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PNB Car Loan

PNB Car Loan Key Features – Jan 2021

Interest Rate 7.05% per annum
Min Loan Amount ₹ 2,00,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,596
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
PNB Car Loan Processing Fee Up to 0.40% of the loan amount
Foreclosure Charges NIL
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About PNB Car Loan

PNB provides Car Loan who wants to buy a Car. It offers you flexible repayment options. Also, provides Lowest Interest Rate for Car Loan for higher loan amount.

PNB offers Car Loan at reasonable rates of interest to the customer for buying a car either new or second hand. A car loan is easily available which can be got by anyone with a good credit/CIBIL score.

Advantages of PNB Car Loan

PNB Car Loan

PNB Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

PNB Car Loan Interest Rates, Fees and Charges

Charges New Car Loan Used Car LoanP
PNB Car Loan Interest Rate  7.05% per annum Starts @7.50%
Processing fee 0.40% 0.40%
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges NIL NIL
Penal Interest 2% per month 2% per month
Part Payment charges 2% of the paid amount 2% of the paid amount
Cheque/Instrument Swap Charge NIL NIL
Documentation Charge Rs.1,500 per instance Rs.1,500 per instance
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges Rs. 150 +GST Rs. 150+ GST
Issuance of Duplicate Statement Charges NIL NIL
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

How to Increase Your Eligibility for PNB Bank Car Loan

  • Opt for a shorter tenure – When you choose a shorter repayment tenure, the EMI that you will be paying each month will be higher. This is an indication of your higher repayment capacity which will lead to banks feeling confident to lend to you. So, if you wish to boost your eligibility for a car loan, opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for a PNB Bank car loan, make sure that you maintain a credit score of over 750. You can use the Free Credit Score tool to check and maintain a healthy credit score. Checking your credit score regularly can let you take corrective measures to improve it if your score is low or give you the confidence to approach the bank is it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and spends. Before banks lend to you, they will check how much percentage of your earnings goes into paying your debts and a low debt-to-income ratio will be an indication of your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for the Dena Bank car loan. A lower loan amount means that the loan will be repaid sooner and hence, the chances of you being eligible for a loan is higher.

PNB Bank Car Loan Interest Rates and Charges

Features New Car Loan Used Car Loan
Processing Fee 1.00% Min Rs. 5,000 Max Rs. 10,000 2.00% Min Rs. 5,000
Loan Tenure Up to 7 years Up to 7 years
Lowest EMI ₹ 1,556 per lakh ₹ 1,556 per lakh
Loan Amount Up to 100% of ex-showroom price Up to 100% of market value
Prepayment Charges 5% from 13-24 months, 3% after 24 months Not allowed for 6 months; 6% fee from 7-12 months, 5% from 13-24 months, 3% after 24 months

PNB Bank Pre-Owned Car Loans Other Charges

Sr. no Type Charges
1 Cheque Bounce / Instrument Return Charges Rs. 500 per instance
2 Cheque / Instrument Swap Charges Rs. 500 per instance
3 Duplicate Statement Issuance Charges Rs. 500 per instance
4 Duplicate Repayment Schedule Issuance Charges Rs. 500 per instance
5 Duplicate No Dues Certificate / NOC Rs. 500 per instance
6 Penal Interest 2% per month
7 Loan cancellation / Re-booking Rs. 2,500/ instance
8 Foreclosure Charges 5% of the Principal Outstanding
9 Part Payment charges 5% of the Part Payment amount
10 Stamp Duty At actuals
11 Issuance of Credit Report Rs. 50 per instance
12 Documentation Charge Rs 500/ Instance
13 Registration Certification Collection Charge Rs 200/ Instance

Factors Affecting PNB Bank Car Loan Eligibility

The eligibility criteria for car loan for PNB Bank will depend on the below-given factors:

  • Income – If your income is on the higher side, there are good chances of your eligibility for a PNB Bank car loan being higher. This is because a higher income indicates higher repayment capacity. To be eligible for a PNB Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from PNB will be higher if you apply for a lower loan amount simply because if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to lend to you.
  • Repayment tenure – Choosing a longer repayment tenure can lower your Eligibility For a Car Loan as it might give an impression to the bank that your ability to pay the loan is lower. This is because longer repayment tenure results in lower EMIs and the lender may tend to think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that most banks, including PNB Bank, consider when determining your eligibility for a car loan. A credit score of 750 and above is considered a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and hence, your eligibility will be higher.
  • Relationship with the bank – As stated earlier, PNB Bank offers instant car loans to their existing customers through the ZipDrive feature. This feature allows Dena Bank customers to can avail of loans instantly, at their convenience, with negligible documentation. This indicates that your relationship with the bank is an important factor while determining your eligibility.

