Punjab National Bank car loan is offered to the prospective car buyers at attractive interest rates. This type of loan is for you if you are looking for a source to draw in funds for a car, jeep, van, SUV or MUV. The loans are offered for new models as well as the pre-owned that are not older than three years. PNB car loan is offered to salaried and self employed at interest rates starting from 7.55% for a repayment tenure going up to 7 years.
|
Loan Amount |
Up to Rs 100 lacs (or 25 times of gross monthly income) |
|
Interest Charges |
Starts at 7.55% |
|
Processing Fees |
0.50% of loan amount (Min. Rs 1000 and max. Rs 1500) |
|
Repayment Tenure |
Up to 84 months |
|
Prepayment |
Floating Rate: NIL Fixed Rate: 2% of principal outstanding |
Here are the prominent features of Punjab National bank car loan:
You must meet the PNB car loan eligibility criteria in order to qualify for a PNB Bank car loan. PNB vehicle loan eligibility criteria is composed of factors like age, employment type etc. that help the bank decide if you are eligible for PNB car loan.
Here are the PNB car loan eligibility requirements:
In order to get started with the PNB car loan, you must have all the PNB car loan documents that are required to be submitted with the car loan application in check.
Here are the documents required for PNB car loan:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form |
Passport-size Photographs, Duly Filled Application Form |
COMPARE OTHER BANK CAR LOAN INTEREST RATE:
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
8.00% to 10.75% |
|
|
8.80% to 10.50% |
|
|
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% |
Use this formula to calculate your Car Loan EMI
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Here,
Here are the two ways to apply for PNB car loan:
You can visit the nearest branch of Punjab National bank in order to apply for PNB car loan offline. When you visit the PNB branch, make sure you have all the required documents for PNB car loan application procedure.
If you want to apply for PNB car loan online, then you can follow the steps mentioned below:
To raise any query or complaint or for any assistance regarding the PNB vehicle loan application, you can reach out to the PNB customer care.
Here is the PNB customer care toll-free number:
1800 180 2222, 1800 103 2222
FAQs On Punjab National Bank Car Loan
Q.1 How can I track my PNB car loan application status online?
You can follow these step to track PNB car loan application status online:
Q.2 What is the processing fee for PNB car loan?
The PNB car loan processing fee is 0.50% of loan amount with minimum amount being Rs 1000 and maximum amount being Rs 1500.
Q.3 What are the prepayment charges for PNB car loan?
There are no prepayment charges for PNB car loans in case of floating rate. If the prepayment of PNB car loan is made during the fixed interest rate period then the bank charges a prepayment fee of 2%.
Q.4 What is the maximum loan tenure for Punjab National Bank Car Loans?
The Punjab National Bank Car loan repayment tenure for new cars ranges up to 7 years and for old cars, it goes up to 5 years.
Q.5 What security/collateral do I have to provide to the bank for a car loan?
The vehicle which you are availing the loan for will be hypothecated to the bank.
Last Updated on : 09/Apr/2021Know 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