PNB Car Loan: Buy old or new car this festive season; check income criteria, maximum amount sanctioned and other details

Are you planning to buy a car this festive season? If yes, then you can opt for car loan scheme offered by the Punjab National Bank (PNB).

Informing about PNB Car Loan, the bank tweeted, "Stop Worrying, Check out our deals, Book your dream car with PNB Car Loan. For more details, visit: https://tinyurl.com/4ww26cy8."

Here is all you need to know about PNB Car Loan:

See Zee Business Live TV Streaming Below:

1. How much amount can be sanctioned under car loan scheme?

As per the information provided by the bank, 25 times net monthly salary/income can be sanctioned to individuals under the scheme with the maximum amount of loan being Rs 25 lakh. While to business concerns need based loans are sanctioned.

Stop Worrying
Check out our deals
Book your dream car with PNB Car Loan

For more details, visit: https://t.co/160SdwrMwA#PNBCarLoan pic.twitter.com/DFtrIkwBWz

— Punjab National Bank (@pnbindia) September 26, 2021

2. Is there any income criteria for availing the loan?

Yes, minimum net monthly salary / pension/ income of Rs 20,000 is required in order to avail the loan.

3. Can a car loan be sanctioned for purchase of old car?

Even if you want to purchase an old car you can avail the loan for the same as PNB provided car loan for vehicles which are not older than 3 years.

4. How much amount is the borrower required to contribute?

For new vehicles, borrower is required to contribute 10 percent in case of purchase of vehicles from Maruti, Tata Motors, Hyundai, Honda Siel, Mahindra and Mahindra. ICML and Force Motors Ltd., with whom PNB is having a tie up arrangement.

For purchase of new vehicles of other make/companies, 15 percent is required to be contributed. While for old vehicles, margin requirement is 30 percent.

5. What is maximum repayment period under car loan scheme?

For new vehicles, maximum repayment period is of 84 months. For old vehicles maximum repayment period is of 60 months.

6. What is the ROI on car loans?

For loans repayable up to 3 years: 10.75 percent, where PNB Score is 60 and above.

11.25 percent- Other cases.

For loans repayable in 3 years and above: 11.75 percent.