Punjab National Bank has been there for 120 years and has an extensive national presence with 6564 branches along with the overseas offices. Currently, the bank is serving more than nine crore customers. Over the years, it has witnessed an enormous growth because of its hard-working staff and customer loyalty. The PNB is one of the leading nationalized banks and offers a wide array of financial products and services along with loans.
The applicant must be getting a salary of minimum Rs. 10,000/- per month.
The applicant must be a salaried individual who draws a salary from any employer via any PNB branch.
The applicant must come under the age bracket of 18 to 60 years.
The applicant should have a valid driving license.
The applicant either should be a customer of PNB for at least the last six months with clear transactional record or a customer of any bank with a satisfactory transactional history of the previous one year.
In case if the borrower is a student, he or she must be more than 18 years. The loan will only be sanctioned if a working parent becomes the co-borrower.
If the applicant is married and not working, then the income of his/her salaried spouse will be considered for deciding the income criteria. Here the income of the salaried spouse will be considered.
For Self-Employed Applicants: Here to verify the business income, the last ITR filed, and challans for tax deposited will be recognized.
1. Interest Rate for the Salaried Individual: The interest rate will Base Rate +3.00% for less than three years and BR+3.00%+TP for three years and above.
2. Interest Rate for the Self-Employed: The interest rate for three years or lesser is BR+4.00% and BR+4.00%+TP for more than three years.
The maximum period of repayment of loan:
|Type of two-wheeler||EMIs|
|Scooter and Motorcycle||60|
The borrower can pay the full amount of two-wheeler through PNB loan without spending a penny from their pocket, based on the need.
|Type of Fee||Amount|
|Processing Charges||Rs. 275/-+ Service tax & Edu.cess (may be waived off during festival time)|
|Documentation Charges||Rs. 275/-+ Service tax & Edu.cess(may be waived off during festival time)|
Q1. Being a 19-year-old student, am I eligible to apply for a two-wheeler loan at PNB?
Yes, you can apply for a loan even if you are a student. However, this will only be possible by assigning a salaried parent as co-borrower. Along with that, a valid driver's license is also required from your side.
Q2. What are the charges for prepayments before the decided term?
There are no extra charges for doing so.
Q3. What percentage of the salary can be used to repay the borrowed amount per month?
The maximum permissible deduction on a monthly basis is 40% to 60% of your salary.
Q4. What is the margin of the two-wheeler loan as per the price of two-wheeler?
For Salaried Borrower: 10%
Q5. Is any asset is required to keep as security for borrowing the loan?
No. The two-wheeler itself is a security for the loan.