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  • Punjab National Bank customers can avail a car loans at affordable interest rates starting from 9.05% and up to 9.50%. The repayment tenure for a car loan can from 1 year and 7 years. The interest rate charged takes into account various factors such as the loan amount, repayment tenure, whether the customer is purchasing a new car or a pre-owned car, and their credit score.

    Key features of PNB Car Loan

    Some of the key features of PNB Car Loan are given below:

    • Repayment tenure up to 7 years for new cars and 5 years from pre-owned cars.
    • Affordable processing fee.
    • Affordable rate of interest.
    • The applicant must have a minimum salary or pension amount of Rs.20,000. This means that a person even with a low earning salary can apply for a car loan from PNB.
    • The margin on the loan is up to 15% of the on-road price of a new car and up to 30% if you are looking to purchase a pre-owned car.

    Punjab National Bank Car Loan Fees & Charges

    Charges New Car Loan used Car Loan
    Prepayment Charges
    • Floating rate: Nil
    • Fixed rate: 2% on the outstanding prepaid
    • Floating rate: Nil
    • Fixed rate: 2% on the outstanding prepaid
    Processing Charges
    • Up to Rs.6 lakh: Rs.1,000
    • Above Rs.6 lakh: Rs.1,500
    • Up to Rs.6 lakh: Rs.1,000
    • Above Rs.6 lakh: Rs.1,500
    Documentation Charges
    • Up to Rs.6 lakh: Rs.1,000
    • Above Rs.6 lakh: Rs.1,500
    • Up to Rs.6 lakh: Rs.1,000
    • Above Rs.6 lakh: Rs.1,500

    Punjab National Bank car loan eligibility

    Some of the eligibility criteria you will have to fulfil to be eligible for a car loan from Punjab National Bank are given below:

    • The applicant must avail a car loan from PNB to purchase a vehicle for personal use only.
    • Can either be a salaried individual or a self-employed person.
    • Should have a minimum monthly income or monthly pension of Rs.20,000.
    • Be able to provide collateral if required.

    Documentation needed to apply for a Punjab National Bank Car Loan

    1. Signed application form with photograph

    2. Photo ID and age proof

    3. Residence proof

    4. Bank statements of last 6 months

    5. Documentation for salaried applicants:

    • Last 3 months' salary – slips
    • Form 16 or Income Tax Returns

    6. Documentation for self-employed applicants:

    • Last 3 years' Income Tax Returns with computation of Income
    • Last 3 years' CA Certified / Audited Balance Sheet and Profit & Loss Account
    Perfect Car Loan Deals for you

    Punjab National Bank Car Loan FAQ'S

    1. For what types of vehicles does Punjab National Bank offer car loans?
    2. Punjab National Bank offers car loan for the purchase of new car, jeep, van, Sports Utility Vehicle (SUV) and Multi Utility Vehicle (MUV). PNB Car loan is also offered for the purchase of old car, jeep, van, SUV and MUV which are not older than three years.

    3. Who can apply for a Punjab National Bank Car Loan?
    4. Individuals and business concerns (corporate or non - corporate) can apply for Punjab National Bank car loan for purchase of a four-wheeler for private use only.

    5. What is the loan quantum offered for individuals under Punjab National Bank Car Loan?
    6. For individuals and proprietorship concerns, 25 times of net monthly salary, income or pension or Rs. 100 lakhs, whichever is lower, will be offered as total car loan amount. Car loan quantum higher than the amount mentioned will be considered on merits of case.

    7. What is the security to be provided for Punjab National Bank Car Loan?
    8. The security prescribed for Punjab National Bank Car Loan is hypothecation of vehicle purchased using the loan.

    9. Is third party guarantee required for Punjab National Bank Car Loan?
    10. Yes, collateral security or third-party guarantee is required for Punjab National Bank Car Loan. However, this may be waived off by the loan sanctioning authority on merits of individual case.

    11. Will I incur any penalty if I foreclose my PNB car loan floating interest rate scheme?
    12. If you have availed the car loan under floating interest rate scheme, no prepayment charges will be levied.

    13. What is the quantum of finance offered for corporate and non-corporate applicants purchasing a vehicle for business concerns?
    14. There is no ceiling on the car loan amount for one or more vehicles purchased for business purposes whether the applicant is a corporate or non-corporate.

