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Punjab National Bank

Punjab National Bank

Overview

Available for purchase of New Car/ Van/ Jeep/ Multi Utility Vehicle (MUV)/ Sports Utility Vehicle (SUV) or for old vehicles that are not older than 3 years (Depriciation @ 15% p.a. on current invoice / showroom invoice). Finance will be provided for purchase of vehicle of indigenous/ foreign makes

Loan Feature

Loan Amount 25 times of the monthly net salary or Rs.25 lacs (for one or more vehicles), whichever is lower
Interest Rate 10.5% to 11.75%
Tenure Up to 7 years for new cars and up to 5 years for old cars
Pre Payment Charges Information not available
Service Charges

Processing Fee : 1% of the loan amount, with a maximum of Rs.6,000/- (+ taxes)

Eligibility Criteria : Car Loan

Individuals as well as Business Concerns (Corporate or non-corporate). Minimum net monthly salary / pension / income – 20000/-. Income of spouse /Parent can be added.
  Salaried Self
Age Information not available Information not available
Income Net monthly income - Rs. 20,000 p.m. Net monthly income - Rs. 20,000 p.m.
Job Experience Information not available Information not available
Residence Proof Information not available Information not available

Docs Required : Car Loan

Guarantee / Collateral Security : (i) Third party guarantee / collateral security is waived in following cases: Permanent Employees of Central Govt. /State Govt. /PSUs/ MNCs/ Listed Companies at NSE/ BSE whose Shares are actively traded and quoted above par. For other than salaried class borrowers where ex – showroom cost of the car is exceeding Rs.6 lac. (ii) However the Guarantee of Parent(s) / Spouse will be taken in case their income has been considered for determining loan amount
  Salaried Self
ID Proof Passport or voter's card or driving licence or PAN card Passport or voter's card or driving licence or PAN card
Address Proof Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements Ration card or passport or latest electricity bill or latest telephone bill or latest credit card bill bank statements, last 6 months bank statements
DOB Proof Birth Certificate or 10th Class Passing Certificate Birth Certificate or 10th Class Passing Certificate
Financial Docs

Salaried Individual:

  • Latest 6 months Bank Statement (where salary/income is credited)
  • 3 Latest salary slips
  • Proof of Continuity current job (Form 16 / Company appointment letter
  • Photographs

 

Self Employed Individual:

  • Bank Statements(latest 6 months bank statement /passbook)
  • CA certified latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs.
  • Photographs

Other Charges : Car Loan

N/A

Products offered by Punjab National Bank

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Testimonial

After getting rejected for a home loan by two banks I thought my wish of owning a home in a city like Mumbai will remain a dream. By chance I came to your site and applied for the loan.

What happened then was a smooth process. It's been my good luck to visit your site and get loan for my dream home.

Thanks

- Deepak Gupta

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