Calculate your PNB EMI at rates starting from 7.6% p.a.
Disclaimer: Results are estimates based on the standard reducing-balance EMI formula. Actual EMI may vary based on lender terms, credit score, and processing conditions. Consult your lender for a formal quote.
Use this calculator to estimate your monthly EMI on a PNB car loan, using PNB's current published interest rate — shown in the table below and kept up to date as rates change. The calculation uses the standard reducing-balance formula every RBI-regulated lender follows, so the EMI shown here should closely match what PNB would quote for the same loan amount, rate, and tenure — whether you're financing a new car through a dealer tie-up or an existing car through a used-car loan. Primarily branch-driven, with online tracking available as a supplementary channel rather than a fully digital end-to-end journey.
Car loan eligibility is generally faster to assess than a home loan, since the vehicle itself acts as collateral. These are the main factors PNB and most lenders weigh:
New cars typically qualify for financing up to 90–100% of the on-road price, while used cars are financed on a lower percentage of the car's assessed value, since resale value depreciates faster and unevenly across models.
Salaried applicants generally need 1–2 years of continuous employment; self-employed applicants are assessed on income tax returns. Car loans are typically approved faster than home loans since the loan amount and tenure are both smaller.
A CIBIL score of 700+ generally secures a competitive rate. Lower scores can still get approved but often at a higher rate or with a larger mandatory down payment.
A larger down payment reduces the financed amount and often improves the rate offered, since it lowers the lender's exposure if the vehicle needs to be repossessed and resold.
Car loan documentation is lighter than a home loan — most approvals can be completed within a few days once these are ready:
| Document Type | Salaried Applicants | Self-Employed Applicants |
|---|---|---|
| Identity & Address Proof | PAN, Aadhaar, passport, or voter ID | PAN, Aadhaar, passport, or voter ID |
| Income Proof | Last 2–3 months' salary slips | Last 2 years' income tax returns |
| Bank Statements | Last 3–6 months' bank statement | Last 6–12 months' bank statement |
| Vehicle Documents | Dealer quotation or proforma invoice (new car); RC and valuation report (used car) | Same as salaried |
For a used-car loan, PNB will typically also require a vehicle valuation report — this is usually arranged through the dealer or the bank's own inspection process.
These figures are pulled from PNB's publicly published terms and kept current:
| Term | PNB Detail |
|---|---|
| Interest Rate (starting from) | 7.6% p.a. |
| Processing Fee | not separately published — confirm with the bank at application |
| Maximum Tenure | 7 years |
| Foreclosure/Prepayment Charges | Foreclosure charges may apply — check your loan agreement |
Unlike home loans, car loan foreclosure charges are NOT prohibited by RBI regulation — always check PNB's specific foreclosure clause before planning an early payoff.
Car loan rates vary by new-vs-used vehicle status and your credit profile — use this as a starting point, not a final quote. Here's how PNB's currently published rate stacks up against other lenders on ClariMoney:
| Lender | Rate (p.a.) |
|---|---|
| Union Bank | 7.4% p.a. |
| PNB (this page) | 7.6% p.a. |
| Bank of Baroda | 7.6% p.a. |
| ICICI Bank | 8.35% p.a. |
| SBI | 8.95% p.a. |
| Axis Bank | 8.95% p.a. |
| Kotak Mahindra Bank | 9% p.a. |
| HDFC Bank | 9.1% p.a. |
Eligibility mainly depends on income and employment continuity (typically 1–2 years), credit score, and whether the car is new or used — new cars generally qualify for a higher percentage of on-road price financed than used cars.
You'll need identity and address proof, recent income proof (salary slips or ITRs), bank statements, and vehicle documents — a dealer quotation for a new car, or the RC and valuation report for a used car.
PNB charges not separately published — confirm with the bank at application. This is typically collected upfront or deducted from the disbursed amount — factor it into your total cost alongside the EMI.
Foreclosure charges may apply — check your loan agreement Unlike home loans, RBI does not prohibit foreclosure charges on car loans, so this varies by lender and loan agreement — check your specific terms before planning an early payoff.
At least one other lender compared on this page currently publishes a lower rate. Also compare against dealer-arranged financing, which can sometimes undercut a direct bank loan through manufacturer subsidies.
Yes, most lenders including PNB offer used-car loans, though typically at a higher rate than new-car financing and for a lower percentage of the vehicle's assessed value, since depreciation and resale risk are higher.
Also comparing PNB for other loans? PNB Home Loan Calculator · PNB Personal Loan Calculator
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