Eligibility Criteria for Punjab National Bank Auto loan

Minimum and Maximum Age	21 Yrs. – 65 Yrs. Note: However, many banks require minimum age of 18 years
Loan Amount	Upto Rs. 10 lakhs. Some banks give maximum loan upto Rs. 50 lakhs Note: Loan amount depends upon the value of the Vehicle and the EMI you can pay
Net Monthly Income	Min. Rs. 18,000 per month
Employment Type	Salaried and Self Employed Interest rates are typically in the range of 7.75% to 29.00% per annum
Minimum Work Experience	1 year of total work experience Business tenure should of 5 years & ITR required for at least 2 years (For Self Employed only)
CIBIL Score for Punjab National Bank Auto loan	700 & more credit history Note: Most banks avoid giving Punjab National Bank Auto loans if you have low credit score

Punjab National Bank Auto loan Eligibility

Income Level of Individual

Based on the income of the borrower, the Punjab National Bank Auto loan amount to be disbursed from the lender side will vary. Obviously, with a greater income sufficing the payment of EMIs without any discomfort, the Punjab National Bank Auto loan amount disbursal can be much more. However, income levels are not much to deal with the pressure of higher EMIs, the lender or banker will most probably disburse a comparatively lower amount of Punjab National Bank Auto loan so that the repayment from borrower side can be a lot smoother.

Stability of Income

When the lenders/bankers sit down to calculate your eligibility based on income, they not only check the amount of your earning but also the stability of the job/work be it as a salaried or self-employed. Higher the stability, higher the probability are the chances of more Punjab National Bank Auto loan amount coming your way.

Credit History

All your trials of obtaining a Punjab National Bank Auto loan can go down in vain if you have a poor credit history resulting from a default in payments of credit cards or other loans prevously. So, please make sure you have and maintain a very good CIBIL score preferably above 750 to get the Punjab National Bank Auto loan approved from most banks.

Car Type / Vehicle Type

The eligibility criteria also varies depending on type of cars you are buying. As you know, a wide range of cars in passenger car, sedan,hatchbacks, Sports-utility Vehicles (SUVs), Multi-utility vehicles, and other segments. The vehicles , which figure in these type /segment, are expected to have a slightly different resale value based on the model, reviews, engine performance and other features.

Employment Status for Salaried – When in the case of a salaried, the individual is should have worked for atleast 2-3 years and in the current job for a minimum 1 year to convince the banks for a smooth approval of the Punjab National Bank Auto loan.

Relationship with Bank– The strength of relationship with the lender/bank can either be a gain or loss-making proposition. If you are applying for a Punjab National Bank Auto loan at a bank with whom you already have a successful journey in the form of CASA or other products, you could then negotiate for a higher Punjab National Bank Auto loan amount at best interest rates.

Business continuity for Self-employed – Businessmen or Self-employed professionals must be in the same business line for a minimum of 2-3 years to get the approval for a Punjab National Bank Auto loan.

Category of Your Employer

If you are from a Fortune 500 company of India, you should put yourself in the right position to get a larger amount of Punjab National Bank Auto loan as lenders or banks will confirm your job stability to be pretty good. If you are not belong to such firms, it is necessary you must earn reasonably higher income so that a higher auto loan amount could come running at your doorstep. Now that you know the critical major factors you should take care of while applying for a Punjab National Bank Auto loan, get yourself aware of the eligibility params set by select lenders and banks in India.

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