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Key Features of Punjab National Bank (PNB) Car Loans

  • Loan Amount:
    - New Cars: Financing of up to 90% of the on-road price.
    - Used Cars: Financing of up to 85% of the on-road price, depending on the age and condition of the vehicle.
  • Loan Tenure:
    - New Cars: Maximum repayment tenure of up to 7 years (84 months).
    - Used Cars: Loan tenure of up to 5 years (60 months).
  • Interest Rates:
    - Competitive interest rates ranging from 8.75% to 9.50% p.a.
    - Final interest rate depends on credit score, loan amount, and tenure.
  • Repayment Flexibility:
    - EMI options tailored to your repayment capacity.
    - Flexible monthly repayment schedules based on your income and preferences.
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    • Minimal Documentation: PNB offers a simple and easy process to apply for a car loan, with a minimal documentation requirement, including:
      Identity proof (Aadhaar, PAN card, etc.)
      Address proof (Utility bills, Passport, etc.) Income proof (Salary slips, bank statements, etc.) Car-related documents (Proforma invoice for new cars or RC for used cars)
    • No Collateral Required: A car loan from PNB does not require any additional collateral or guarantor. The vehicle itself acts as security for the loan.
    • Loan for Both New and Used Cars:
      - New Cars: Loans available for passenger cars, SUVs, MUVs, etc.
      - Used Cars: Financing available for cars less than 5 years old at the time of loan application.
    • Quick Loan Disbursal: Efficient loan processing ensures quick disbursal after approval. Amount is disbursed directly to the dealer (new cars) or to the applicant’s account (used cars).
    • Prepayment & Foreclosure Facility: PNB allows early repayment of the loan after a specified period. Foreclosure is permitted with minimal charges, helping you save on interest.
    • Easy Online Application Process:
      - Online: Apply via PNB’s website or mobile app.
      - Offline: Visit the nearest branch to apply.
    • Car Insurance Requirement: Comprehensive insurance is mandatory throughout the loan tenure. You may opt for insurance through PNB or arrange it independently.
    • Special Offers and Schemes: PNB introduces special offers for:
      - Women applicants - Defense personnel - Existing PNB customers Offers may include reduced interest rates or processing fees.
    • Nominal Processing Fees: Processing fees are low, typically 0.50% to 1% of the loan amount. The exact fee depends on the loan amount and terms.
    • Eligibility Criteria: Car loans are available to salaried individuals, self-employed persons, and professionals. Applicants must meet minimum income criteria and have a good credit history.
    • Transparent Terms and Conditions: PNB ensures complete transparency in all terms and charges. Details such as interest rate, EMI, and tenure are clearly shared upfront.
    • Loan Top-Up and Balance Transfer:
      - Top-Up: Existing customers can borrow additional funds for personal or car-related needs.
      - Balance Transfer: Switch your existing car loan from another bank to PNB to enjoy better interest rates.
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Benefits of Choosing PNB Car Loan

