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Buying Cars on Loans by PNB has become Easier

Punjab National Bank is all set to fulfill the dreams of buying four wheelers for its customers. The bank has floated new offers for customers who are looking at buying new or used cars and with the PNB car loan, they can drive away in their four wheelers without any hassles of finances. The bank has formulated specific guidelines, which the customers will have to satisfy if they are to use this loan. 

PNB car loan can be applied for by either salaried or self-employed personnel and the amount of loan is decided based on the amount of their salary or their monthly turn over. The bank offers the loan for brand new four wheelers – SUVs or MUVs / vans or jeeps. The four wheeler loans are also given for the purchase of second hand cars that are not more than 3 years old as well, though depreciation rules will apply.

PNB Bank Car Loan Rates will differ depending on the tenure of the loan as well as the loan amount.  The minimum per month salary requirement that is looked for is Rs. 20,000/-per month. In case of couples, the salary or the turnover of the spouse can also be included in the application. In case parents are earning, children who are going in for the loan can show their parents’ income papers as well. This is a good feature for middle class applicants as the clubbing of the salary will lead to an increase in their total salary eligibility.

The bank can be approached for the purchase of a single or more cars or four wheelers. In case of individual applicants, who are salaried, the bank generally offers close to twenty five times their net salary or an amount of Rs. Twenty five lakhs whichever is lesser. However, if there are other loans that are being deducted from their accounts, then the eligibility might accordingly come down.

PNB Bank Car loan rates differ depending on the amount of the loan and the tenure can go up to 7 years. The bank also offers full amount for four wheelers and this is a big advantage as the customers do not have to use up their savings for the down payment.  For the second hand vehicles, the bank offers loan that can be repaid over a period of five years. When the four wheeler is bought on loan, the car is hypothecated to the bank and is under the joint ownership of the bank and the loaner until the tenure is over.

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