Owning your very own vehicle is a dream most of the working class hopes to achieve one day. Whether the reason is to break the local transportation monotony and have the freedom to take charge of your travel or for any other reason, car loans offered by various banks have made it easier for people to own a car of their own – whether big or small. And banks ensure that they provide car loan options that fit every budget.

Punjab National Bank is one such trusted name as a car loan service provider. Punjab National Bank (PNB) is one of the largest banks in India offering banking and financial services around the world. Owned by the Government of India, PNB bank has been in the service to Indian customers since over 120 years. The first ever-Indian bank to start solely on Indian capital, the bank has flourished over the years. The bank has over 68,000 employees and is an equal opportunity employer.

Punjab National Bank was awarded ‘The Banking Frontiers Inspiring Workplace Award’ in 2015 for keeping the best human resource and talent practices in the banking segment. Punjab National Bank’s mission statement states “Banking for the unbanked”. With that goal in mind, Punjab National Bank strives to be a simple and affordable financial provider to its wide range of consumers who have helped PNB to build its trust over the years.

Overview Of PNB Bank Car Loan

Punjab National Bank car loan offers purchase of a range of vehicles such right from hatchbacks to larger vehicles such as SUVs and MUVs.The car make can be Indian or an international maker, PNB offers a wide option of cars to choose from.

PNB car loan is one of the most positively ranked around the social media platforms and their service and positive customer reviews are a good example of their product offerings. Punjab National Bank car loans offer stress-free loan documentation process and their partnership with various car dealers and manufacturers ensures that you get a car financed at the best rate.

Why Pick PNB Bank Car Loan?

PNB car loan is highly sought after for a variety of reasons:

Less Hassle – PNB offer a comparatively hassle free documentation process to avail a car loan.

PNB offer a comparatively hassle free documentation process to avail a car loan. Wide variety of cars can be financed as PNB offers financing for both Indian and foreign made vehicles ranging from small cars to premium ones.

Lower Interest Rates – PNB car loans are offered at very competitive rates that makes it easier on the buyer’s pocket.

PNB car loans are offered at very competitive rates that makes it easier on the buyer’s pocket. Waiver of Processing Fees – If you plan to finance a car during the festive season, you might get the chance to have zero processing fees! Generally the processing fee is 1% of the total loan amount, however it is waived during major festivals.

If you plan to finance a car during the festive season, you might get the chance to have zero processing fees! Generally the processing fee is 1% of the total loan amount, however it is waived during major festivals. Longer loan tenure can be attained to make your monthly EMIs lower.

Features of PNB Bank Car Loan

PNB Bank Car Loan offers a variety of features and benefits:

PNB Bank car loan process requires a guarantor or a collateral security. However, it is waived in case the sanctioning authority deems fit.

PNB bank does not levy any prepayment charges in cases of a floating rate and a maximum of 2% on the outstanding pre-paid in case of a fixed rate.

With PNB bank car loan, you have the flexibility to add in a co-applicant where monthly income is low to satisfy the minimum income condition.

Low Interest Rates are offered by PNB car loan just like any other government bank.

Benefits of Applying PNB Bank Car Loan on Letzbank

We at Letzbank aim to provide every consumer with the power to have financial knowledge and the various banking services available in the market. Our competitive lists of the various loans offered by top banks in the country help consumers make the right financial decision. Our Instant Quotes facility gives you access to all the loan data that you need for your loan requirements. And we offer all these services without any charges. Simply use our online form and enter the required details and we will help you get the loan you need.

PNB Bank Car Loan Eligibility

Punjab National Bank lists the following criteria to be eligible for car loan:

Salaried individual class should be at least 21 years of age and not greater than 60 years at the time of maturity. Self-employed individuals should be at least 21 years and not be older than 65 years of age.

Must earn a minimum of Rs. 2.4 lacs in a year (salaried) and at least a lac for self-employed individuals.

Should be able to provide collateral if requested.

A good credit history is a must.

Self-employed individuals must have a fixed line phone connection or a post-paid connection.

Self-employed individuals should be at least 2 years into the current business.

PNB Car Loan Documents

The documents required for PNB car loan:

Salaried

Salaried individuals need to provide a valid address proof, age proof with photo ID, last 3 months of salary slip and form 16 or ITR, last 6 months bank statement.

Self–Employed

Self–Employed individuals need to provide a residence proof, proof of age with photo identification; Income Tex Returns for the last three years, CA approved balance sheet and P&L statement, bank statement of last six months.

PNB Bank Car Loan Interest Rates

The interest rates levied by Punjab National Bank vary from 9.65% to 10% per annum.

PNB Bank Car Loan EMI Calculator

You can use our Letzbank EMI calculator that lets you calculate your monthly EMI. Enter the required loan details.