PNB GREEN Car (e-Vehicle) Loan

SCHEME CODE: TLEVL

Purpose

  • Purchase a new electrical car (e-vehicle) for personal use.
  • Reimbursement for the cost of a new electrical car (e-vehicle) for personal use (vehicle must be no older than 3 months).

Eligibility

  • For Personal Use:
    • Individuals and joint borrowers (e.g., parent(s), spouse, earning children, or earning daughter-in-law).
    • Only one joint borrower is permitted; registration in one applicant’s name must be specified.
  • For Business Use:
    • Business entities (companies/firms) in cash profit for the last two years.
  • Reimbursement:
    • Existing customers with regular, satisfactory loan history.
    • Car purchased from own funds with verifiable documentation.
    • Invoice date must be within the past 3 months.

Income Criteria (Individuals/Proprietorship)

  • Minimum net monthly income: Rs 25,000.
  • No income proof required if borrower provides 110% liquid security via bank term deposit.

Loan Amount

  • Individuals/Proprietorship: 25x gross monthly salary/pension/income (up to Rs 100 lakh).
  • Business Concerns: No loan ceiling, based on loaning power limits.

Margin Requirements

  • New Vehicle: 10% of on-road price or NIL margin on ex-showroom price.
  • Reimbursement: 25% margin on on-road price.

Repayment Terms

  • Maximum of 120 monthly installments.
  • Repayment to be completed by:
    • Age 70 (for salaried/pensioned individuals).
    • Age 65 for others, with a 5-year extension possible by CHCAC.
  • Joint borrowers: At least one must be eligible to complete repayment by the maximum age limit.

Permissible Deduction Limits

  • Based on Gross Monthly Salary/Income (GMS/I):
    • Up to Rs 50,000: Max 50% deduction.
    • Above Rs 50,000: Max 60% deduction.
  • Higher deductions (up to 60%/70%) may be permitted by AGM PLP/CHCAC/above.

Security

  • Hypothecation of the vehicle to the bank.
  • Bank/branch name on the Joint Registration Certificate (JRC) and verified copy to be filed.

Guarantee/Collateral Security

  • Required if gross monthly income is below Rs 50,000.
  • Exemption for permanent employees of Central/State Govt., PSBs, MNCs, and publicly traded companies.
  • Branch Heads – Scale IV & RAM/iRAM Head and above may waive the guarantee / collateral security on merits of each case.

Loaning Powers

  • As per vested loaning powers set by IRMD & RAD.
  • Reimbursement loans:
    • Branch Level: Invoice up to 1 month old.
    • In-Charge PLPs/CHCAC: Invoice up to 3 months old.

Security Inspection

  • Regular accounts: No periodical inspection required.
  • Irregular/NPA accounts: Quarterly inspections; half-yearly PNB 551 required.
  • Mandatory first verification of vehicle.
  • Non-compliance on inspection may lead to action against the borrower.

Fees & Charges

  • Upfront Fee & Documentation: NIL.
  • Inspection Charges:
    • Regular accounts: NIL.
    • Irregular/NPA accounts: Quarterly inspections, Rs 100 + service tax.