    15. Can the income of immediate family members be added for increasing loan eligibility?
    16. Yes, income of immediate family members like parents, spouse and earning children can 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.

    17. Can agriculturists and farmers apply for Punjab National Bank Car Loan?
    18. Yes, customers who are self-employed and involved in agriculture and allied activities can apply for Punjab National Bank Car Loan provided they satisfy the minimum income criteria.

    19. How do I find out my monthly car loan EMI?
    20. EMI is the fixed amount that you must pay to the lender in order to pay off both the principal and interest amount. The EMI amount depends on various factors like tenure, interest rate and principal. You can use an online EMI calculator available on BankBazaar to calculate your monthly instalment amount and also to view your amortization schedule.

    21. How do I get the application form for Punjab National Bank Car Loan?
    22. The application form for Punjab National Bank Car Loan is available online at PNB’s website. Also, you can get a copy of the application form by visiting the nearest branch. You can track the status of the loan application online.

    23. How do I track my car loan application status online?
    24. You can visit the PNB website to view your loan application status online, you will be required to login by entering user name and password. Once you have logged on, you will able to view the car loan application status.

    25. Do women borrowers get any special benefits for availing Punjab National Bank Car Loan?
    26. Yes, women borrowers get concession in car loan interest rates when they apply for PNB car loans. The interest rates for women borrowers are as follows.

      Category Repayment Period Interest Rate
      Women borrowers (floating rate of interest) Up to 7 years MCLR + 0.60%
      Women applicants (floating interest rate) Up to 7 years Base rate + 0.15%
    27. What are the prevailing interest rates under both floating and fixed rate options?
    28. Floating
      Women, PNB PRIDE & Corporates (Under floating rate) irrespective of CICs score MCLR + 0.60%
      Others Individual(Floating) CIC Score 750 & above MCLR + 0.60%
      CIC Score 700 and up to 749 MCLR + 0.80%
      CIC Score less than 700 MCLR + 1.05%
      Fixed for all MCLR+0.95%
      PNB Pride (Fixed Option) MCLR+0.95%

      *MCLR rate for one year: 8.45%

    29. Will CIBIL score affect my Punjab National Bank Car Loan approval?
    30. Yes, once all required documents are submitted, your credit score will also be considered to make the final decision on whether to approve the car loan.

    31. What do I do if I have doubts and queries regarding PNB car loan?
    32. In case you have any doubts or queries regarding Punjab National Bank Car Loan, you can get in touch with PNB customer care or visit the nearest branch to get your doubts cleared.

    33. Does Punjab National Bank offer the facility of joint application for car loan borrowers?
    34. Yes, PNB customers can apply with a co-applicant for car loans.

    35. How is the maximum repayment tenure decided for agriculturists?
    36. For people engaged in agriculture and allied activities, the maximum repayment term is decided at half yearly and yearly intervals coinciding with harvest time.

    37. What documents do I have to submit as identity proof for Punjab National Bank Car Loan?
    38. You can submit any of the following documents as ID proof - voter ID, Aadhaar card, driving license, passport and PAN card.

    39. Will I be able to transfer Punjab National Bank Car Loan balance to another bank?
    40. Yes, you can shift the car loan from PNB to another bank, if required. However, you will be charged a nominal penalty.

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    Punjab National Bank Car Loan Reviews

    • Punjab National Bank Car Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      One of my colleague recommended PNB to me. I went directly to the nearest branch of PNB and submitted all the required documents for a car loan. It took around 10 to 15 days for disbursing my loan. PNB is much better than private banks. Rate of interest & charges are lesser than private banks.
      Was this review helpful? 20
      , chennai
      Reviewed on Aug 11, 2014
    • Punjab National Bank
      Punjab National Bank Car Loan
      "Satisfied with Service"
      0.5 5.0/5 "Blown Away!"
      PNB Car Loan main advantage is they follow up was good, its was user friendly, interest rate was quite less than market it was 10.05% i got the charges was normal, actually it was zero processing fee on 31st on but i got applied on 1st it was .05%, i gave the documents on 1st and loan amount got credited on 6th, it was good.
      Was this review helpful? 27
      , secunderabad
      Reviewed on Aug 08, 2014
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