MyLoanCare is a FREE of cost service for borrowers Apply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Menu

PNB Car Loan

PNB Auto Loan

Last Updated 12th Apr 2021

Features and Eligibility PNB New Car Loan Scheme PNB Used Car Loan Scheme
Rate of Interest 7.55% Floating 8.55% Floating
Loan Amount Eligibility 85% of on-road price 70% of market value
Lowest EMI per Lakh ₹ 1,536 ₹ 2,054
Apply for Car Loan @ 8.70%*

PNB Car Loan

Factors Affecting PNB Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in PNB depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However PNB offers 85% of on-road price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. PNB interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. PNB has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - PNB offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low PNB Car loan interest rate.
  • Loan Tenure - PNB car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, PNB checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

PNB Car Loan Eligibility

Eligibility of car loan in PNB relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. PNB offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: PNB car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. PNB asks for net annual income of minimum Rs. 2.40 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from PNB. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from PNB increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your PNB car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: PNB gives you a car loan depending upon your income. PNB gives you 85% of on-road price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase PNB Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, PNB also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

PNB Car Loan EMI

Car Loan EMI of PNB is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by PNB is Rs. 1,536 per lakh loan amount at lowest car loan interest rate of 7.55%. Car Loan EMI of PNB depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for PNB Car Loan

Car loan PNB documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan PNB documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan PNB

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. PNB allows prepayment of car loan after paying 1 EMI’s with Nil

PNB Car Loan Top up, Balance Transfer

  • PNB offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of PNB
  • You can avail additional top-up car loan from PNB, subject to your eligibility

FAQs

How much interest is charged by PNB on car loan?

PNB car loan interest rates today are 7.55% to 7.80%.

What is the lowest EMI per lakh on PNB car loan?

If you apply for a car loan from PNB, your lowest EMI per lakh will be Rs. 1536.3.

What is the maximum tenure of PNB car loan?

You can repay your car loan from PNB in a flexible period of 7 years.

How much car loan can I borrow from PNB?

PNB offers you 85% of on-road price of the car as loan.

Is age an eligibility factor to get car loan from PNB?

Yes, age is an important eligibility factor to get PNB car loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on PNB car loan?

You can take a car loan from PNB with Nil prepayment charges.

Can I add my spouse's income while applying for car loan from PNB ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of PNB with other banks

PNB Car Loan in India

PNB Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 011-23318130
Ahmedabad 011-23318130
Ambala 011-23318130
Anand 011-23318130
Aurangabad Bihar 011-23318130
Bangalore 011-23318130
Bhilai 011-23318130
Bhilwara 011-23318130
Bhiwadi 011-23318130
Bhopal 011-23318130
Bhubaneswar Cuttack 011-23318130
Bikaner 011-23318130
Chandigarh 011-23318130
Chennai 011-23318130
Cochin 011-23318130
Coimbatore 011-23318130
Dehradun 011-23318130
Delhi 011-23318130
Durg 011-23318130
Faridabad 011-23318130
Gandhinagar 011-23318130
Ghaziabad 011-23318130
Goa 011-23318130
Greater Noida 011-23318130
Gurgaon 011-23318130
Guwahati 011-23318130
Gwalior 011-23318130
Hyderabad 011-23318130
Indore 011-23318130
Jabalpur 011-23318130
Jaipur 011-23318130
Jalandhar 011-23318130
Jodhpur 011-23318130
Kanpur 011-23318130
Karnal 011-23318130
Kolhapur 011-23318130
Kolkata 011-23318130
Kota 011-23318130
Kozhikode 011-23318130
Lucknow 011-23318130
Ludhiana 011-23318130
Madurai 011-23318130
Meerut 011-23318130
Mehsana 011-23318130
Mohali Sas Nagar 011-23318130
Mumbai 011-23318130
Mussoorie 011-23318130
Nagpur 011-23318130
Nashik 011-23318130
Noida 011-23318130
Noida Extn 011-23318130
Panipat 011-23318130
Patna 011-23318130
Pondicherry 011-23318130
Pune 011-23318130
Raipur 011-23318130
Rajkot 011-23318130
Ranchi 011-23318130
Rohtak 011-23318130
Roorkee 011-23318130
Salem 011-23318130
Shimla 011-23318130
Sonipat 011-23318130
Surat 011-23318130
Trichy 011-23318130
Udaipur 011-23318130
Vadodara 011-23318130
Varanasi 011-23318130
Vijaywada 011-23318130
Vizag 011-23318130

PNB Car Loan News - Apr 2021
  • 2021-02-08 : PNB reported net profit of 506 crores
    PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
  • 2020-12-29 : PNB completes IT integration of all branches of two merged entities
    Punjab National Bank clarified that the customers of the former OBC Bank are now migrated to CBS of PNB wherein they can transact seamlessly via existing branches and digital banking channels like internet banking and mobile banking. The amalgamation of PNB, United Bank of India and OBC has come into effect from April 1, this year. The merger created the second-largest nationalized bank in terms of business and total branches.
  • 2020-12-02 : PNB launched loan management solution to speed up delivery
    Punjab National Bank launched a tech-based loan management solution called LenS-The Lending Solution. It is aimed at speeding up and maintaining accuracy in online loan processing and sanctioning of credit proposals. It will be implemented in a phased manner for all kinds of loans including MSME, agriculture, retail and other credit.
  • 2020-11-03 : PNB reported an 18% decline in Q2 net profit
    PNB posted a 22% increase in net profit to Rs 621 crore in the second quarter against Rs 507 crore in the year-ago period. Bank net interest income rose to Rs 8,393 crore and the bank’s net interest margin improved to 3.21% for the quarter ended September. Further, PNB’s total income backed by retail loans like home, personal, gold, two-wheeler and car loans along with mudra and business loans stood at Rs 23,439.
  • 2020-08-25 : PNB to offer one-time loan restructuring option
    Punjab National Bank is planning to provide a one-time loan restructuring window to corporate and retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans. The plan is to assist customers whose income has decreased due to COVID-19 pandemic and subsequent lockdown.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
Loader
Please wait while your information is being processed...