Punjab National Bank car loan is offered to the prospective car buyers at affordable interest rates. This type of loan is for you if you are looking for a source to draw in funds for a Car, Jeep, Van, SUV or MUV. The loans are offered for new models as well as the pre-owned that are not older than three years. Punjab National Bank car loan is offered to salaried and self employed at interest rates starting from 7.55% for a repayment tenure going up to seven years.
Table of Contents
Punjab National Bank Car Loan Interest rate
| Loan Amount | Up to Rs 100 lacs (or 25 times of gross monthly income) |
| Interest Charges | Starts at 7.55% |
| Processing Fees | 0.50% of loan amount (Min. Rs 1000 and max. Rs 1500) |
| Repayment Tenure | Up to 84 months |
| Prepayment | Floating Rate: NIL
Fixed Rate: 2% of principal outstanding |
PNB Car Loan Features and Benefits
1. Purpose: Punjab National Bank Car loans are offered to customer for the purchase of new and old cars and vehicles. Customers can avail Punjab National Bank Car loan for new and old Cars, SUVs MUVs, Van or Jeep. If you are applying for PNB car loan for a pre owned car, know that it should not be more than three years old.
2. Loan Amount: PNB Car loans are provided for a loan amount upto rupees 100 lacs or 25 times of gross salary/income. PNB vehicle loan amount is subject to term including applicant’s profile, repayment track and other important factors.
3. Interest Rate: PNB Car loans are offered at interest rate starting at 7.55 %. Punjab National Bank Car loan interest rate as subject to applicant’s profile, credit score and other parameters.
4. Repayment Tenure: PNB Car loan repayment tenure in case of a new Car, Jeep and SUVs or MUVs can be availed for up to seven years. It used car loan repayment tenure ranges up to 5 years.
5. Prepayment: Punjab National Bank Car loans come with an option for borrowers to make prepayment of loan. The bank does not charge any prepayment penalty in case of car loan at floating rate. If the Punjab National Bank Car loan prepayment is made at a fixed rate then a prepayment penalty of 2% is applicable.
Punjab National Car Loan Eligibility Criteria
– Salaried and self-employed individuals are eligible for PNB car loans.
– PNB Car loan be availed to purchase a vehicle for personal use only.
– Net monthly income or salary of loan applicants should be at least Rs. 25000.
– Individuals should be able to offer security/collateral.
How to apply for Punjab National Bank Car Loan
1. Apply for PNB Car Loan Online
– Go to the official website of Punjab National Bank.
– Now, navigate to the “Online Services” menu and then, click on the “Loans” option.
– Find and click on the “Car Loan New Application”.
– Now, enter your name and mobile number.
– Enter the OTP received on your mobile number to continue.
2. Apply for PNB Car Loan Offline
You can visit the nearest branch of PNB in order to apply for PNB car loan offline. When you visit the PNB Branch make sure you have all the required documents for PNB car loan application procedure.
Punjab National Bank Car Loan Interest Rates and Charges
| Loan Amount | Up to Rs 100 lacs (or 25 times of gross monthly income) |
| Interest Charges | Starts at 7.55% |
| Processing Fees | 0.50% of loan amount (Min. Rs 1000 and max. Rs 1500) |
| Repayment Tenure | Up to 84 months |
| Prepayment | Floating Rate: NIL
Fixed Rate: 2% of principal outstanding |
Documents Required for PNB Car Loan
Get started with PNB car loan, you must have all the PNB Car loan documents that are required to be submitted with the car loan application.
| Documents | Salaried Applicants | Self Employed Applicants |
| Identity Proof | Aadhar Card, Voter’s ID Card, Passport, Driving Licence | Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
| Address Proof | PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills | PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
| Income Proof | Salary Slips, Bank Statements, Form 16 | Balance sheet and profit and loss account, IT Returns, Business Proof |
| Other Documents | Passport-size Photographs, Duly Filled Application Form | Passport-size Photographs, Duly Filled Application Form |
Punjab National Bank Car Loan EMI Calculation
It is also extremely helpful to use and EMI calculator to understand the monthly outflow in your EMI.
Formula:
EMI = {P × R × (1+R) ^ N} / {(1+R) ^ N – 1}
Here,
– P = principal amount that you want to apply for.
– R = the rate of interest per month
– N = time period of loan in months
– E = EMI
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