PNB Two Wheeler loan: This scheme is exclusively for women - know interest rates, other features!

Great news for women who are looking for a bank loan to finance their two-wheeler purchase! India’s second largest public sector bank – Punjab National Bank (PNB) is providing two wheeler loans under the scheme ‘PNB Power Ride’ under which it is providing finance for scooter, motor cycle, moped, subject to registration of vehicle with the RTO (Regional Transport Office). 

Know how to avail it: 

1. 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. 
2. Individuals should be in the age group of 18 years to 65 years and should hold valid driving license. 
3. 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. 
4. 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. 
5. 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. 
6. Quantum of Finance: The amount is need based with maximum limit up to Rs 60,000. 
7. Margin:  10 per cent of ex-showroom price. 
8. Security: Hypothecation of 2 wheeler financed from bank loan. 
9. Repayment period is of max 36 months. 
10. 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