• PNB Car Loan

    Punjab National Bank customers can avail a car loans at affordable interest rates starting from 7.55%. 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. Punjab National Bank used car loan can also be availed.

    Punjab National Bank Car Loan

    Published On : 2020-09-23

    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.25,000. 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 25% 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
    • 0.25% of the loan amount
    • Minimum: Rs.1,000

      Maximum Rs.1,500

    • 0.25% of the loan amount
    • Minimum: Rs.1,000

      Maximum Rs.1,500

    Documentation Charges
    • 0.25% of the loan amount
    • Minimum: Rs.1,000

      Maximum Rs.1,500

    • 0.25% of the loan amount
    • Minimum: Rs.1,000

      Maximum 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.25,000.
    • 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

    Punjab National Bank Car Loan FAQ'S

    1. What are the different types of cars that PNB offers car loans for?
    2. PNB offers car loans for various types of cars such as sedans, hatchbacks, jeeps, vans, Sports Utility Vehicles (SUVs), and Multi Utility Vehicles (MUVs).

    3. Who is eligible to avail a car loan from PNB?
      • Individuals
      • Joint borrowers
      • Corporate businesses
      • Non-corporate businesses
    4. What security must I provide when I avail a car loan from PNB?
    5. The vehicle that is being purchased must be hypothecated to PNB.

    6. What is the processing fee that is levied by PNB?
    7. 0.25% of the amount that is being provided as a loan will be the processing fee. However, the minimum and maximum processing fee that can be levied are Rs.1,000 and Rs.1,500, respectively.

    8. Does PNB levy any documentation charges on a car loan?
    9. No, PNB does not levy any documentation charges on a car loan.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Punjab National Bank Car Loan Reviews

    • Punjab National Bank
      "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? 27
      , chennai
      Reviewed on Aug 11, 2014
    • Punjab National Bank
      Punjab National Bank
      "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? 35
      , secunderabad
      Reviewed on Aug 08, 2014
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.