Punjab National Bank Car Loan Interest Rate

Punjab National Bank is a renowned name in India's banking business. It is a public sector bank that serves national and international consumers by providing prompt and effective financial solutions.

The bank's auto loans are among its most popular products due to their low-interest rates and convenient payback terms, which ensure that customers are not burdened by EMI expenses on account of the loan. The details of the bank's car loans are given below.

Characteristics of the Punjab National Bank Car Loan Schemes

Here are the various properties of the Punjab National Bank car loan:

  • Individuals can obtain a loan of up to Rs.100 crore to buy an automobile.
  • Businesses have no loan limit for purchasing an automobile.
  • The payback period might be extended up to seven years.
  • Up to 90% finance help for the car's on-road pricing.
  • In the event of a business loan, there is no age limit.
  • Competitive interest rates are available based on the RLLR and MCLR.
  • All car lending schemes have no documentation fees.
  • Borrowers will not be required to have a minimum credit score.

PNB Car Loan Interest Rate 2022

This is the list of car loan interest rate PNB 2022-

1) For PNB Car Loan Interest Rate (Fixed)

Type

Car Loan PNB Interest Rate

All applicants

9.25%

Pride applicants

9.25%

2) Punjab National Bank Car Loan Interest Rates (Floating)

Type

Interest Rate

CIBIL with 750+

8.9%

CIBIL with 700 to 749

9.1%

CIBIL lesser than 700

9.35% 

Women

8.9%

Pride applicants

8.9%

Who is Eligible for the Punjab National Bank Car Loan?

Following are the eligibility criteria for the Punjab National Bank Car Loan-

1) PNB Car Loan

Individuals, joint borrowers, and non-individuals are all eligible. Only for personal use. Rs.25,000 is the minimum monthly salary/pension/income. Income from parents/spouses/earning children can be combined to qualify for the plan. There are no minimum income requirements if the borrower offers 110% liquid security in the form of a term deposit.

2) For PNB Combo Scheme

Borrowers of housing loans with a debt amount of Rs.15 lakh or more. This program will only be available to new autos. Salary applicants must have a monthly gross income of Rs.50,000.

According to ITR, the minimum annual post-tax income for self-employed professionals and businessmen is Rs.6 lakh, which is the average for the previous three years; there should be a constant rise in gross income throughout this period.

Total income deduction, i.e., EMI of existing housing loan + other debts + projected EMI of an auto loan, should not exceed 60% of gross income.

3) Insta Vehicle Scheme

All existing home loan borrower accounts where the loan has been in place for at least five years (excluding the moratorium period) with no EMI defaults.

4) PNB Pride Car Scheme

For permanent employees of the federal and state governments, as well as defense personnel and paramilitary forces, Rs.25,000 is the minimum monthly salary/pension/income. Income from parents/spouses/earning children can be combined to qualify for the plan. There are no minimum income requirements if the borrower offers 110% liquid security in the form of a term deposit.

What are the Documents Needed to Apply for the Punjab National Bank Car Loan

  • Voter ID
  • Aadhaar Card
  • PAN
  • Or any other valid proof of address.
  • The last three years' ITR for businessmen, or the latest salary slip in the case of a salaried employee.

How to Apply for a Car Loan from Punjab National Bank

There are two major ways to apply for a car loan from Punjab National Bank-

1) Online: You will have to visit the official website of the bank and navigate to the location section. After which you will be allowed to apply for a car loan.

2) Offline: In the offline method, you can visit the closest bank and apply for a loan.

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