PNB Bank Car Loan Customer Care – Toll-Free Number

PNB Bank 24*7 customer care toll-free number all your general enquiries is 1800 180 2222, 1800 103 2222. Tolled No. 0120-2490000 Landline: 011-28044907

PNB Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

PNB Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for PNB Car Loan?        pnb car loan

  1. Visit Dialabank and fill a form online.
  2. Our Relationship Manager will call you who provides you guidance throughout the process.
  3. You can compare various offers from banks and choose according to your suitability.
  4. You can easily Apply For  Car Loan through Dialabank and enjoy the best offers.

Tips to decide the right amount of EMI

  • Ascertain the amount you need to borrow: It is crucial that before approaching a bank for a loan, one needs to anticipate the amount of loan one needs to borrow. Limit your loan amount after accounting for your own available funds. Also, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before, taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to anticipate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Yes Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. PNB Bank provides an LTV up to 100 % of the ex-showroom price and anticipates the borrower to fund the remaining value of a property by own money. For example, at its lowest LTV, PNB Bank would expect its applicant to provide margin money. In case this margin payment is higher than your available funds as estimated by you, you might need to look for higher LTV loans, which may carry higher interest rates and hence, will result in higher EMIs.
  • Multiplier-based loan amount eligibility – PNB Bank calculates your loan amount eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility provided by the banks. Generally, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – PNB Bank will also expect your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The ratio of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. PNB Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

New Car Loan: Pre-owned car Loan & Loan against Car

Pre-owned car loan

Are you in the market for a used car? PNB Bank offers pre-owned car loans ranging from 1 lakh to 85% of the value of the vehicle you choose to buy, all with low interest rates. You can expect a simple application form, fast approvals, and complete transfer assistance when you apply for a pre-owned car loan with PNB Bank.

Loan against Car

Is there anything you need money for right now? You can get a loan against your car that starts at 1 lakh and goes up to 50% of the car’s original loan value to meet your financial needs. PNB Bank offers our lucky customers one-of-a-kind pre-approved loan against the car deals with lightning-fast processing and limited paperwork.

Car loan EMI – EMI changes in case of prepayment

In case you prepay your loan for the vehicle, a small penalty is charged. Prepayment in PNB Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your loan for the vehicle reduces. PNB Bank provides you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged: This alternative allows you to shut your loan prior and save the interest outgo associated with the remaining term. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure the same: This option provides you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would require to reduce their monthly EMI obligations.

PNB Bank Car Loan Processing Fees

The processing fees are not refundable. 1% of the loan amount subject to a minimum of Rs. 5000 and a maximum of Rs 10000.

How to Calculate EMI on PNB Bank Car Loan

Before an applicant avail of a car loan from PNB Bank, you may require to understand how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses finely.

One can easily calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E denotes the EMI, P the principal amount, in the interest rate, and n the number of years or tenure of the loan.

One can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

PNB Bank Car Loan EMI Calculator

PNB Car Loan EMI Calculator

With this PNB car loan interest rate calculator, the applier has the option to check the EMI’s before getting a Car Loan. So, you can easily check through the link below:

Car Loan EMI Calculator

PNB Car Loan Types

PNB offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  If you want to buy a new car, this is the scheme for you. You can get a Car Loan from PNB for a minimum of Rs. 2 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you can choose to offer a minimum loan of Rs. 2 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you need urgent funds where you can keep your cars as security with the bank.

Compare PNB Car Loan with other Banks in India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

PNB Car Loan for Top Selling Cars

Other Available Products from PNB

PNB Personal Loan PNB Car loan PNB Home Loan
PNB Credit Card PNB Two Wheeler Loan PNB Education Loan

FAQs for PNB Car Loan

✅ What is PNB Car Loan?

PNB Car Loan is a car loan for you to purchase a new car and used car as well.

✅ How can I get Car Loan from PNB?

You can get a car loan from PNB by visiting the nearest branch of PNB. You will get benefit to apply from anywhere.

✅ How does PNB Car Loan work?

PNB offers car loan at attractive interest rates. You can get a car loan easily and quickly. PNB Bank provides flexible loan tenure duration.

