Punjab National Bank offers car loans at very attractive & lower interest rates of 10.50% for less than 3 years. Check Eligibility, Documents, EMI & other fees of PNB car loans in India.
Available for purchase of New Car/ Van/ Jeep/ Multi Utility Vehicle (MUV)/ Sports Utility Vehicle (SUV) or for old vehicles that are not older than 3 years (Depriciation @ 15% p.a. on current invoice / showroom invoice). Finance will be provided for purchase of vehicle of indigenous/ foreign makes.
Eligibility
- Individuals as well as Business Concerns (Corporate or non-corporate).
- Minimum net monthly salary / pension / income – 20000/-. Income of spouse /Parent can be added.
For Individuals / Proprietorship Concerns: 25 times of the monthly net salary OR Rs.25 lacs (for one or more vehicles), whichever is lower. Income of parent(s) / spouse can be taken into account for determining loan amount. In such cases, the parent(s)/ spouse shall stand as additional guarantor.
For Business Concerns (Corporate or non-corporate): No ceiling on loan amount (for one or more vehicles).
- For New Vehicles: 15%
- For Old Vehicles: 30%
- Under Tie-up Arrangement : 10%
Car Loan Interest Rates of PNB
| BPLR System | Base Rate System | ||
| Less than 3 yrs | 3 yrs & above | Less than 3 yrs 3 yrs & above | |
| 10.50% | 11.00 % | 10.25%+1.00 % 10.25%+1.50 % | |
- For New Vehicle: The loan amount together with interest is to be repaid maximum in 84 Equated Monthly Installments (EMIs).
- For Old Vehicle: The loan amount together with interest is to be repaid maximum in 60 Equated Monthly Instalments (EMIs)
- @ 1% of the loan amount, with a maximum of Rs.6,000/- (exclusive of service tax & education cess)
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