If you are planning to buy a two-wheeler this season, you should know about this 'PNB Saarthi Scheme'. Punjab National Bank is offering a two-wheeler loans for purchase of new two wheelers - Scooters, Motorcycles, Scooterretes, Mopeds, (subject to Registration of vehicle with RTO). The scheme offers affordable two-wheeler loans for an individual under different categories with an interest rate. 

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There are plenty of options for two-wheelers in the market nowadays. From bikes to gearless scooters, companies are offering top features at an affordable price range. While sometimes having a loan eases your purchase, allowing you to smartly plan your budget. Here are the quick details about PNB Saarthi Scheme like eligibility, income criteria, quantum of finance, margin, security, repayment, interest rate etc:

Eligibility:

1. Existing PNB customers with at least 6 months satisfactory transactional record or new customer with satisfactory track record of last one year with other Bank/FI in the age group of 18 years and 60 years holding a valid driving licence.

2. Salaried individuals drawing salary from our bank or under check off facility from the employer.

3. Students, 18 years and above till gainfully employed, with salaried parent as co-borrower drawing salary from our bank. 

Income Criteria:

1. Minimum Net Monthly Income of Rs 10,000 p.m.
2. In case of students, Income/salary proof of parent/guardian who will be co-borrower be considered.
2. Income of spouse can be taken into consideration for determining the income criteria provided satisfactory proof of income is produced.
4. Income of business concerns be verified from Income Tax Returns filed and challans for Tax Deposited.

Quantum Of Finance:

1. For superbikes/hybrid two-wheeler (Engine capacity 200CC & above) – Maximum Rs. 3.00 lac (subject to repayment capacity)
2. For all other Two Wheeler Maximum Rs. 1.50 lac (subject to repayment capacity)

Margin: 

1. Where salary is being disbursed through the concerned bank branch and/or Check off facility: 10%
2. Business concerns: 25%

Security: 

1. Hypothecation of 2 wheeler financed from bank loan
2. Guarantee acceptable to bank as per guidelines

Repayment (Maximum): Maximum Permissible deductions – 40% to 60% of Net monthly salary/ income 

1. For Scooter and Motorcycle – 60 EMIs
2. For Scooterrete – 30 EMIs
3. For Mopeds – 24 EMIs

Interest rate:

1. Salary being disbursed through PNB and /or under check-off facility: 

a) < 3 years: MCLR+3.25%
b) >= 3 years: MCLR+3.75%

2. Others including business concern 

a)< 3years: MCLR+4.25%
b) >= 3 years: MCLR+4.75%