Objective
PNB Combo Loan Scheme aims to provide Car Loan at concessional Rate of Interest and attractive / lucrative Terms and conditions to Housing Loan Borrowers (Existing and New).
Eligibility
- Housing Loan Borrowers with Sanction Limit of Rs. 15 Lacs and above are eligible on or after creation of security on House Property under Housing Loan.
- Only Brand New 4 Wheelers will be financed under PNB Combo Loan Scheme. Purchase of Old Car will not come under the purview of the scheme.
Gross Income
- Minimum Gross Income for Salaried Customers – Rs. 50,000/- per month.
- For Professional and Self Employed / Businessman: Minimum Annual Post-Tax Income of Rs.6.00 lac as per ITR (Average of last 3 years). However, there should be consistent growth in Gross Income in last 3 years
- The total deduction from income including EMI of existing Housing Loan and other Loan(s) and the proposed EMI of Car Loan should not be more than 60% of Gross income.
Margin
- 10% of the On Road Price of the Car
- i.e. Eligible Housing Loan Borrowers will be entitled for Loan to the extent of 90% of on road price of the Vehicle.
Repayment Period
The Repayment Period of the Car Loan should be less than or equal to left over repayment period of Housing Loan subject to maximum Repayment Period of 84 Months.
Other Terms And Conditions
For existing Housing Loan Borrowers, the Account should be standard with satisfactory Track Record.
Additional Security
Car Loan will be secured through extension of Mortgage on the Existing Housing Loan Property