Calculate EMI

0L25L50L75L100L125L150L175L200L
57.51012.51517.520
Years Months
10
Monthly EMI: 0.00
Total Loan Amount: 0.00
Interest Payable: 0.00
Total Payment (Principal + Interest) 0.00

Scheme For Financing Purchase Of PNB GREEN CAR (E-Vehicle) LOAN

  • Objective
  • Purpose
  • Eligibility
  • Income Criteria
  • Quantum Of Finance
  • Margin
  • Security
  • Guarantee/ Collateral Security
  • Repayment (Maximum)
  • Prepayment Charges
  • Rate Of Interest
  • Processing Charges/ Upfront Fee
  • Documentation Charges

Objective

  • To make Loan available to prospective borrowers for purchase of new Electrical Car(E-Vehicle) on attractive terms.

To purchase:

  • New Electrical Car (E-Vehicle) for personal use.
  • Reimbursement of cost of New Electrical Car (E-Vehicle) for personal use. (Not more than 3 months old)

Eligibility

  • For private use: Individuals.
  • Joint borrowers are also eligible, i.e., parent(s)/spouse/ Earning Children However, out of these only one joint borrower shall be permitted. Further, in case of joint borrowers, an option be got exercised to specify the name of the applicant borrower in whose name they want to get the vehicle registered.
  • Business concerns (corporate or non-corporate). Company /Firm to be in cash profit for the last two years

Income Criteria

  • Minimum net monthly salary / pension/ income - Rs.25000/-
  • (Income of Parent(s)/Spouse/ Earning Children can be taken into account for determining loan amount/eligibility. In such cases, the parent(s)/ spouse/ earning children be made co-borrower). However, out of above only one co-borrower shall be permitted and only his/her income shall be taken into consideration for determining the loan amount.
  • No minimum monthly income is required in cases where borrower agrees to give 110% of liquid security in shape of Term Deposit.

Quantum Of Finance

  • For individuals/Proprietorship concerns: 25 times of Gross Monthly Salary/ Pension/ Income with a ceiling of Rs 100 lakh (for one or more vehicles).
  • For Business Concerns (Corporate or Non-Corporate): No ceiling of loan amount (for one or more vehicles).

Margin

  • For new vehicle: 10% of on-road price or NIL on ex-showroom price, i.e., (100% financing of ex-showroom price).
  • For Reimbursement of cost of new Electrical Car (E-Vehicle): 25% on OnRoad Price

Security

  • Vehicle purchased to be hypothecated to the bank.

Guarantee/ Collateral Security
Third party guarantee / collateral security as follows:

  • Guarantee acceptable to the Bank in case of Gross Monthly salary is less than Rs. 50000/-
  • No guarantee required for permanent employees of Central Govt./ State Govt./ PSBs/MNCs/ Listed companies of BSE or NSC whose shares are actively traded and quoted above par irrespective of income.
  • For all other cases Third Party guarantee/ Collateral Security acceptable to the Bank.

Repayment (Maximum)

  • For new Electrical Car (E-Vehicle): The loan amount together with interest is to be repaid maximum in 120 equated monthly installments comprising of principal and interest commencing from the succeeding month.
  • (Repayment to be ensured within 70 years for salaried persons with pension and pensioners. For others repayment to be ensures within 65 years of age)

Prepayment Charges

  • No pre-payment charges

Rate Of Interest

  • “BANK WILL CHARGE INTEREST ON ALL ADVANCES, UNLESS OTHERWISE SPECIFIED ON THE BASIS OF 365 DAYS PER YEAR”.

Processing Charges/ Upfront Fee

  • Nil

Documentation Charges

  • Nil
Scheme Banner
FAQ Thumbnail
Who are eligible for Car Loan?

All individuals or Joint borrowers. Business Concern.

What is the time taken to Sanction Housing Loan?

Within 3 days after submission of all the necessary documents.

What is the Maximum amount of Loan?

For individual it is Maximum Rs. 100.00 lakh. For Business Concern – Need Based

What is the maximum tenure of Loan?

Maximum Tenure of loan is 7 years or upto age of 70 years in case of Salaried person and 65 years for other than salaried. No age limit for loan to business concern.

What is the margin requirement?

For purchase of New Car – 15% of on-road price and 10% of on-road price in case of tie-up with car manufacturer/dealer.
For old vehicle – 25% of on-road price.

What is the Rate of Interest for Housing Loan?

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What are the documents required for Housing Loan?

Valid KYC documents i.e Voter ID, Aadhar Card, PAN Card, or any other valid ID/Address Proof.
Income proof i.e last three year ITR, Latest Salary Slip in case of salaried person.
The detailed check list can be provided at specific request from the applicant at his/her email ID.

What is the criteria for CIC Score for Housing Loan?

No minimum Credit Information Company (CIC) score is prescribed, However, If CIC score is good then bank will offer better rate of interest.

What is the Service charges/ Processing Fee?

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What is the Pre-payment charges of Housing Loan?

There is no pre-payment charges of Retail Loans under floating rate option.

What is the EMI?

EMI Table can be referred

Whether takeover from other bank/NBFC is permitted.

Takeover from other Bank/NBFC is permitted.

Whether Guarantee is mandatory?

Guarantee acceptable to the Bank in case of Gross Monthly salary/pension/income is less than Rs. 50000/-
Or
No guarantee required for permanent employees of Central Govt./ State Govt./ PSBs/MNCs/ Listed companies of BSE or NSE whose shares are actively traded and quoted above par irrespective of income

Whether reimbursement in case of Car purchased from own sources.

Reimbursement is permitted if Car is purchased from own sources and invoice is not more than 3 month old.

For more details please visit following links:

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online eligibility calculator
Home Car
+91

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Note on Prerequisites

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