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PNB Car Loan

Scheme For Financing Purchase Of Car By Public
Objective To make available Loan for purchase of car by proposed car buyers on attractive terms.
Purpose

To purchase:

New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV).

Old car/van/jeep/MUV/SUV, which are not older than three years.

Eligibility

For private use only.

Individuals

Business concerns (corporate or non-corporate).

Income Criteria

Minimum net monthly salary / pension/ income - Rs.20000/-.

Income of Parent(s)/Spouse/ Earning Children can be added for determining loan amount/eligibility. However, out of above income of only one person can be added and he/she will stand as a co-borrower.

Quantum of Finance

For individuals/Proprietorship concerns: Rs. 100 lac or 25 times of Net Monthly Salary / Pension/ Income, whichever is lower. Loans for higher amount may be considered on merits of the case.

For Business Concerns (Corporate or Non-Corporate): No ceiling of loan amount (for one or more vehicles).

Margin

For New Vehicle: 15% of on-road price inclusive of one time road tax & insurance.

For Car where PNB has tie up arrangement with manufacturers/dealers: 10% of on-road price

Click here Tie Up With Car Manufacturers At All India Level

For Old Vehicles: 30% of the value of the vehicle.

Security Vehicle purchased to be hypothecated to the bank.
Guarantee/ Collateral Security

Third Party guarantee/ Collateral Security acceptable to the Bank.

(May be waived by the Sanctioning Authority on merits of individual case)

Repayment (Maximum)

For New Car/Van/Jeep/MUV/SUV: 84 EMIs

For Old Car/Van/Jeep/ MUV/SUV: 60 EMIs

In case of persons engaged in agriculture & allied activities: At Half yearly/yearly intervals coinciding with the time of harvest.

Prepayment Charges

Floating Rate: NO pre-payment charges.

Fixed rate: @2% on the outstanding pre-paid. However, no prepayment charges to be levied :-

Where the loans are prepaid by the borrowers from their own sources.

Where the borrower shift to other bank within 30 days from the date of upward revision in the rate of interest or change in other terms of sanction.

Rate of Interest Click Here
Processing Charges/ Upfront fee Click Here
Documentation Charges Click Here

Above are only salient features of the scheme. For details please contact nearest branch

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