PNB Car Loans India | PNB Car Loans

Scheme For Financing Purchase Of Car By Public
Objective	To make Loan available to prospective borrowers for purchase of car 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. Reimbursement of cost of new Car/ Van/ Jeep/ Multi Utility Vehicle (MUV) or Sports Utility Vehicle (SUV) purchased by individual/ corporate out of own funds. (Not more than 3 months old).
Eligibility	For private use only. Individuals and Joint borrowers are also eligible, i.e., parent(s)/spouse/ Earning Children. Business concerns (corporate or non-corporate). For reimbursement of cost of new vehicle purchased by individual/ corporate out of own funds.
Income Criteria	Minimum net monthly salary / pension/ income - Rs.25000/- 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. No minimum monthly income is required in cases where borrower agrees to give 110% of liquid security in shape of Term Deposit.
Quantum of Finance	For individuals/Proprietorship concerns: Rs. 100 lac or 25 times of Gross 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: 25% of the value of the vehicle. For reimbursement of cost of new vehicle purchased by individual/ corporate out of own funds: 25% of on-road price.
Security	Vehicle purchased to be hypothecated to the bank.
Guarantee/ Collateral Security	Third party guarantee / collateral security as follows: 1. Guarantee acceptable to the Bank in case of Gross Monthly salary is less than Rs. 50000/- 2. No guarantee required for permanent employees of Central Govt./ State Govt./ PSBs/MNCs/ Listed companies of BSE or NSC whose shares are actively traded and quoted above par irrespective of income. For all other cases Third Party guarantee/ Collateral Security acceptable to the Bank.
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

Scheme For Financing Purchase Of Car By Public

Objective

To make Loan available to prospective borrowers for purchase of car 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.

Reimbursement of cost of new Car/ Van/ Jeep/ Multi Utility Vehicle (MUV) or Sports Utility Vehicle (SUV) purchased by individual/ corporate out of own funds. (Not more than 3 months old).

Eligibility

For private use only.

Individuals and Joint borrowers are also eligible, i.e., parent(s)/spouse/ Earning Children.

Business concerns (corporate or non-corporate).

For reimbursement of cost of new vehicle purchased by individual/ corporate out of own funds.

Income Criteria

Minimum net monthly salary / pension/ income - Rs.25000/-

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.

No minimum monthly income is required in cases where borrower agrees to give 110% of liquid security in shape of Term Deposit.

Quantum of Finance

For individuals/Proprietorship concerns: Rs. 100 lac or 25 times of Gross 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: 25% of the value of the vehicle.

For reimbursement of cost of new vehicle purchased by individual/ corporate out of own funds: 25% of on-road price.

Security

Vehicle purchased to be hypothecated to the bank.

Guarantee/ Collateral Security

Third party guarantee / collateral security as follows:

1. Guarantee acceptable to the Bank in case of Gross Monthly salary is less than Rs. 50000/-

2. No guarantee required for permanent employees of Central Govt./ State Govt./ PSBs/MNCs/ Listed companies of BSE or NSC whose shares are actively traded and quoted above par irrespective of income.

For all other cases Third Party guarantee/ Collateral Security acceptable to the Bank.

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