| Loan Name | PNB Car Loan |
| Objective | To provide loans to prospective borrowers for purchase of a car on attractive terms |
| Purpose – New Vehicle | Purchase of a new Car, Van, Jeep, MUV or SUV |
| Purpose – Old Vehicle | Purchase of an old Car, Van, Jeep, MUV or SUV, provided it is not more than 3 years old and is unencumbered |
| Reimbursement | Reimbursement of the cost of a new vehicle purchased from own funds, provided the vehicle is not more than 3 months old |
| Usage | For private/personal use only |
| Eligible Individuals | Individuals and joint borrowers |
| Eligible Joint Borrowers | Parent(s), spouse, earning children (married or unmarried) and earning daughter-in-law |
| Business Concerns | Corporate and non-corporate business concerns are eligible |
| Business Profit Requirement | Company/Firm should have been in cash profit for the last 2 years |
| Existing Customers | Existing customers should have a satisfactory track record, with loan accounts running regularly and no inspection irregularity |
| Minimum Net Monthly Income | ₹25,000 salary/pension/income |
| Additional Income | Income of one parent, spouse or earning child can be added; that person must become a co-borrower |
| Liquid Security Option | No minimum monthly income is required if the borrower provides 110% liquid security in the form of a Term Deposit |
| Agriculturists | For agriculturists and persons engaged in allied agricultural activities, income may be assessed based on land holding, cropping pattern, yield, etc. |
| Maximum Loan – Individual/Proprietorship | 25 times Gross Monthly Salary/Pension/Income, subject to a maximum of ₹1 crore for one or more vehicles |
| Maximum Loan – Business Concern | No ceiling for one or more vehicles |
| Margin – New Vehicle | 15% of on-road price, including one-time road tax and insurance |
| Margin – Tie-up Vehicles | 10% of on-road price or nil margin on ex-showroom price, where PNB has a tie-up with the manufacturer/dealer |
| Margin – Old Vehicle | 25% of vehicle value |
| Margin – Reimbursement | 25% of on-road price |
| Security | 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 for permanent employees of Central/State Government, PSBs, MNCs and listed BSE/NSC companies whose shares are actively traded and quoted above par, irrespective of income |
| Other Cases | Third-party guarantee/collateral security acceptable to PNB is required |
| Repayment – New Car | Maximum 84 EMIs (7 years) |
| Repayment – Old Car | Maximum 60 EMIs (5 years) |
| Age at Completion – Salaried with Pension/Pensioners | Repayment to be completed within 70 years of age |
| Age at Completion – Others | Repayment to be completed within 65 years of age |
| Prepayment – Floating Rate | No prepayment charges |
| Prepayment – Fixed Rate | 2% of the outstanding prepaid amount |
| Fixed-Rate Prepayment Exemption | No charge if prepaid from borrower’s own sources |
| Rate of Interest – New Car | Current PNB rates start from 7.65% p.a. for non-e-vehicles and 7.60% p.a. for e-vehicles, subject to CIBIL score and applicable borrower category |
| CIBIL 750+ – Other Individual | 7.65% p.a. for non-e-vehicle and 7.60% p.a. for e-vehicle |
| CIBIL 700–749 | 8.70% p.a. for non-e-vehicle and 8.65% p.a. for e-vehicle |
| CIBIL 681–699 | 9.70% p.a. for non-e-vehicle and 9.65% p.a. for e-vehicle |
| Interest Calculation | Interest is charged on advances on the basis of 365 days per year, unless otherwise specified |
| Processing Charges | As per PNB’s applicable processing/upfront fee schedule |
| Documentation Charges | As per PNB’s applicable documentation charges |
| Key Feature | Financing is available for both new and eligible used cars, with repayment up to 84 months for new vehicles |
| Important Note | The PNB page states that these are the salient features of the scheme; final terms are subject to PNB rules and branch-level assessment. |
