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Punjab National Bank Car Loan

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. 

PNB Car Loan Interest Rates & Charges

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

Punjab National Bank Car Loan Features

Here are the prominent features of Punjab National bank car loan:

  • Purpose : PNB car loans are offered to customers for the purchase of new and old vehicles. Customers can avail PNB vehicle loan for new and old cars, SUVs, MUVs, van or jeep. If you are applying for a PNB car loan for a pre-owned cae., know that it should not be more than three years old. 
  • Loan Amount : PNB car loans are provided for a loan amount up to Rs 100 lacs or 25 times of gross salary/income (whichever is lower). PNB vehicle loan amount is subject to terms including applicant’s profile, repayment track and other important parameters.
  • Interest Rate : Punjab National bank vehicle loans are offered at interest rates starting at 7.55%. PNB car loan interest rates are subject to applicant’s profile, credit score and other factors. 
  • Repayment Tenure : PNB car loan repayment tenure in case of a new car, jeep, van, SUV or MUV can be availed for up to 7 years. PNB used car loan repayment tenure ranges up to 5 years. 
  • Prepayment : PNB car loans come with an option for borrowers to make prepayment of loan. The bank does not charge any prepayment penalty in case of car loan at floating rate. If the PNB car loan prepayment is made at a fixed rate then a prepayment penalty of 2% is applicable. 

PNB Car Loan Eligibility Criteria

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:

  • Salaried and self-employed individuals are eligible for PNB car loans.
  • Net monthly income or salary of loan applicants should be at least Rs 25000.
  • PNB car loan can be availed to purchase a vehicle for personal use only.
  • Individuals should be able to offer security/collateral. 

Documents Required for PNB Bank Car Loan

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

AXIS Bank New Car Loan

9.05% to 11.30%

SBI New Car Loan Scheme

8.00% to 10.75%

HDFC Bank Car Loan

8.80% to 10.50%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

How to Calculate PNB Car Loan EMI?

Use this formula to calculate your Car Loan 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

How to Apply for PNB Car Loan?

Here are the two ways to apply for PNB car loan:

  • Apply for PNB car loan offline

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. 

  • Apply for PNB car loan online

If you want to apply for PNB car loan online, then you can follow the steps mentioned below:

  • Go to the official website of Punjab National Bank.
  • Now, navigate to the “Online Services’ menu and then, click on the “Loans” option.
  • Find and click on the “Car Loan New Application”.
  • After that, enter your name and mobile number.
  • Enter the OTP received on your mobile number to continue.

PNB Customer Care Number

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:

  • Go to the official website of Punjab National Bank.
  • Click on the “Online Services” menu.
  • After that, hit the “Track Loan Application” option.
  • Enter the type of loan you have applied for, reference ID and captcha code.
  • Hit the “Go” button.

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/2021

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) 8.9% - 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

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