  • The applicant can also add the income of either spouse or parents or children for determining the loan amount eligibility
  • The minimum age of the applicant should be 21 years
  • The maximum age of the applicant should be 65 years
  • The applicant should be a resident Indian.
Other Details

  • Processing Fee is nil
  • Guarantee or collateral security is not required
  • Quantum of finance: Rs 100 lakhs or 25 times of the net monthly salary whichever is low
  • For New Vehicles: Loan amount is 15% of the on-road price (includes one-time road tax and insurance)
  • For Old Vehicles: Loan amount is 30% of the value of the vehicle
  • For those cars which has tie-up arrangements between the PNB and manufacturers/dealers: Loan amount is 10% of on-road prices
PNB Car Loan for Public MCLR + 0.60% - MCLR +0.95% 1000 above Rs 6,00,000 84 months
Details
Documents Required

  • Duly filled in application form along with a recent passport sized photographs
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Identity card of current employment
  • PAN Card
  • Statement of bank account for the last 6 months
  • Income Proof Details – Form 16 for the last 2 years, Latest Salary Slip for 3 months
Benefits

  • Lowest Interest Rates
  • Minimum Processing Fee
  • The repayment tenure for the new car or MUV or SUV or Jeep or van is 84 months
  • The repayment tenure for old car or MUV or SUV or Jeep or van is 60 months
  • No – prepayment charges will be levied to the borrower in case of the floating rate.
  • A fixed rate of 2% on the outstanding prepaid amount will be charged for a fixed rate of interest on the loan.
Eligibility

  • The minimum net monthly salary of the individuals or pensioners should be Rs 20,000
  • The applicants can be either individuals or proprietorship concerns who have turn over of Rs 100 lakhs or 25 times the net monthly salary or pension income (whichever is lower).
  • In the case of business firms, there is no maximum limit on loan amount
  • The applicant should be a resident Indian.
  • The vehicle which will be purchased using the loan amount should be used for private purpose only.
  • The income of the spouse or parents or earning children can be added for determining the eligibility of loan amount.
Other Details

  • Processing Fee is Rs 1000, for up to Rs 6,00,000 of the loan amount and it is Rs 1,500 if the loan amount is more than Rs 6,00,000.
  • Proposed inspection charges on a car loan are Nil.

FAQs 

Q: What is the eligibility criteria to avail car loan from Punjab National Bank (PNB)?

A: Punjab National Bank car loan eligibility differs from one person to another person and may not be the same in all situations.

Some of the key points are listed below:

  • Minimum monthly income should be Rs.20,000/-.
  • Only Salaried professionals and the self-employed individuals can avail the car loan.
  • The minimum applicant age is 21 years at the time of processing the car loan.
  • Maintain the credit score above 750.
  • Minimal documentation has to be submitted to secure the loan.

Q: For what types of vehicles does PNB offer car loans?

A: Punjab National Bank offers car loans for the purchase of a New Car, Jeep, Van, Sports Utility Vehicle (SUV) and Multi Utility Vehicle (MUV). PNB Car loan is also offered for the purchase of a used car, jeep, van, SUV and MUV which are not older than three years from the time of registration.

Q: What is the maximum repayment tenure for PNB car loan?

A: The maximum loan repayment tenure depends on the class of the vehicle. Whether the vehicle is new or old. For new vehicles, the maximum loan repayment tenure is 7 years. In the case of old vehicles, the maximum loan repayment tenure is 5 years.

Q: Can the income of immediate family members be added for increasing loan eligibility?

A: Yes, the income of immediate family members like parents, spouse and earning children can also be added to increase the loan amount and eligibility. However, the income of only one person can be added and that person will also stand as the co-borrower.

Q: What is the processing fee PNB charges for car loan borrowers?

A: The processing fee charges for Punjab National Bank Car Loan is 1% of the loan amount subject to a maximum of Rs 6,000 and is exclusive of GST.


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