PNB Pride Car Loan For Government Employees

PNB Pride Car Loan For Government Employees
Objective To make available Loan for purchase of car to Government Employees 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 permanent Employees of Central / State Governments/ Defence Personnel & Paramilitary Forces
Income Criteria Minimum net monthly salary / 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 Rs. 100 lac or 25 times of Net Monthly Salary/ Income, whichever is lower. Loans for higher amount may be considered on merits of the case.
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
For Old Vehicles: 30% of the value of the vehicle.
Processing Charges/ Upfront fee/ Documentation Charges NIL
Security Vehicle purchased to be hypothecated to the bank.
Guarantee/ Collateral Security Not required.
Repayment (Maximum) For New Car/Van/Jeep/MUV/SUV: 84 EMIs
For Old Car/Van/Jeep/ MUV/SUV: 60 EMIs
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

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

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