  • Competitive Interest Rates: PNB Car Loans come with attractive interest rates, starting from around 8.75% to 9.50% per annum. Rates depend on factors like your credit score, income, and chosen loan tenure.
  • High Loan Amount: Get up to 90% financing for new cars and up to 85% for used cars, depending on the car’s age and condition. This reduces the burden of a large down payment.
  • Flexible Loan Tenure: Enjoy flexible repayment options—up to 84 months (7 years) for new cars and up to 60 months (5 years) for used cars, allowing for manageable EMIs.
  • No Collateral Required: No need to pledge additional assets as collateral. The vehicle itself acts as the security for the loan, simplifying the process.
  • Minimal Documentation: Benefit from a hassle-free application with simple documentation requirements including ID proof, address proof, income proof, and car-related documents.
  • Quick Loan Approval and Disbursal: PNB processes car loan applications efficiently.
  • Attractive Repayment Options: Choose from convenient monthly EMIs based on your preferred loan tenure. Flexible repayment options are tailored to your income and repayment capacity.
  • Prepayment and Foreclosure Facilities: PNB allows early repayment and foreclosure of loans with minimal charges, helping you save on interest over time.
  • Special Offers and Schemes: Benefit from periodic offers for women applicants, defense personnel, and existing PNB customers, including reduced interest rates and processing fees.
  • No Hidden Charges: PNB maintains transparency with clearly mentioned fees and charges. There are no hidden costs—processing and foreclosure charges are communicated upfront.
  • Online Application Process: Apply online via PNB’s official website or mobile banking app. The digital process allows for document uploads and tracking from the comfort of your home.
  • Comprehensive Insurance Requirement: PNB mandates comprehensive car insurance throughout the loan tenure, which can be arranged through its partner insurers or independently.
  • Loan for Both New and Used Cars: Loans are available for new and used cars (up to 5 years old), making it suitable for buyers looking for affordable second-hand vehicles as well.
  • Loan Top-Up and Balance Transfer: Existing customers can avail top-up loans for extra financial needs.
  • Transparent Terms and Conditions: PNB ensures clear communication of all terms including interest rates, EMIs, and fees before signing the loan agreement.
  • Wide Branch Network: With branches across India, you can easily apply for and manage your loan in person. Support and assistance are also available at any PNB branch.
Check Best Gold Loan Offers

How to Apply for a PNB Car Loan

  1. Apply Online Through PNB's Official Website:
    • Step 1: Visit PNB's Official Website
      • Go to the official PNB website and navigate to the "Loans" or "Personal Loans" section.
      • Select the "Car Loan" option from the list.
    • Step 2: Fill Out the Application Form
      • Provide your personal information such as name, contact number, and employment details.
      • Enter loan-specific details like loan amount, car type (new or used), tenure, etc.
    • Step 3: Upload Required Documents
      • Upload scanned copies of identity proof, address proof, income proof, and car-related documents.
      • Ensure documents are accurate and legible to avoid processing delays.
    • Step 4: Submit Application
      • Review your details and submit the form online.
    • Step 5: Processing & Approval
      • PNB will verify your application and documents.
      • Loan status will be communicated via email or SMS.
    • Step 6: Disbursement
      • If approved, the loan will be disbursed either to the car dealership (for new cars) or to your account (for used cars).
  2. Apply Offline at PNB Branches:
    • Step 1: Visit the nearest PNB branch with required documents.
    • Step 2: Request and fill out the Car Loan Application Form.
    • Step 3: Submit self-attested documents like ID proof, income proof, etc.
    • Step 4: The bank will verify and process your application.
    • Step 5: After approval, the loan will be disbursed as per your car type (new or used).
  3. Apply Through PNB's Mobile Banking App:
    • Download the PNB Mobile Banking App from Google Play Store or Apple App Store.
    • Log in using your credentials.
    • Navigate to the “Loans” section and select “Car Loan”.
    • Fill in your details, upload documents, and submit your application through the app.
  4. Apply Through PNB Customer Care:
    • Call PNB’s official customer care number for loan-related inquiries.
    • Get assistance with eligibility, interest rates, and documentation.
    • Apply online or at the branch based on guidance received.
  5. Get Loan Sanctioned and Disbursed:
    • PNB will evaluate your credit score, documents, and income.
    • If eligible, the loan will be sanctioned and disbursed to the dealership or your account based on the car type.

