Borrowing Car Loan From Punjab National Bank
Banks are commercially motivated in any part of the world. They are involved in expanding their banking business with profit purpose. The situation holds truth in India as well. Profit oriented banks offer different types of loans and insurance products in the country. They sell products at reduced price to entice customers. Competition is the name of game for such banks and so they are focused on offering quality banking services. That’s why we see differences in terms of interest rate, charges and terms and conditions on borrowing home loans.
PNB or Punjab National Bank is one of the most renowned Indian banks having large number of branches all across the country. The name of the bank has garnered household reputation because of quality home loan banking services.
Most of you might dream of driving home a new car. However, lack of sufficient financial source is surely one of the main reasons that hamper your way from purchasing a car of your dream. However, with a bank like PNB, your dream of purchasing a new car in India will be materialized very shortly. You can avail sufficient auto loan from the bank so that you can finance your car without any hassle.
Vehicles such as van, jeep, utility vehicles, sports utility vehicles and old vehicles can well be financed by PNB bank if you are going to buy any one of them. Whether you are interested in purchasing vehicles of indigenous or foreign make, PNB will finance you sufficiently once your loan application is accepted.
As per the loan amount, you will avail up to Rs 25 lacs term loan on all new and used cars from the bank. Your loan amount can also be determined by adding income of spouse. For this, your spouse will stand as guarantor. Both new and used car loans are available under the tenure of 12-84 months or 12-60 (old car) months at the interest rate of 12.5%.
The bank ensures that customers experience faster loan sanctioning procedures. For this, it ensures that your auto loan application is processed within five days. Preferred auto manufacturing companies on which auto loan is sustained by the bank include GENERAL MOTORS INDIA, FIAT, Ford, Hindustan Motors, Honda, Mistubishi, Nissan, Hyundai and others.
Punjab national bank also charges certain interest on processing of documents. Generally the bank charges 1% interest rate for this purpose from its customers. Other than that, there are certain eligibility criteria for both salaried and self-employed that are mandatory to follow in order to qualify for PNB car loan. Both applicants need to submit document as per the demand of the bank to avail sufficient loan for auto related needs.
In India, car loan stands for reliable source to arrange money in order to buy dream car. With PNB car loan, you can realize your dream without any hassle. The bank sustains loan on cars of different brands which are quite compatible to your choice and need.
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