Punjab National Bank Car Loan: Interest Rate, Eligibility, Processing & Customer Care

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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

AXIS Bank New Car Loan

9.05%

AXIS Bank Pre-Owned Car Loan

15% p.a.

AXIS Bank Loan Against Car

9.25%

AXIS Bank Balance Transfer and Topup Car loan

15%

SBI New Car Loan Scheme

9.15% to 12.40%

SBI Combo Loan Scheme

9.15% to 12.40%

SBI Pre-Owned Car Loan

9.15% to 12.40%

SBI Loyalty Car Loan Scheme

9.15% to 12.40%

HDFC Bank New Car Loan

10.35% to 11.10%

HDFC Bank Used car loan

10.35% to 11.10%

HDFC Bank Loan Against Car

10.35% to 11.10%

Kotak Mahindra Bank Car Loan

11.50%

Yes Bank Car Loan

9.25%

Citi Bank Car Loan

10.50%

ICICI Bank Car Loan

9.30%

IDBI Bank Car Loan

9.30%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65%

Bank of Baroda Car Loan

8.90%

Bank of India Car Loan

9.50%

Canara Bank Car Loan

8.5% to 8.65%

Indian Bank Car Loan

9.65%

Punjab National Bank Car Loan

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

Last Updated on : 17/Jun/2020

Know More How To Apply ??

Know More About

Punjab National Bank Car Loan

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

Punjab National Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Punjab National Bank Car Loan Details
Interest Rate (Monthly reducing balance) 8.5% - 8.95%
Processing Fees NA
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959