Eligibility Criteria for PNB Car Loan

  • Age Criteria:
    • Minimum Age: 21 years at the time of loan application.
    • Maximum Age: 65 years at the time of loan maturity.
  • Nationality:
    • Only Indian nationals are eligible for PNB car loans.
  • Employment Status:
    • Salaried Individuals:
      • Must have a stable job with a minimum of 1 year of experience in the current employment.
      • Must meet the bank's minimum income requirement (varies by location).
    • Self-Employed Individuals:
      • Must have at least 2 years of stable business or professional practice.
      • Required to provide ITR, business registration, and supporting documents proving income stability.
    • Retired Individuals:
      • Eligible if their pension or alternate income is sufficient to repay the loan.
  • Minimum Income:
    • Must meet PNB's defined monthly/business income requirements, based on loan type and location.
  • Credit Score:
    • CIBIL score of 750 or above is generally required for favorable interest rates.
    • Applicants with lower scores may still qualify but with stricter conditions or reduced loan amounts.
  • Loan Amount and LTV Ratio:
    • New Cars: Financing up to 90% of the on-road price.
    • Used Cars: Financing up to 85% depending on age and condition.
  • Car Eligibility:
    • New Cars: Brand-new passenger cars, SUVs, MUVs, etc.
    • Used Cars: Vehicle must be less than 5 years old and undergo an inspection before approval.
  • Co-applicant (Optional):
    • Can include spouse, sibling, or immediate family member.
    • Eligibility of both applicant and co-applicant will be evaluated jointly.
  • Other Requirements:
    • Valid driver’s license.
    • Car must be purchased from an authorized dealership.
    • No record of existing loan defaults or overdue payments.
  • Additional Considerations for Self-Employed:
    • Business must be operational for at least 2 years.
    • Supporting documents like ITR, bank statements, and financials are mandatory.
  • Special Loan Features for Women Applicants:
    • PNB may offer special car loan schemes with discounted interest rates or added benefits.
Check Best Gold Loan Offers

Documents Required for PNB Car Loan

  • Identity Proof (for all Applicants):
    • Aadhaar Card , PAN Card
    • Passport
    • Voter ID
    • Driving License
    • Any other government-issued ID card
  • Address Proof:
    • Aadhaar Card (if not submitted as ID proof)
    • Utility Bills (Electricity, Water, Gas, etc.) – not older than 3 months
    • Passport
    • Rental/Lease Agreement
    • Bank Account Statement/Passbook (with current address)
    • Voter ID Card
    • Driving License (with current address)
    • Property Tax Receipt
  • Income Proof (for Salaried Applicants):
    • Latest Salary Slip (for the last 3 months)
    • Form 16
    • Bank Statement (last 6 months)
    • Income Tax Return (ITR) – if applicable
  • Income Proof (for Self-Employed or Business Owners):
    • Income Tax Returns (ITR) for the last 2 years
    • Profit & Loss Statement and Balance Sheet for the last 2 years
    • Bank Statement for the last 6 months
    • GST Returns (if applicable)
  • Car-Related Documents (for both New and Used Cars):
    • Proforma Invoice from the car dealership (for new cars)
    • Registration Certificate (RC) of the vehicle (for used cars)
    • Sale Agreement (for used cars)
    • Insurance Document (for the car)
    • Vehicle Inspection Report (for used cars)
  • Age Proof (for all Applicants):
    • Aadhaar Card
    • Birth Certificate
    • Passport
    • Voter ID
    • Driving License
  • Passport-sized Photographs: Typically, 2–3 recent passport-sized photographs of the applicant(s).

