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.
Some of the key features of PNB Car Loan are given below:
|Charges||New Car Loan||used Car Loan|
Some of the eligibility criteria you will have to fulfil to be eligible for a car loan from Punjab National Bank are given below:
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:
6. Documentation for self-employed applicants:
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.
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.
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.
The security prescribed for Punjab National Bank Car Loan is hypothecation of vehicle purchased using the loan.
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.
If you have availed the car loan under floating interest rate scheme, no prepayment charges will be levied.
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.
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.
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.
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.
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.
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.
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%|
|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%
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.
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.
Yes, PNB customers can apply with a co-applicant for car loans.
For people engaged in agriculture and allied activities, the maximum repayment term is decided at half yearly and yearly intervals coinciding with harvest time.
You can submit any of the following documents as ID proof - voter ID, Aadhaar card, driving license, passport and PAN card.
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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