Punjab Gramin Bank Car Loan

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Punjab Gramin Bank Car Loan Key Features – Jan 2021

Punjab Gramin Bank Car Loan Interest Rate

7% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to Rs. 5 Lakhs
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 2,353
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 60 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges NIL
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

Punjab Gramin Bank Car Loan 

Punjab Gramin Bank is one of the 46 RRBs operating in India. It has Punjab National Bank, one of the premier banks in India as its Sponsor bank. Punjab Gramin Bank has most of its branches in the rural areas thus aiding the growth in rural regions of Punjab by offering various attractive loan and deposit schemes. Punjab Gramin Bank has most of its branches in the rural areas thus aiding the growth in rural regions of Punjab by offering various attractive loan and deposit schemes. Punjab Gramin bank has very strong fundamentals with total business in excess of Rs. 16281.86 Crores and a Net worth of almost Rs. 1022.76 Crores as of FY 2019-20.

Advantages of Punjab Gramin Bank Car Loan

Punjab Gramin Bank Car Loan

  • Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax, and insurance cost of the car.
  • No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
  • Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
  • Tax Benefits: A car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on a car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on a car loan.

Punjab Gramin Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-70 years of age
  • Net Monthly Income – should be a minimum ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-75 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

Punjab Gramin Bank (CUB) Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7% per annum

14.50% p.a.
Processing fee 0.40% of the principal amount Up to 1.25% of the loan amount
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 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Punjab Gramin Bank 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 License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
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.

Punjab Gramin Bank Car Loan EMI Calculator

An applier has the option to know the EMI’s before availing a Car Loan. Thus, you can easily know the EMIs through the link below:

Car Loan EMI Calculator

Punjab Gramin Bank Car Loan Types

Punjab Gramin Bank offers different types of car loans to its customers. You have the choice 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 take J and K Grameen Bank Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank.

Punjab Gramin  Bank Car Loan Pre Calculated EMI

How to Apply for Punjab Gramin Bank Car Loan?

  1. Visit Dialabank and fill a form.
  2. Our Relationship Manager will call you and guide you throughout the process.
  3. You can compare different offers from banks and opt for the one which suits your needs.
  4. Thus,  you can easily apply for a Car Loan through Dialabank and enjoy best offers.

FAQs for Punjab Gramein Bank Car Loan

✅ What is Punjab Gramin Bank Car Loan?

Punjab Gramin  Bank Car Loan is a financial product offered for buying a car whether a new or used.

✅ How can I get Car Loan from Punjab Gramin Bank?

You can avail a car loan from Punjab Gramin Bank by visiting the nearest branch of Punjab Gramin Bank. You will get satisfaction to apply from anywhere and get car loan approval faster.

✅How does Punjab Gramin Bank Car Loan work?

Punjab Gramin Bank offers car loan at attractive interest rates. You can get a car loan easily and quickly. J and K Grameen Bank provides flexible loan tenure duration.

✅What is the Car Loan Interest Rate in Punjab Gramin Bank?

The interest rate charged by Punjab Gramin bank for a car loan starts at

7% per annum

.

✅How to check Car Loan status in Punjab Gramin Bank?

You must visit the Punjab Gramin Bank branch to check your car loan status. Also, you can use the net-banking facility of J and K Grameen Bank.

✅How to Calculate Car Loan interest in Punjab Gramin Bank?

For the calculation of your car loan interest in Punjab Gramin Bank, the information required is:

  • Loan tenure
  • Loan amount
  • Interest rate

You can calculate car loan interest and EMI for Punjab Gramin Bank using the Emi Calculator.

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

You can avail a maximum loan amount for a car loan from Punjab Gramin Bank is up to Rs. 5 lakhs.

✅What is the loan tenure of Punjab Gamin Bank Car Loan?

The loan tenure duration for a car loan from Punjab Gramin Bank ranges from 1 to 7 years.

✅Can I get 100% Car Loan from Punjab Gramin Bank?

You can get a loan up to Rs. 5 lakhs for a car loan from Punjab Gramin Bank. To avail a 100% Car loan, you must visit the online platform of Dialabank.

✅How much processing fee is applicable on Punjab Gramin Bank Car Loan?

Punjab Gramin Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.

✅What are the EMI options available on Punjab Gramin Bank Car Loan?

Your car loan EMIs are automatically subtracted from your bank account. Also, you can pay your car loan EMI through the net banking facility of Punjab Gramin Bank. Also, pay using post-dated cheques.

✅What are the charges for Prepayment in Punjab Gramin Bank Car Loan?

Punjab Gramin Bank does not have prepayment charges for availing a car loan.

✅Can I get a top-up loan on my existing Punjab Gramin Bank Car Loan?

Yes, you can get a top-up loan on your existing Punjab Gramin Bank 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 Punjab Gramin Bank?

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

✅What is the Punjab Gramin Bank Car Loan Customer Care Number?

The customer care number of Punjab Gramin  Bank for car loan queries is 9878981166.

✅How can I get NOC from Punjab Gramin Bank for a car loan?

You can get a car loan NOC from Punjab Gramin bank when you have paid your outstanding loan amount.

✅ What is the Punjab Gramin Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Punjab Gramin Bank Car Loan account.
  • Pay the pre-closure charges as per Punjab Gramin Bank Car Loan.

✅ What is Punjab Gramin Bank Car Loan preclosure charges?

Punjab Gramin Bank Car Loan preclosure charges are zero.

✅ What is Punjab Gramin Bank Car Loan maximum tenure?

The Punjab Gramin Bank Car Loan maximum tenure is 7 years.

✅ What is Punjab Gramin Bank Car Loan minimum tenure?

The Punjab Gramin Bank Car Loan minimum tenure is 1 year.

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