Factors Affecting PNB Car Loan Approval

  • Credit Score: A higher credit score (typically 750 or above) increases your chances of getting approved for a car loan at favorable terms. Applicants with lower scores may still be eligible but might face higher interest rates or reduced loan amounts.
  • Income Level: Your monthly income is assessed to determine whether you can manage the car loan repayments comfortably. Salaried individuals must submit salary slips, while self-employed applicants need to show business income via ITRs and bank statements.
  • Employment Stability:
    • Salaried: At least 1 year of employment with the current employer is preferred.
    • Self-Employed: Minimum of 2 years in current business or professional practice for professionals like doctors or lawyers.
  • Age of the Applicant: Minimum age is 21 years at the time of application, and maximum age is 65 years at loan maturity.
  • Loan Amount and Tenure: PNB offers up to 90% of the on-road price for new cars and up to 85% for used cars. Tenures go up to 7 years for new cars and 5 years for used ones.
  • Debt-to-Income Ratio (DTI): This ratio determines your repayment ability by comparing your monthly income with your monthly debt obligations. A lower DTI increases loan approval chances.
  • Loan Purpose:
    • New Car: Must be purchased from an authorized dealership and will serve as collateral.
    • Used Car: Car must be less than 5 years old and in good condition. An inspection report is typically required.
  • Co-Applicant (If Applicable): Adding a co-applicant with a good income and credit score improves approval chances and may enhance eligibility for higher loan amounts.
  • Car-Related Factors: The value, age, and condition of the car are especially important for used car loans. Only well-maintained vehicles with proper documentation are eligible.
  • Documentation and Application Accuracy: Ensure accurate and complete documents such as identity proof, address proof, income documents, and car-related paperwork. Mistakes or missing documents can delay or reject your application.
  • Loan Repayment History: A good record of past loan repayments helps in securing approval and better interest rates. Loan defaults or delays can negatively impact your application.
  • Market Conditions: Economic factors such as inflation and interest rate trends may influence the interest rates offered by the bank.
  • Special Offers or Schemes: PNB occasionally introduces promotional schemes offering lower rates or reduced processing fees for targeted segments like women, defense personnel, or loyal customers.
  • Relationship with the Bank: Existing PNB customers may benefit from faster processing or better rates based on their banking history with the institution.

FAQs On Punjab National Bank (PNB) Car Loans

What is the maximum loan amount I can get from PNB for a car loan?
PNB offers financing up to 90% of the on-road price of the car for new vehicles.
For used cars, the loan amount can be up to 85% of the on-road price, depending on the car’s age and condition.
What is the tenure for a PNB Car Loan?
For new cars, the loan tenure can go up to 84 months (7 years).
For used cars, the tenure is typically up to 60 months (5 years).
What is the interest rate for PNB Car Loans?
The interest rate for PNB car loans typically ranges from 8.70% to 9.50% per annum (floating), depending on factors like your credit score, the loan amount, and the loan tenure.
Interest rates are subject to change, so it’s important to check the current rates before applying.
How do I apply for a PNB Car Loan?
You can apply for a PNB Car Loan through:
- Online: Visit PNB’s official website and fill out the loan application form.
- Offline: Visit the nearest PNB branch and submit your application along with the required documents.
- Mobile Banking App: If you’re an existing customer, you can apply through PNB’s mobile banking app.
What documents are required for a PNB Car Loan?
- Identity Proof: Aadhaar card, Passport, PAN card, etc.
- Address Proof: Utility bill, Voter ID, Passport, etc.
- Income Proof: Salary slips, Form 16, ITR (for self-employed), Bank statements, etc.
- Car-related documents: Proforma invoice for new cars, Inspection report for used cars, etc.
- Photographs: Recent passport-sized photos.
Can I get a PNB Car Loan if I have a low credit score?
A low credit score may make it harder to get approved for a car loan with PNB, but it is not an automatic disqualification.
If approved, you may be offered a loan with a higher interest rate or a lower loan amount.
It’s advisable to check your credit score before applying to increase your chances of approval.
Can I get a car loan for a used car?
Yes, PNB offers car loans for used cars as well, but the car must be less than 5 years old at the time of the loan application.
The loan amount for used cars is generally up to 85% of the on-road price.
Do I need a down payment for the car loan?
Yes, you will typically need to pay a down payment for the car loan.
- New Cars: Down payment would be around 10% of the on-road price.
- Used Cars: Down payment can vary, and you will need to cover the difference between the loan amount and the total price.

List of Punjab National Bank (PNB) Car Loans

  • PNB New Car Loan
  • PNB Used Car Loan (Pre-Owned Car Loan)
  • PNB Electric Vehicle (EV) Car Loan
  • PNB Car Loan for Agriculturists
  • PNB NRI Car Loan
  • PNB Top-up Car Loan
  • PNB Loan Against Car (Car Refinance Loan)
  • PNB Commercial Vehicle Loan
  • PNB Luxury Car Loan
  • PNB Insta Car Loan (Online Instant Approval)
  • PNB Pre-approved Car Loan
  • PNB Car Loan for Women (Special Scheme)