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.

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.

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.

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

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.

• 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 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

✅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.

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