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Old 12th February 2016, 03:18 PM
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Join Date: Apr 2013
Default Re: Punjab National Bank Car Loan

Hey buddy below I am giving you the details to get the car loan form the Punjab national bank

Loans available for the following four vehicles

New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV).
Old car/van/jeep/MUV/SUV, which are not older than three years.

Qualification

For private use only:

Individuals.

Business concerns (corporate or non-corporate).


Salary criteria

Minimum net monthly salary / pension/ income - Rs.20000/-.
Income of Parent(s)/Spouse/ Earning Children can be added for determining loan amount/eligibility. However, out of above income of only one person can be added and he/she will stand as a co-borrower.

Scope of Finance

For individuals/Proprietorship concerns: Rs. 100 lac or 25 times of Net Monthly
Salary / Pension/ Income, whichever is lower. Loans for higher amount may be
considered on merits of the case.

For Business Concerns (Corporate or Non-Corporate): No ceiling of loan amount (for
one or more vehicles).

Margin

For New Vehicle: 15% of on-road price inclusive of one time road tax & insurance.

For Car where PNB has tie up arrangement with manufacturers / dealers: 10% of on-
road price

For Old Vehicles: 30% of the value of the vehicle.

Processing Charges / Upfront fee / Documentation Charges

1% subject to maximum of Rs.6000/- exclusive of service tax.

PRESENTLY WAIVED UNDER FESTIVAL BONANZA FROM 01.01.2016 TO 31.01.2016

Guarantee

Vehicle purchased to be hypothecated to the bank.

Guarantee/ Collateral Security

Third Party guarantee/ Collateral Security acceptable to the Bank.

(May be waived by the Sanctioning Authority on merits of individual case)


Repayment (Maximum)

For New Car/Van/Jeep/MUV/SUV: 84 EMIs

For Old Car/Van/Jeep/ MUV/SUV: 60 EMIs

In case of persons engaged in agriculture & allied activities: At Half yearly/yearly
intervals coinciding with the time of harvest.

Pre Charges

Floating Rate: NO pre-payment charges.

Fixed rate: @2% on the outstanding pre-paid. However, no prepayment charges to be
levied :-

Where the loans are prepaid by the borrowers from their own sources.

Where the borrower shift to other bank within 30 days from the date of upward
revision in the rate of interest or change in other terms of sanction.

If you want more info feel free to contact
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