PNB Car Loan 2026
Punjab National Bank offers both repo-linked floating and fixed car loans, with a very low capped processing fee. Interest rate 7.60% – 9.70%, loan Up to ₹1 crore or 25 × gross monthly salary; 85% funding (90% with manufacturer tie-ups), tenure Up to 84 EMIs (7 years).
Rates as of Sep 2026 (aggregator; RLLR 1 Jul 2026) · Checked 30 September 2026PNB Car Loan at a glance
- Low floating rates from 7.60%
- Processing fee capped at ₹1,500
- No prepayment charge on floating rate
- Only 85% funding (15% margin) unless the model has a tie-up
- Fixed-rate loans carry a 2% prepayment charge
PNB car loan interest rate & charges
| Feature | PNB |
|---|---|
| Interest rate | 7.60% – 9.70% |
| Rate details | Floating, linked to PNB’s RLLR (8.10% from 1 Jul 2026): 7.60% – 9.70%. Fixed-rate option 8.60% – 10.70% (BankBazaar, Sep 2026). |
| Processing fee | 0.25% of loan (min ₹1,000, max ₹1,500) + GST |
| Loan amount | Up to ₹1 crore or 25 × gross monthly salary; 85% funding (90% with manufacturer tie-ups) |
| Tenure | Up to 84 EMIs (7 years) |
| Prepayment / foreclosure | Floating: nil. Fixed: 2% of amount prepaid (exceptions when prepaid from own funds) |
| Margin | 15% (10% for cars under manufacturer tie-ups) |
| Minimum income | ₹25,000 net a month |
| Rate options | Floating (RLLR) or fixed |
Special schemes & features
Online application and sanction
Scheme for eligible PNB Pride customers (government employees)
Source: www.bankbazaar.com, Sep 2026 (aggregator; RLLR 1 Jul 2026). Rates are indicative; your rate depends on your profile. Always check the Key Facts Statement (KFS) for the APR before signing.
EMI at PNB’s rates
| Loan amount | EMI @ 7.60% | EMI @ 8.65% | EMI @ 9.70% |
|---|---|---|---|
| ₹5,00,000 | ₹10,043 | ₹10,294 | ₹10,550 |
| ₹8,00,000 | ₹16,068 | ₹16,471 | ₹16,880 |
| ₹12,00,000 | ₹24,103 | ₹24,707 | ₹25,320 |
Tenure 5 years, reducing-balance method. Total interest on ₹8,00,000 at 7.60%: ₹1,64,104.
PNB car loan EMI calculator
Eligibility
- Salaried, self-employed, professionals, farmers
- Minimum net income ₹25,000 a month
- Loan capped at 25 × gross monthly salary for salaried applicants
Documents required
- Application form with photographs
- KYC: PAN (mandatory) and Aadhaar / passport / voter ID / driving licence
- Income proof — salaried: last 3 salary slips and Form 16; self-employed: 2 years’ ITR with computation, P&L and balance sheet
- Bank statements for the last 6 months
- Proforma invoice / quotation from the dealer showing on-road price
- Employment or business continuity proof
- After purchase: RC copy with hypothecation, insurance policy naming the bank, and final invoice
How to apply for PNB Car Loan
- Pick the car and get a quoteAsk the dealer for an itemised on-road quotation — ex-showroom, road tax, registration, insurance, TCS and accessories.
- Compare offersCheck rate, rate type (fixed / floating), processing fee, foreclosure charges and the APR in each lender’s Key Facts Statement.
- ApplyOnline, through the bank app, at a branch or at the dealership; many banks give pre-approved offers to existing customers.
- SanctionThe bank checks your credit report, income and the car’s price, then issues a sanction letter and KFS.
- Sign and pay marginSign the loan agreement, set up NACH/e-mandate for EMIs and pay your down payment to the dealer.
- Disbursal and registrationThe bank pays the dealer directly; the RTO registers the car with the bank’s hypothecation on the RC. Submit the RC and insurance copies to the bank.
PNB vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹8,00,000 |
|---|---|---|---|---|
| Canara Bank Car Loan | 7.45% – 15.00% | 0.25% of loan (min ₹1,000, max ₹5,000) + GST; 50% waiver from 1 Jul to 30 Sep 2026 | Up to 84 months (7 years) | ₹16,011 |
| Bank of Baroda Car Loan | 7.60% – 11.30% | Up to ₹10 lakh: ₹1,500 + GST; above ₹10 lakh: ₹2,000 + GST; ₹500 + GST for government / PSU employees | Up to 84 months (7 years) | ₹16,068 |
| PNB Car Loan | 7.60% – 9.70% | 0.25% of loan (min ₹1,000, max ₹1,500) + GST | Up to 84 EMIs (7 years) | ₹16,068 |
| Union Bank of India Car Loan | 7.60% – 10.00% | ₹1,000 + GST (aggregator); often waived for electric vehicles | Up to 84 months (7 years) | ₹16,068 |
| HDFC Bank Car Loan | 8.15% onwards | Up to 0.5% of loan (min ₹3,500, max ₹8,000) per BankBazaar; ClearTax shows 1% (min ₹3,500, max ₹9,000) — plus GST | 12 – 84 months | ₹16,279 |
| ICICI Bank Car Loan | 8.40% onwards | Up to ₹8,500 + GST | 12 – 84 months | ₹16,375 |
| SBI Car Loan | 8.40% – 9.35% | Up to ₹5 lakh: ₹500 (salaried) / ₹750 (others); ₹5 – 10 lakh: ₹1,000 / ₹1,250; above ₹10 lakh: ₹1,500 / ₹2,000 — all + GST | Up to 7 years (Green Car Loan up to 8 years) | ₹16,375 |
| Axis Bank Car Loan | 8.95% – 11.75% | ₹3,500 – ₹5,500 + GST | 12 – 96 months (up to 8 years) | ₹16,587 |
Frequently asked questions
What is the PNB Car Loan car loan interest rate?
PNB car loan rates start at 7.60% and go up to 9.70% p.a. (as of Sep 2026 (aggregator; RLLR 1 Jul 2026)). The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹8,00,000 from PNB?
At 7.60% for 5 years the EMI is about ₹16,068, with total interest of ₹1,64,104.
What is the processing fee?
PNB: 0.25% of loan (min ₹1,000, max ₹1,500) + GST. GST at 18% applies on fees.
What is the maximum tenure?
PNB: Up to 84 EMIs (7 years).
Can I prepay or foreclose the loan?
PNB: Floating: nil. Fixed: 2% of amount prepaid (exceptions when prepaid from own funds).
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with PNB Car Loan. Terms change — confirm with the lender.