PNB Used Car Loan 2026
Punjab National Bank finances nearly-new used cars (up to 3 years old) at the lowest starting rate we track, with a very low capped fee. Interest rate 9.45% – 10.55%, loan Up to 75% of the car’s value, tenure Up to 5 years (60 EMIs).
Rates as of 27 Sep 2026 (aggregator) · Checked 27 September 2026PNB Used Car Loan at a glance
- Lowest starting rate (9.45%)
- Fee capped at ₹1,500
- No prepayment charge on floating rate
- Only cars up to 3 years old
- 25% margin — larger down payment
PNB used car loan interest rate & charges
| Feature | PNB |
|---|---|
| Interest rate | 9.45% – 10.55% |
| Rate details | Floating, linked to PNB’s repo-linked lending rate (RLLR): 9.45% – 10.55%. Fixed-rate option 10.45% – 11.55%. |
| Processing fee | 0.25% of loan (min ₹1,000, max ₹1,500) + GST |
| Loan amount | Up to 75% of the car’s value |
| Tenure | Up to 5 years (60 EMIs) |
| Prepayment / foreclosure | Floating: nil; fixed: 2% of amount prepaid |
| Margin | 25% (loan up to 75%) |
| Vehicle age | Car not older than 3 years |
| Minimum income | ₹25,000 net monthly |
Special schemes & features
Choose RLLR-linked floating (no prepayment charge) or fixed rate
Source: www.bankbazaar.com, 27 Sep 2026 (aggregator). 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 @ 9.45% | EMI @ 10.00% | EMI @ 10.55% |
|---|---|---|---|
| ₹3,00,000 | ₹7,530 | ₹7,609 | ₹7,688 |
| ₹5,00,000 | ₹12,550 | ₹12,681 | ₹12,814 |
| ₹8,00,000 | ₹20,079 | ₹20,290 | ₹20,502 |
Tenure 4 years, reducing-balance method. Total interest on ₹5,00,000 at 9.45%: ₹1,02,382.
PNB used car loan EMI calculator
Eligibility
- Salaried, self-employed and professionals
- Net monthly income ₹25,000 or more
- Car not older than 3 years
Documents required
- KYC: PAN and Aadhaar / passport / voter ID / driving licence
- Income proof: last 3 salary slips and Form 16, or 2 years’ ITR with financials for self-employed
- Bank statements (usually last 6 months)
- Copy of the car’s RC, valid insurance and PUC
- Sale agreement or dealer invoice / proforma
- Seller’s KYC and signed Form 29 and Form 30 for RC transfer
- If the car had a loan: previous financier’s NOC and Form 35
- Valuation / inspection report (arranged by the lender)
How to apply for PNB Used Car Loan
- Check eligibilityKnow your credit score and how much EMI your income supports; get a pre-approval if your bank offers one.
- Shortlist and check the carVerify RC, pending finance, challans, service and accident history; get an inspection.
- ValuationThe lender’s empanelled valuer inspects the car; funding is a % of this valuation, not the asking price.
- Sanction and KFSCompare the Key Facts Statement (APR, fees, foreclosure terms) — it stays valid for at least 3 working days.
- PaperworkSign the loan agreement, Form 34 (hypothecation) and RC transfer forms; pay your down payment.
- Disbursal and RC updateThe lender usually pays the seller or dealer; the RC is transferred to you with the new lender’s hypothecation noted.
PNB vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹5,00,000 |
|---|---|---|---|---|
| PNB Used Car Loan | 9.45% – 10.55% | 0.25% of loan (min ₹1,000, max ₹1,500) + GST | Up to 5 years (60 EMIs) | ₹12,550 |
| Indian Bank Pre-owned Car Loan | 9.55% – 11.65% | As per the bank’s service-charge schedule — ask the branch | Up to 6 years (72 months) | ₹12,574 |
| ICICI Bank Pre-owned Car Loan | 9.75% onwards | 2% of loan, max ₹20,000 + GST | Up to 7 years | ₹12,621 |
| Bank of Baroda Pre-owned Car Loan | 10.20% – 12.95% | 0.50% of loan + GST (min ₹2,500, max ₹10,000 + GST) | Up to 5 years (car age from invoice + tenure ≤ 96 months) | ₹12,729 |
| SBI Pre-owned Car Loan | 10.45% – 15.60% | 1.50% of loan + GST (min ₹3,000, max ₹10,000 + GST) | Up to 5 years (car age + tenure ≤ 10 years) | ₹12,790 |
| Tata Capital Used Car Loan | 10.49% onwards | Up to 2.95% of loan + GST | 12 – 72 months | ₹12,799 |
| HDFC Bank Used Car Loan | 11.25% onwards | As per sanction — see the KFS (not published on sources checked) | 12 – 60 months | ₹12,984 |
| Sundaram Finance Used Car Loan | 12.50% onwards | About ₹2,500 (aggregator) | Up to 4 years (48 months) | ₹13,290 |
Frequently asked questions
What is the PNB Used Car Loan used car loan interest rate?
PNB used car loan rates start at 9.45% and go up to 10.55% p.a. (as of 27 Sep 2026 (aggregator)). The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹5,00,000 from PNB?
At 9.45% for 4 years the EMI is about ₹12,550, with total interest of ₹1,02,382.
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 5 years (60 EMIs).
Can I prepay or foreclose the loan?
PNB: Floating: nil; fixed: 2% of amount prepaid.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with PNB Used Car Loan. Terms change — confirm with the lender.