Must be a Non-Resident Indian (NRI) with a valid Indian passport and work visa/permit.
Must have an NRI account with PNB for at least 6 months or with another bank for the last 12 months.
Purpose
For purchasing new vehicles: Car, Van, Jeep, e-Vehicle, Multi-Utility Vehicle (MUV), or Sports Utility Vehicle (SUV).
Income Requirement
Minimum gross monthly income of Rs. 1 lakh or equivalent. (annual income of Rs. 12 lakh or equivalent.)
Loan Terms
Type: Term Loan.
Loan Amount: Up to Rs. 100 lakh or 18 times the gross monthly salary/income.
Margin Requirement
New Vehicle: 15% of the on-road price (including road tax & insurance).
Special Cases: Margin can be reduced to 10% for deserving cases at CHCAC discretion.
Tie-up Arrangement: 10% of the on-road price or no margin on ex-showroom price (100% financing of ex-showroom price).
Interest Rate
As per the regular PNB Car Loan scheme.
Repayment Terms
Repayment in a maximum of 84 equated monthly installments (EMIs).
CHCAC can extend the repayment period by 12 months if required.
Repayment completion age: Up to 65 years (extendable to 70 years at CHCAC’s discretion).
Permissible Deductions
Gross Monthly Salary/Income: ≥ Rs. 1 lakh or equivalent: Maximum Deduction: 60% (including proposed EMI).
Documentation
Primary Document: Letter of Hypothecation (Form PNB 910-NRI).
Additional Documents: As per PNB’s consolidated Car Loan Scheme guidelines.
Security Requirements
Guarantee: Resident Indian relative (Spouse, Father, Mother, Son, Daughter, Daughter-in-law, Sister, Brother) or, if unavailable, another resident Indian.
CHCAC and above may waive obtaining of guarantee on merits on case to case basis.
Vehicle Hypothecation: Vehicle must be hypothecated to the bank, with the bank’s name on the Joint Registration Certificate (JRC).
Service Charges
0.25% of the loan amount (Min: Rs. 1,000, Max: Rs. 1,500) + GST.
Scheme Codes
New Car (non-electric): TLNVL.
e-Vehicle: TLENL.
Other Conditions
NRI borrower must have been employed abroad for at least 1 year.
A valid job contract/work permit is required.
The NRI borrower must open an NRI/NRO account with PNB for EMI repayment.
Used cars are not eligible for financing.
Repayment Channels:
Remittances from abroad.
Payments from NRE/FCNR (B)/NRO accounts.
Local fund payments by a resident Indian close relative.
NACH/SI mandate from the borrower.
Income Eligibility: Based solely on the applicant’s income; spouse’s income may be clubbed if they are made a co-borrower. Clubbing of income of other close relatives not permitted.
Photograph Requirement: Bank to obtain a photo of the borrower with the financed car, jointly with a bank staff member.
