Punjab National Bank Car Loan
Every individual wants a car for their work or personal use. Watching daily a new different car is arriving in the market and we just got attracted to the features of the car and wish to buy it. Some of us can buy it but most people couldn’t afford to buy. Then they go for cheap cars that fit in our budget. Now the question here is how can we buy our dream car with low budget? To overcome this problem we have car loan facilities.
Punjab National Bank offered 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 loan 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.
PNB bank car loan features and benefits
Now with PNB bank you didn’t need to hesitate to buy your dream car. PNB bank car loans come with most suitable features and benefits. And all the schemes of the bank are customer friendly and easy to understand.
-
Repayment time up to 7 years for new cars and 5 years from used cars.
-
Affordable processing fee.
-
Affordable rate of interest.
-
The Borrower must have a min. salary or pension amount of Rs.20, 000. This means that a person even with a low earning salary can apply for a car loan from PNB.
-
The margin on the loan is up to 15% of the on-road price of a new car and up to 30% if you are looking to purchase a pre-owned car.
Compare other bank car loan interest rate
|
BANKS |
Interest rate |
|
9.05% |
|
|
15% p.a. |
|
|
9.25% |
|
|
15% |
|
|
9.15% to 12.40% |
|
|
9.15% to 12.40% |
|
|
9.15% to 12.40% |
|
|
9.15% to 12.40% |
|
|
10.35% to 11.10% |
|
|
10.35% to 11.10% |
|
|
10.35% to 11.10% |
|
|
11.50% |
|
|
9.25% |
|
|
10.50% |
|
|
9.30% |
|
|
9.30% |
|
|
12% to 14% |
|
|
10.65% |
|
|
8.90% |
|
|
9.50% |
|
|
8.5% to 8.65% |
|
|
9.65% |
|
|
8.75% |
Punjab National Bank Car Loan eligibility criteria
If you are going for the car loan from PNB bank must check that you come under eligibility criteria. Here below we explain in detail eligibility criteria for Salaried, self-employed, and partnership firs/sole proprietorship/private limited companies
Eligibility
-
Salaried Individuals
-
Aged between 21 years and 60 years
-
Employed for a minimum of 2 years with at least 1 year with the current employer
-
Earn at least Rs.3 lakh p.a.
-
Have a telephone/post-paid mobile
-
-
Self-Employed Individuals (Sole Proprietorship)
-
Should be in the business of trading, manufacturing, or services
-
Aged between 21 years and 65 years
-
Should have been in business for at least 2 years.
-
Have an annual income of at least Rs.3 lakh
-
-
Self-Employed Individuals (Partnership Firms)
-
Self-employed partners in the manufacturing, trading or services business
-
Should have a turnover of at least Rs.3 lakh p.a.
-
-
Self-Employed Individuals (Private Limited Companies)
-
Owners of private companies in the manufacturing, trading or services business
-
Should have a minimum annual income of Rs.3 lakh
-
-
Self-Employed Individuals (Public Limited Companies)
-
Directors in public limited firms in the manufacturing, trading or services business
-
Have earnings of at least Rs.3 lakh p.a.
-
PNB Bank car loan Documents
While applying for car loan properly check all the documents that are mention below. Without these document loan is not possible to get.
Documents
|
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 |
|
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, latest ITR, |
|
Partnership Firms/private limited companies |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill |
Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills, Sales Tax or VAT Certificate, Shop & Establishment Act Certificate |
Calculate your Punjab National Bank Car loan EMI
Use this formula to calculate your EMI
E = R x P x (1+R)n
((1+R)n -1)
Here,
-
P stands for 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
you can also calculate you EMI by Banksathi Punjab National Bank Car loan EMI Calculator
Process to apply for PNB Bank car loan
There are two ways to get a car loan with PNB BANK i.e. online application and in-branch application
Process to apply online
-
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
