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Scheme For Financing Purchase Of Car By Public
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Objective
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To make available Loan for purchase of car by proposed car buyers on attractive terms.
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Purpose
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To purchase:
New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV).
Old car/van/jeep/MUV/SUV, which are not older than three years.
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Eligibility
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For private use only.
Individuals
Business concerns (corporate or non-corporate).
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Income Criteria
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Minimum net monthly salary / pension/ income - Rs.20000/-.
Income of Parent(s)/Spouse/ Earning Children can be added for determining loan amount/eligibility. However, out of above income of only one person can be added and he/she will stand as a co-borrower.
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Quantum Of Finance
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For individuals/Proprietorship concerns: Rs. 25 lac or 25 times of Net Monthly Salary / Pension/ Income, whichever is lower. Loans for higher amount may be considered on merits of the case.
For Business Concerns (Corporate or Non-Corporate): No ceiling of loan amount (for one or more vehicles).
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Margin
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For New Vehicle: 15% of on-road price inclusive of one time road tax & insurance.
For Car where PNB has tie up arrangement with manufacturers/dealers: 10% of on-road price
For Old Vehicles: 30% of the value of the vehicle.
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Security
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Vehicle purchased to be hypothecated to the bank.
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Guarantee/ Collateral Security
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Third Party guarantee/ Collateral Security acceptable to the Bank.
(May be waived by the Sanctioning Authority on merits of individual case)
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Repayment (Maximum)
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For New Car/Van/Jeep/MUV/SUV: 84 EMIs
For Old Car/Van/Jeep/ MUV/SUV: 60 EMIs
In case of persons engaged in agriculture & allied activities: At Half yearly/yearly intervals coinciding with the time of harvest.
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Prepayment Charges
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Floating Rate: NO pre-payment charges.
Fixed rate: @2% on the outstanding pre-paid. However, no prepayment charges to be levied :-
Where the loans are prepaid by the borrowers from their own sources.
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Rate Of Interest
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09.40% (Terms & Conditions follows)
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Processing Charges/ Upfront Fee
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1.0% of loan amount maximum of Rs.6000/- (including Documentation Charges)
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