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Scheme Feature
- Offers a car loan at a concessional interest rate with favorable terms and conditions for housing loan borrowers (both existing and new).
Eligibility
- Housing Loan Requirement: Minimum sanction limit of Rs. 15 lakh, post-creation of security on the house property.
- Car Eligibility: Only new four-wheelers qualify; used cars are not eligible.
Gross Income Requirements
- Salaried Customers: Minimum monthly gross income of Rs. 50,000.
- Professionals/Self-Employed/Business Owners: Minimum annual post-tax income of Rs. 6 lakh (average over the last 3 years), with a consistent income growth trend.
- Deduction Limit: Total deductions, including the proposed car loan EMI, existing housing loan EMI, and other loans, should not exceed 60% of gross income.
Processing Fee
- NIL for car loans under the PNB Combo Loan Scheme.
Margin Requirement
- Borrowers are required to pay a 10% margin on the car’s on-road price.
- Loan amount covers up to 90% of the car’s on-road price for eligible borrowers.
Repayment Period
- Car loan repayment term must be:
- Less than or equal to the remaining repayment period of the housing loan.
- Not exceeding a maximum of 84 months.
Additional Requirements
- Existing Housing Loan: Must be a standard account with a satisfactory track record.
Security
- Car Loan Security: Secured through an extension of the mortgage on the existing housing loan property.