✅ What is the Car Loan Interest Rate in PNB?

The interest rate charged by PNB for a car loan starts at 7.05% per annum.

✅ How to Check Car Loan status in PNB?

You must visit the PNB branch to examine your car loan status. Also, you can use the net-banking facility of PNB.

✅ How to Calculate Car Loan interest in PNB?

For the calculation of your car loan interest in PNB, the following information is required:

  • Loan tenure
  • Loan amount
  • Interest rate

You can calculate your car loan interest and EMI from PNB through the EMI calculator.

✅ What is the maximum loan amount I can avail myself on Car Loan from PNB Bank?

You can avail a maximum loan amount for a car loan from PNB is up to 100% of the Ex-showroom price or 85% of On Road Price.

✅ What is the loan tenure of the PNB Car Loan?

The loan tenure period for a car loan from PNB ranges between 1 to 7 years.

✅ Can I get a 100% Car Loan from PNB?

Yes, you can get a loan up to 100% of the Ex-showroom Price for a car loan from PNB.

✅ How much processing fee is applicable on PNB Car Loan?

PNB charged a processing fee is up to 0.40% of the loan amount or Maximum Rs. 6,000 for getting a car loan.

✅ What are the EMI options available on PNB Car Loan?

The EMI options available on PNB car loan are Step-up and Balloon EMI.

✅ What are the charges for Prepayment in PNB Car Loan?

PNB does not have any prepayment charges for availing a car loan.

✅ Can I get a top-up loan on my existing PNB Car Loan?

Yes, you can get a top-up loan on your existing PNB car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

✅ Do I need to provide a guarantor to avail a car loan from PNB?

Yes, you can avail a guarantor for getting a car loan from PNB. It will increase your car loan eligibility.

✅ How to get a PNB Car Loan Statement?

For getting a car loan statement of PNB, you can utilize PNB Bank’s mobile banking app. Also, visit the nearest PNB branch.

✅ How to pay PNB Car Loan interest online?

You can pay your car loan interest through the net -banking services of PNB. If you want a low-interest car loan, you must visit Dialabank online.

✅ What if I can’t pay the interest on PNB Car Loan for 3 months?

If you can’t pay the interest on PNB Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will reframe.

✅ How can I apply for EMI Moratorium on PNB Car Loan?

You can apply for EMI Moratorium on PNB by visiting the nearby branch of PNB or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅ What is the number for PNB Car Loan agent?

The number for the PNB Car Loan agent is 9878981144.

✅ Can I close the PNB car loan online?

You can close your car loan from PNB by using the net-banking page of PNB. You have to log in with your details on the net -banking page and pay your car loan.

✅ What is PNB Car Loan Customer Care Number?

The customer care number of PNB for car loan queries is 1800-103-2222.

✅ How can I get NOC from PNB for a car loan?

You can get a car loan NOC from PNB after the payment of your car loan.

What is the PNB Car Loan closure procedure?

  • Just go to the bank with the documents required for a car loan.
  • Write a letter for pre-closure of the PNB Car Loan account.
  • Pay the pre-closure charges as per PNB Car Loan.

✅ What is the PNB Car Loan preclosure charges?

PNB Car Loan preclosure charges are zero.

✅ What is the PNB Car Loan maximum tenure?

The PNB Car Loan maximum tenure is 7 years.

✅ What is the PNB Car Loan minimum tenure?

The PNB Car Loan minimum tenure is 1 year.

News about the PNB Bank Car Loan

Factors affecting Car loan

  • Car loan interest rates are determined by many factors, including your credit score, the duration of the loan, and the vehicle itself.
  • Although car dealers sometimes offer discount interest rates, often as low as 0%, they aren’t necessarily the most cost-effective way to finance a vehicle. Rates at banks and credit unions can be lower.
  • Particularly at the dealership, you can sometimes negotiate a better loan rate.

Lowest rates on a car loan offered by Punjab & Sind Bank, and Central Bank of India 

Punjab & Sind Bank tops the list with a 7.05% per annum interest rate on a car loan of Rs 10 lakh, followed by the Central Bank of India with a 7.25 per cent interest rate. Public sector banks dominate the top ten list of cheapest deals. With 7.7% of the market, India’s state-owned banking behemoth State Bank of India (SBI) is absent from the list. Neither do private sector behemoths ICICI Bank and HDFC Bank, which sell car loans with interest rates beginning at 7.9% and 7.95 per cent, respectively.

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