Avail Your Dream Car with Auto Loan of Punjab National Bank
If you are interested to buy a new car, then you should plan to avail Punjab National Bank Auto Loan.
You will be happy to know that Punjab National Bank will be able to offer auto loan for used cars as well.
This is an added advantage for people who are looking to purchase well-maintained second hand cars.
However, you should know that Punjab National Bank Auto Loan is offered for used vehicles that are not older than three years. When it comes to easy financial options, you should always plan to avail the facilities that are offered by Punjab National Bank.
Get new car easily
If you are willing to have a car for your personal use, then you are eligible to apply for Punjab National Bank Auto Loan. Most of the people have a misconception that Punjab National Bank offers auto loan for taxi cars.
You will be surprised to know that Punjab National Bank Auto Loan is also offered for cars that are purchased by corporate sectors and other business organizations. Your loan amount will be calculated according to the rules and regulations of Punjab National Bank.
It is true that twenty five times of your monthly salary is usually offered as a part of Punjab National Bank Auto Loans.
If your income is lower to avail the desired car loan, then you can plan to apply along with the income proof of your parents or spouse.
Of course, income of your family members that only includes your parents and spouse can be considered, while calculating a loan for car with Punjab National Bank.
However, the additional income holder will be considered as a guarantor of loan and not the actual loan holder.
Margin money of 20% should be paid by you, when you want to avail a brand new car with the assistance of auto loan facility of Punjab National Bank.
On the other hand, for used cars, the margin money will be different, when compared to brand new one. It is true that 30% of margin money should be paid for buying used cars with the assistance of Punjab National Bank Auto Loan.
The vehicle that you buy will be registered jointly with Punjab National Bank.
For new cars, you can avail a loan that can be repaid with the help of 84 monthly installments.
The old car loan should be paid within 60 months. 10.50% of interest will be charged on Punjab National Bank Auto Loans, when it comes to less than three years of monthly installments.
On the other hand, if you are willing to have more than three years of monthly installments, then you will have to pay 11% of interest rate.