PNB car loan interest rates 2020

pnb car loan
Basic details of Punjab Nation Bank Car Loan

  • The purpose is to purchase new or old Car,Van, Multi Utility Vehicle(MUVs), Sports Utility Vehicle(SUVs). This also includes reimbursement of cost of aforementioned vehicles purchased by individuals out of own funds
  • Amount of car already purchased by an individual will be reimbursed in the case car is not older than 3 months
  • Loan can be avail be an individual either singly or jointly. Corporates are also eligible
  • Net monthly salary/income of an individual should be Rs. 25,000/- and above
  • Salary of co-applicant can be added in determining loan eligibility of an applicant
  • Quantum of loan for an individual is Rs. 100 Lakhs or 25 times of Gross monthly salary, whichever is lower
  • There is no ceiling of loan amount for business persons
  • Third party guarantee is required in case Gross monthly salary is less than Rs. 50,000/-
  • Maximum repayment tenure for new car is 84 months and 60 months for old ones


Quantum of finance for Margin
New Vehicle 15% of on-road price
Car where PNB have tie-up with dealer 10% of on-road price
Old vehicles 25% of the value of the vehicle
Reimbursement of cost of new vehicle purchased by individual 25% of on-road price


                             Floating rate of interest is charged depends upon CIBIL score
CIBIL Score 750 & above RLLR+0.75%
CIBIL Score 700 and up to 749 RLLR+0.90%
CIBIL Score less than 700 RLLR+1.00%

Here RLLR means “Repo Linked Lending Rate” is a benchmark floating rate which changes due to change of Repo rate.

After looking into PNB car loan interest rates 2020 and loan eligibility let us check the basic details of Punjab National Bank two wheeler loan

  • Minimum age of an individual should be 18 years and maximum is 65 years
  • Salaried persons with pension are eligible up to 70 years
  • Existing customer of Punjab National Bank, Oriental Bank of Commerce and United Bank of India with at least 6 months of transaction records can avail the loan
  • New customer with a transaction record of 1 year with other banks are also eligible
  • An individual should have minimum net monthly income of Rs. 10,000/- and above
  • Salary of co-applicant can be added in determining loan eligibility of an applicant
  • Maximum quantum of loan that can be avail by an individual is Rs. 1050 Lakhs. For super bikes with an engine capacity of 200 CC and above, maximum loan amount is Rs. 10 Lakhs
  • Margin money for an individual have a salary account with PNB is 10% and for business persons it is 25%
  • No guarantee is taken for loan up to Rs. 25,000/-. Third party guarantee is taken for loan above Rs. 25 Lakhs
Particular Rate of Interest
Salaried Person RLLR + 2.75%
Other than salaried including business concern & Professionals RLLR + 3.25%


That’s all for PNB car loan and two wheeler loan eligibility and their interest rates in 2020. Thanks for visiting us !

error: Content is protected !!