PNB Car Loan Interest Rates, Eligibility and Facts – Punjab National Bank

Punjab national bank is one of the leading and certified government banks of India. Punjab national bank is providing better services to their existing and as well as to new customers compared to any other government bank. Apart from providing daily needed banking services to the customers, Punjab national bank is also right in providing financial support to their customers. In this post, we will be talking about one of their significant financial support for the customers — PNB car loan.

Punjab national bank is providing car loans to the customers at lower interest rates compared to other private and government banks in India. The process of getting approval is quite easy, and you only need to have a good credit history and relationship with Punjab national bank to get your car loan approved at ease. Must you be thinking? Why PNB? Let’s have a look at the benefits and list of features to know the exact answer.

punjab national bank car loan

Benefits:

  • You can choose repayment period tenure from 3 years to 7 years. 
  • There is an affordable processing fee. Lower than other banks.
  • Affordable interest rates.
  • You need to have a minimum of 20000 salaries or pension to get your car loan approved from PNB.
  • There is a 15% margin for buying new cars and 30$% for pre-owned vehicles.

Punjab National Bank Car Loan Fees:

In this section, we will tell you about the fees & charges required to get a car loan approved and also we have mentioned the information of pre-closure, outstanding EMI’s.

  • First of all, there is no floating rate charged on both of the vehicles. Either you purchase a new or pre-owned car.
  • The processing charges for the loan is near about 1000-1500. However, it depends upon the amount of credit you take from the bank. The costs are the same for both new and pre-owned cars.
  • The documentation charges or the loan is near about 1000-1500. However, it depends upon the amount of credit you take from the bank. The costs are the same for both new and pre-owned cars.
  • Interest rates are starting from 9.05% to 9.50%.

PNB Car Loan Eligibility:

Ready for the car? We are too. However, you should know your eligibility before the application. The eligibility criteria for processing PNB car loan are:

  • You must avail the car loan from PNB bank for personal use only. It should not be for re-selling purpose.
  • You should be either a salaried person or self-employed.
  • Your monthly income should be more than Rs 20000.
  • You should be able to provide collateral if required by the bank.

Read More : How to Activate the PNB Net Banking

Documents Required:

We now know the eligibility criteria of PNB car loan. However, this is not the end. You need to have all valid documents before ready, before application. The documents required for PNB car loan are:

  • There should be a signed application form from PNB. You should sign it and attach a photograph on it.
  • Your photo ID and age proof is required.
  • Your residence proof
  • Your bank statements for the last six months.
  • ITR or Salary slips.

Conclusion: 

Here we are at the end. In this post, we have mentioned all the required details a person need to know before the application of his/her car loan. These are the details that you need to understand carefully. If you come under the eligibility criteria and have all documents required by Punjab national bank, then you can apply for a new car loan either online or from the branch.

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