Punjab National Bank started its operations in 1895, as a part of Punjab’s economic development process. It currently has 6564 branches including three branches overseas and one Offshore Banking Unit, and also has a large network of approximately 8348 ATMs across India.
Among its wide portfolio of financial products and services, it offers a unique car loan scheme as well. The PNB Car Finance scheme is available to customers for the purchase of a vehicle for personal use by prospective car buyers at competitive interest rates. The type of vehicles that can be purchased using a PNB car loan are: New or old van, car, Multi Utility Vehicle (MUV). Jeep or Sports Utility Vehicles (SUV). Used vehicles should not be more than three years old (since manufacture).
Punjab National Bank (PNB) offers car loans for purchase of cars for personal use and not for purchase of cars for hire/rentals/commercial vehicles. The loan is offered to individuals and also to Corporates/ Business concerns (both corporate or non-corporate).
In order to be eligible for the loan, the borrowers must also fulfill the income eligibility criteria, which are - The net monthly income such as salary, pension, etc. should be at least Rs. 20000/-. In order to increase the eligibility for a higher loan amount, the income of either the spouse, parent(s) or children who have a source of income can also be provided by adding them as co-obligor to the car loan. Only one person can be added as the co-borrower to the car loan.
Now, you no longer need to visit PNB Bank branches or wait for a call-back from the Bank’s executives in order to know whether you are eligible for a PNB car loan. In order to evaluate whether you are eligible for a Punjab National Bank Car Loan, you can use the online car loan eligibility calculator. It is quicker and easier to use, and can give you instant results which can help you to zero-in on your application process as well. All you need to provide is the make and model of the car of your choice, the on-road price, your personal details such as date of birth, income, salaried/ self-employed, etc. and click on the “calculate” tab. The results page will show whether you are eligible or not, loan amount and loan tenure that you are eligible for, etc.
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