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

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PUNJAB NATIONAL BANK CAR LOAN :

ABOUT PUNJAB NATIONAL BANK CAR LOAN :     

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. 

BENEFITS OF PUNJAB NATIONALBANK CAR LOAN :

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.

FEE AND CHARGES OF PUNJAB NATIONAL BANK CAR LOAN :

TYPE

CHARGES

Processing fee

Upto 6 lakh : Rs.1000 to Rs.1500

Above 6 lakh : Rs1000 to Rs.1500

Charges 

No charges

  1. Floating rate : no charges

  2. Fixed rate : 2% of the outstanding pre paid

Documentation charges

Upto 6 lakh : Rs.1000 to Rs.1500

Above 6 lakh : Rs1000 to Rs.1500

ELIGIBILITY CRITERIA FOR PUNJAB NATIONAL BANK CAR LOAN 

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

DOCUMENTS REQUIRED FOR PUNJAB NATIONAL BANK CAR LOAN :

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

COMPARE OTHER BANK CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

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%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER PRODUCTS OF PUNJAB NATIONAL BANK :

  1. Punjab National Bank Car Loan

  2. Punjab National bank Gold Loan 

  3. Punjab National Bank Home Loan 

  4. Punjab National Bank EMI Calculator 

HOW TO CALCULATE EMI OF PUNJAB NATIONAL BANK CAR LOAN :

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

HOW TO APPLY FOR PUNJAB NATIONAL BANK CAR LOAN :

There are two ways to get a car loan with PNB BANK i.e

  1. Offline Method : By visiting nearest PNB Bank branch

  2. 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

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

1. How to apply for a Punjab National bank car loan ?

You can apply online or offline both for an Punjab National Bank car loan.

2. Is age must be required for Punjab National Bank car loans ?

Yes, age must be required for Punjab National Bank car loans; the age should be 21 years to 65 years.

3. What is the loan amount of Punjab National Bank car loan ?

The minimum loan amount is Rs. 2 lakh and maximum loan amount is Rs.1 crore.

4. How much tenure is required for a Punjab National Bank car loan ?

The tenure is 1 years to 7 years required for a Punjab National bank car loan.

5. How much interest is charged by 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

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