Punjab National Bank is a banking and financial service bank owned by the government of India with its headquarters is in New Delhi, India. The bank was founded in 1894 and is the second largest public sector bank in India, both in terms of business and its network.
Punjab National Bank offers car loans at a simple application process, has attractive interest rates, can be repaid back in convenient EMIs and comes with no hidden charges. Owing to these benefits, PNB car loan is one of the most sought for car loans in the market. If you wish to buy a new or a used car, then you must consider the PNB Bank plans as it is an affordable option with a lot of additional benefits.
Punjab National Bank loan for a new car can be availed to buy a new car of any model and there is no upper limit for the loan amount.
Now with PNB bank you didn’t need to hesitate to buy your dream car. Yes bank car loans come with most suitable features and benefits. And all the schemes of the bank are customer friendly and easy to understand.
1. Affordable processing fee :
The processing fee offered by the Punjab National Bank for car loans is very affordable to the customer who wants to buy a new dream car for their personal use. The processing fee charged by Punjab National Bank car loan is Rs.1000 to Rs.1500.
2. Affordable interest rate :
The minimum interest rate of Punjab National Bank car loans is 8.9% and maximum interest rte is 9.35%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and affordable interest rate
3. Flexible repayment tenure :
The Punjab National Bank car loans are taken to meet their sudden requirements regarding a dream car.. It provides a flexible loan tenure period of minimum 1 year and maximum 7 years. With the longer and flexible tenure period customers can easily pay their monthly installments .
4. Simple application process :
The Punjab National Bank provides a very simple and easy process for documentation and for loan approval. Punjab National bank provides car loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the car loan either online or offline.
|
TYPE |
CHARGES |
|
Processing fee |
Upto 6 lakh : Rs.1000 to Rs.1500 Above 6 lakh : Rs1000 to Rs.1500 |
|
Charges |
No charges
|
|
Documentation charges |
Upto 6 lakh : Rs.1000 to Rs.1500 Above 6 lakh : Rs1000 to Rs.1500 |
If you are going for the car loan from PNB bank must check that you come under eligibility criteria.
|
ELIGIBLE |
Salaried and Self employed |
|
AGE |
21 years to 65 years |
|
INCOME |
Monthly income Rs.25000 |
While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get.
|
TYPE |
Id Proof |
Address proof |
Income proof |
|
Salaried |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6 month bank statement, salary slip last 3 month, Form 16 or ITR |
|
Self-employed |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6 month bank statement, Form 16, Last 3 years ITR with computation of income, Last 3 years CA certified audited balance sheet and Profit & Loss account |
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
Use this formula to calculate your EMI
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Here,
P stands for the principal amount that you want to apply for.
R represent the rate of interest per month
N is the time period of loan in months
E represents EMI
There are two ways to get a car loan with PNB BANK i.e
Offline Method : By visiting nearest PNB Bank branch
Online Method :
Initially visit PNB bank official website
At home page click on “Products” section
Now go to on “ Loan” after that go to “Vehicle loan”
Select the “PNB car loan”
Click on apply now and complete the application form carefully
Attached all mandatory documents with the application form and submit it
Now wait for few minutes and you will notify soon whether you are eligible for loan or not
|
|||||||
You can apply online or offline both for an Punjab National Bank car loan.
Yes, age must be required for Punjab National Bank car loans; the age should be 21 years to 65 years.
The minimum loan amount is Rs. 2 lakh and maximum loan amount is Rs.1 crore.
The tenure is 1 years to 7 years required for a Punjab National bank car loan.
The interest rate charged by Punjab National Bank car loan is 8.9% to 9.35%.
Last Updated on : 27/Jul/2020
Know More About
You're eligible for a Punjab National Bank Car Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Punjab National Bank Car Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 8.9% - 9.35% |
| Processing Fees | Upto 6 lakh : Rs.1000 to Rs.1500 and Above 6 lakh : Rs.1000 to Rs.1500 |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Car Loans EMI Calculator