Punjab National Bank Car Loan Interest Rates in January 2024. Review Punjab National Bank Car Loan Scheme with Special Waivers, Eligibility EMI. Processing Fees with Documents
Punjab National Bank Car Loan Interest Rates in January 2024.
State Bank of India (Punjab National Bank) Car Loans comes with Trust and low Interest Rate Factor. Unlike Private Sector Banks which offer loans with High Foreclosure Charges and differential rates basis Vehicle Model Classification.
Punjab National Bank Offers
- Car Loan with Zero Foreclosure Charges after 2 Years
- Fixed Interest Rate Car Loans with Interest Rates starts from 8.8% in December 2023
- No Advance EMI Clause
- Flexibility of Part Payment as per term and condition of Bank after 2 years
- 100% Processing Fees Waiver as part of Festive Scheme
Punjab National Bank Car Loan Scheme on New Cars – January 2024.
- Punjab National Bank Car Loan Interest Rates: Punjab National Bank offering Car Loan Interest Rates starting from 8.65% for Self Employed and Salaried Customers. Interest rate varies based on CIBIL Score, Profile Relationship and Type of Car been financed (as differential rates for EV and Petrol, Diesel, CNG Cars)
- Loan Tenure: Finance available for maximum 90% On Road Finance for upto 7 Year Loan Tenure
- Loan Tyre: Fixed Interest Rate. Unlike most other PSU Banks which offers Floating Rate, your Car Loan Rates are Fixed in Punjab National Bank and do not change with any fluctuation in rates in coming year.
- Loan Processing Fees: NIL
- Car Loan EMI : EMI starts at Rs 1604 per Lakh (for 7 Years) / Rs 2066 per Lakh EMI (for 5 year) / Rs 3171 per Lakh (for 3 Years) through for Applicants having CIBIL Score over 775 – for buyers taking Finance on Petrol and Diesel Cars.
Punjab National Bank Car Loan Interest Rate Scheme in January 2024. – New Year Offer
| ICICI BANK Car Loan | ICICI BANK Car Loan Interest Rate in January 2024 |
| Interest Rate (where CIBIL Score >= 775) | 8.8% (3 to 5 year) / 8.9% (6 year & 7 year) |
| Interest Rate (where CIBIL Score > 757 – 774) | 8.9% (3 to 5 year) / 9% (6 year & 7 year) |
| Interest Rate (where CIBIL Score is 721 – 756) | 9.15% (3 to 5 year) / 9.25% (6 year & 7 year) |
| Interest Rate (where CIBIL Score is 688 – 720) | 9.4% (3 to 5 Year) / 9.5% (6 year & 7 year) |
| Interest Rate (where CIBIL Score is under 688) | 9.6% (3 to 5 Year) / 9.7% (6 year & 7 year) |
| Waivers on Interest Rate on EV Cars | .15% additional waiver if customer buying EV |
| Processing Fees | 100% Waiver for Limited Period |
| Nature of Loan | Fixed Interest Rate |
Punjab National Bank Car Loan Foreclosure, Part Payment and Other Terms
- Zero Foreclosure charges after 1 Years. Yes if you decided to foreclose loan after 1 Years then no Prepayment charges will be deducted.
- Interest Rates Remains same Across all Loan Tenure i.e Even for Short Tenure Loans for 1 year or 2 year – Loan Rate remains same
- No Part Pre Payment Charges for loan seasoning beyond 2 Years.
- In case of Part Payment – Interest Calculated on Daily Reducing Balance. Thus – even Mid-Month Part Payment will help you lowering Tenure or Interest Rate
- Interest Rates remains same from Maruti Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation
Punjab National Bank Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible on Road Funding and extended tenor of 8 yrs increases affordability too.
Check SBI Car Loan Interest Rates
Punjab National Bank Car Loan Scheme Eligibility Norms
- Salaried – Net Annual Income of Rs 3 Lakh p.a. of Applicant. If not, then a working immediate blood relation (spouse, brother, parents) can be taken as co-applicant then Clubbed Income can be taken as 3 Lakh
- Self Employed – Net Profit or Gross Taxable Income of Rs 4 Lakh as per Latest year ITR
- Last 2 Year Form 16 (Salaried) / Last 3 Year ITR with Computation (Self Employed)
- Minimum 6 Month Bank Account Statement of Salary Account / 6 month of Bank Account Statement for Business Current Account
- For Used Car – Punjab National Bank offers finance for maximum 5 year Old Cars. Also the loan Offered will be based on formula of (Maximum 8 yrs – Existing Ageing of Old Car). For Instance if looking for finance on 2011 December Honda City – Bank will finance for maximum 36 months. Used Car Loan Interest Rates varies from 11% to 12%
| Calculators | Get One Touch Information |
| Car Loan EMI Calculator | Click Here |
| Car Loan Eligibility Calculator | Click Here |
| Car Loan Repayment Schedule | Click Here |
Maximum Amount Financed: Upto 90% Finance of On Road Price (Ex-showroom Price + RTO Road Tax + Insurance).
Documents Required for Punjab National Bank Car Loan
Apart from Loan Application Form – Photocopies needs to be submitted of below documents (Originals must be taken along – so that Photocopies can be verified by Bank Official before accepting submission)
| KYC & Financial Documents | Salaried | Self Employed |
| ID Proof | PAN Card + 2 Passport Size Photos | PAN Card + 2 Passport Size Photos |
| Residence Address Proof (Either of documents) | Passport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented – additionally – Permanent Address Proof copy required | Passport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented – additional Permanent Address Proof copy required |
| Office Address Proof | Office ID Card or Office Address as per Self declaration in Application Form | VAT (Sales Tax Certificate) / Shop Establishment / Service Tax |
| Income Proof | Latest Salary Slip or Form 16 or Latest 2 yr ITR | Latest 2 Year ITR with Computation. Audited P&L, Balance Sheet for 2 years |
| Banking | 6 Month Salary A/c Statement | 6 Month Business Current A/c Statement (Main A/c which has Inflow and Outflow of Payment) |
Loan Scheme on Used Cars – 2024
- Punjab National Bank Car Loan on Certified Used Cars: 11.25% to 14.75% – which is the lowest Rate across offered by any Bank in Used Car Loan
- Punjab National Bank Car Loan Interest Rates on Used Cars (Direct Sale – Purchase) : Not Available. Punjab National Bank only Finance Used Cars bought from Certified Used Car Dealers from Manufacturer
- Additional Processing Fees Applicable
Other Features
- Interest Rates Remains same Across all Loan Tenure i.e Even for Short Tenure Loans for 1 year or 2 year – Loan Rate remains same
- No Part Payment Charges for loan seasoning beyond 6 months. No Foreclosure Charges in event of Loan Termination after 6 months
- In case of Part Payment – Interest Calculated on Daily Reducing Balance. Thus – even Mid Month Part Payment will help you lowering Tenure or Interest Rate
- Based on Floating Interest Rate – where Future Rates will be linked to MCLR Rate. Thus – if Interest rates go down in future – your tenure will be reduced or last EMI will be lower
- Interest Rates remains same from Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation
Punjab National Bank Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible On Road Funding and extended tenor of 7 yrs increases affordability too.