PNB Bike Loan

Hi I want to purchase Bike and for this I want to take loan from Punjab National Bank so can you please tell me the eligibility criteria and the conditions required to apply for loan in this bank? Also provide me the application form to apply?

Can you provide me the details of the `Pnb Saarthi` - Scheme for Financing Two Wheelers of PNB (Punjab National Bank) as I want to purchase a Bike?

[Neelu Bhasin]

The `Pnb Saarthi` - Scheme for Financing Two Wheelers of PNB (Punjab National Bank) is for purchase of new 2 wheelers viz.: Scooter, Motor cycle, Scooterrete, Moped (subject to Registration of vehicle with RTO).


Eligibility
One must be an existing PNB customer with minimum 6 months satisfactory transactional record OR new customer with satisfactory track record of last 1 year with other Bank/FI in the age group of 18 years and 60 years holding a valid driving licence

Salaried individuals drawing salary from our bank or under check off facility from the employer

Students, 18 years and above till gainfully employed, with salaried parent as co-borrower drawing salary from bank; Business concerns (Corporate or non –corporate)


Income Criteria
Minimum Net Monthly Income of Rs.10, 000/- p.m

If students, Income/salary proof of parent/guardian who will be co-borrower be considered.

Income of spouse can be taken into consideration for determining the income criteria provided satisfactory proof of income is produced.

Income of business concerns must be verified from Income Tax Returns filed and Challans for Tax Deposited.


Quantum of Finance
a) For super bikes / hybrid two wheeler (Engine capacity 200CC & above) – Maximum Rs. 3.00 lac (subject to repayment capacity)
b) For all other Two Wheeler Maximum Rs. 1.50 lac (subject to repayment capacity)


Margin
Where salary is being disbursed through the concerned bank branch and/or Check off facility
10%
Business concerns
25%


Security
Hypothecation of 2 wheelers financed from bank loan
Guarantee acceptable to bank as per guidelines


Guarantee
Loan up to Rs. 25,000/- No guarantee
Loan above Rs. 25,000/


Repayment (Maximum)
For Scooter and Motorcycle – 60 EMIs
For Scooterrete – 30 EMIs
For Mopeds – 24 EMIs
Maximum Permissible deductions – 40% to 60% of Net monthly salary/ income