PNB Two Wheeler Loan - Two Wheeler Loan Interest Rate - mymoneykarma

Two Wheeler Loan Interest Rate

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 PNB is one of the leading nationalized banks and offers a wide array of financial products and services along with loans.

Eligibility Criteria of Two-Wheeler Loan

• 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.

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.