India’s second largest state lender Punjab National Bank (PNB) is giving this amazing opportunity to women who are planning to buy a two-wheeler. While this is a great chance for women to own a vehicle, they must also know if they are fulfilling the bank loan criteria.

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PNB is giving a two wheeler loans under the scheme ‘PNB Power Ride’ under which it is financing for scooter, motor cycle, moped, subject to registration of vehicle with the RTO (Regional Transport Office). 

Know eligibility here: 

Eligibility: Salaried women with minimum 6 months service can apply for loan. Self-employed with experience of more than one year or student with their parents/guardian as co-borrowers can also apply for loans. 
Individuals should be in the age group of 18 years to 65 years and should hold valid driving license. 
In case of students age of parents/ guardian is to be considered and in that case driving license may be in the name of student/ parents/guardian. 
Salaried women should be drawing a net monthly income of Rs 8,000. For students, income/salary proof of parent/ guardian who will be co-borrower will be considered. 
Proof of Income: Latest 3 salary slips along with Form 16/ ITR of previous year in the case of salaried borrower; ITR of previous year in the case of self-employed individuals. 
Quantum of Finance: The amount is need based with maximum limit up to Rs 60,000. 
Margin 10 per cent of ex-showroom price. 
Security: Hypothecation of 2 wheeler financed from bank loan. 
Repayment period is of max 36 months. 
Maximum permissible deductions: – 50 per cent of net monthly salary.

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Interest Rate: The bank website says that the interest charged on the loan will be as follows: 

Salaried Person - RLLR + 2.75 per cent. Where RLLR is Repo Linked Lending Rate 
Other than salaried including business concern and professionals - RLLR + 3.25 per cent 
PNB Power Ride (Two Wheeler loan to Women) - RLLR + 1.90 per cent.