| Loan Name | PNB Green Car (E-Vehicle) Loan |
| Objective | To provide loans on attractive terms for purchase of a new electric car |
| Purpose | Purchase of a new Electric Car (E-Vehicle) for personal use |
| Reimbursement | Reimbursement of the cost of a new Electric Car purchased for personal use, provided the vehicle is not more than 3 months old |
| Eligible Individuals | Individuals for private use |
| Joint Borrowers | Parent(s), spouse or earning children can be included as joint borrowers; only one joint borrower is permitted |
| Business Concerns | Corporate and non-corporate business concerns are eligible; company/firm should have been in cash profit for the last 2 years |
| Minimum Monthly Income | ₹25,000 net monthly salary/pension/income |
| Income of Family Member | Income of parent(s), spouse or earning children can be considered if the person is made a co-borrower; only one co-borrower is permitted and only that person’s income is considered |
| Minimum Income Exception | No minimum monthly income is required if the borrower provides 110% liquid security in the form of Term Deposit |
| Maximum Loan – Individual/Proprietorship | 25 times Gross Monthly Salary/Pension/Income, subject to a maximum of ₹100 lakh for one or more vehicles |
| Maximum Loan – Business Concern | No ceiling on loan amount for one or more vehicles |
| Margin – New Electric Vehicle | 10% of On-Road Price OR Nil margin on Ex-Showroom Price, meaning 100% financing of ex-showroom price |
| Margin – Reimbursement | 25% of On-Road Price |
| Security | The vehicle purchased will be hypothecated to PNB |
| Guarantee – Income below ₹50,000 | Bank-acceptable guarantee required where gross monthly salary is below ₹50,000 |
| Guarantee Exemption | No guarantee required for permanent employees of Central Government, State Government, PSBs, MNCs and listed companies of BSE/NSC whose shares are actively traded and quoted above par, irrespective of income |
| Other Borrowers | Third-party guarantee/collateral security acceptable to the bank is required |
| Maximum Repayment Period | 120 EMIs (10 years) |
| EMI Start | Repayment begins from the succeeding month |
| Age at Repayment – Salaried with Pension/Pensioners | Repayment should be completed within 70 years of age |
| Age at Repayment – Others | Repayment should be completed within 65 years of age |
| Prepayment Charges | Nil |
| Interest Rate | PNB’s current new e-vehicle car-loan rate starts from 7.60% p.a., subject to applicable borrower category and CIBIL score. (PNB) |
| Processing Charges / Upfront Fee | Nil |
| Documentation Charges | Nil |
| Interest Calculation | Interest is charged on advances on the basis of 365 days per year, unless otherwise specified |
| Important Note | The above are the salient features of the scheme; final sanction and applicable terms are subject to PNB’s rules and branch-level assessment. |
| Page Last Updated | 05 February 2025 on the PNB scheme page. |
