Punjab National Bank Car Loan Interest Rate

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.

This is the list of car loan interest rate PNB 2024-

Following are the eligibility criteria for the Punjab National Bank 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.

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.

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.

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.

• 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.

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.