PNB Green Car (E-Vehicle) Loan – Scheme for financing Electrical Car

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

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