PNB Car Loan

SCHEME CODE – TLPVL

Purpose

To purchase:

  1. New Car/Van/Jeep/MUV/SUV.
  2. Old Car/Van/Jeep/MUV/SUV (not older than 3 years, unencumbered).
  3. Reimbursement for a new car purchased out of own funds (within 3 months).

Eligibility

  • Private use: Individuals, including joint borrowers (parents, spouse, earning children, earning daughter in law). Only one joint borrower allowed.
  • Business concerns: Company/Firm with 2 years of cash profit.
  • Reimbursement eligibility:
  • Must be an existing customer with a satisfactory record.
  • Car purchased from own funds (verified payment and invoice).
  • Invoice date within 3 months.

Income Criteria

  • Minimum monthly salary/pension/income: ₹25,000.
  • No income proof required if borrower provides 110% liquid security in form of Term Deposit in our bank.

Loan Amount

  • Individuals/Proprietorship: Up to 25 times of monthly salary/pension/income; max ₹100 lakh.
  • Business Concerns: No ceiling; subject to vested loaning power.

Margin

  • New vehicle: 15% of on-road price (can be reduced to 10% by CHCAC).
  • Tie-up arrangement: 10% of on-road or NIL on ex-showroom price.
  • Old vehicles: 25% of vehicle value.
  • Reimbursement of new cars: 25% of on-road price.

Repayment Period

  • New vehicles: Up to 84 EMIs.
  • Old vehicles: Up to 60 EMIs.
  • Agriculture sector: Half-yearly/yearly intervals, max 7 years (new), 5 years (old).
  • Age limit: Repayment by age 70 for salaried/pensioned; 65 for others, with a 5-year extension on discretion by CHCAC.

Deductions

  • Permissible deductions of monthly income:
  • GMS up to ₹50,000: 50%.
  • GMS above ₹50,000: 60%.
  • AGM PLPs /CHCAC & above can increase to 60% and 70% respectively by higher authority.

Security

  • Vehicle hypothecation to the bank; JRC must mention the bank’s name.

Guarantee/Collateral

  • Required if monthly income < ₹50,000.
  • No guarantee needed for permanent employees in Govt./PSB/MNCs/traded companies.
  • Waiver possible on merit by Scale IV & PLP Heads and above.

Loaning Powers

  • Loan for old vehicles: Branches (min. Scale IV), PLPs (min. Scale IV), CHCAC.
  • Reimbursement: Up to 1 month invoice (Branch), up to 3 months (PLP/CHCAC/above).

Security Inspection

  • Regular accounts: No periodic inspection required.
  • Irregular accounts/NPA: Quarterly inspection and PNB 551 form.
  • First vehicle inspection: Mandatory.
  • Vehicle non-produced for inspection: Immediate action required.

Inspection Charges

  • Regular accounts: Nil.
  • Irregular/NPA accounts: ₹100 + service tax (half-yearly).

Next Gen mParivahan Application

  • JRC from VAHAN portal: For proper joint registration without fees, use the “Next Gen mParivahan” app by NIC. Available on Play Store/App Store.