What is an Electric Car Loan ?
electric car loans are those who can run through electricity. We do not have to depend upon petrol or diesel to drive the car. PNB Electric Car Loan is one of them which is affordable and easy to process.
Today’s digital era where we are globally facing air pollution which has to be controlled soon otherwise we will enter into danger.
Through electric vehicle we will not only save our environment but also will not be depend upon import of petrol and diesels, which falls down our economy. EV loan is also popularly known as green vehicle loan.
Eligibility of PNB Electric Car Loan
- Applicant should be Indian resident.
- Applicant minimum age should be 18 years and above and maximum age for salaried customer is 65 years and for self employed it is 70 years.
- Car can be taken individually and through joint borrower. (Borrower can be parents, spouse and earning children.)
- Car can be taken in the name of Business concern, corporate or non-corporate company and firm to be in cash profit for the last 2 years.
- The New Electric car loan EMI will be for 120 months.
Income Criteria for PNB Electric Car Loan
For Salaried Employee
- The minimum net monthly salary should be at least 25000/- per month.
- Co- borrower or co-applicant can be taken as financial income in such cases not only loan amount will be increased but also can get more weight age for loan.
Note – No minimum income is required in case where borrowers agrees to give 110% of liquid security in shape of term deposits.
For Business Individuals
- For proprietorship and partnership firm individuals 25 times of gross monthly income can be taken or 1 crore. (for one or more vehicle)
- For corporate or non-corporate No ceiling of loan amount.
ROI (Rate of Interest) of PNB Electric Car Loan
Base Rate Revision Details
| Particulars | Existing (W.E.F 01/10/2025) | Revised (W.E.F 01/01/2026) |
| Base Rate | 9.50% | 9.50% |
RLLR + BSP – 8.10% (Repo rate (5.25%)+ Mark –up (2.75%) + business strategies premium (BSP) (010%)
Note – Bank will charge interest on all advances, unless otherwise specified on the basis of 365 days per year.
In case of change in Repo rate by the RBI the repo rate linked rate (RLLR ) will be changed from next working days.
Margins and Security of PNB Electric Car Loan
- For new vehicle 10% of on road price or ex-showroom price. (100% financing of ex-showroom price)
- For reimbursement of cost of new electric car 25% on road price.
- Electric vehicle itself hypothecated taken as security.
- Third party collateral security will be acceptable by bank in case of gross monthly salary is less than Rs. – 50000/-
Re-payment Fees and Other Charges of PNB Electric Car Loan
Re-payment Charges
- The new electric car loan EMI will be for 120 months
- Maximum re-payment period for salaried and pensioners will be 70 years and for business individuals 65 years.
- The processing fees /upfront fees paid by the customer which will be non-refundable.
- Pre-payment charges and other documentation charges will be nil.
Insurance Charges
- The customer will receive loan insurance policy after disbursement of loan which will also be kept on the banks record as well.
- In case the bank do not get copy of records would have right to take it from customer.
List of Documents for PNB Electric Car Loan
KYC (Identity Docs)
- 2 latest passport size photograph of applicant.
- Copy of PAN card, Adhar card, passport, voter id card or government job card. (any one)
Address Proof Docs
- Latest utility bill, electricity bill, telephone bill, postpaid mobile bill, gas piped bill or water bill, (any one)
- Property tax or municipal tax receipt can also be taken as address proof.
Banking Documents (Salaried)
- Last 6 months salary account bank statement.
- Latest 2 years form – 16.
- Last 2 years of IT returns (if applicable)
For Self Employed
- Latest 6 months current account or CC account bank statement.
- Latest 2 years IT returns along with computation and balance sheet, if audited firm then audit report.
Information related to proposed vehicle
- Type of car which has to be purchased by applicant such as car type and model number.
- Total cost of vehicle.
- Name and address of proposed dealer from whom electric car has to be taken by applicant.
Process of Disbursement of PNB Electric Car Loan
- The electric car loan financed by the bank should be registered with the transport authority jointly with applicant and by the bank.
- Applicant has to submit copies of registration authority applying for JRC along with insurance policy.
- The sanctioned loan amount will be paid directly to applicant banks by the way of NEFT/RTGS.
Note – After sanctioning the loan if bank will receive all necessary documents at the earliest the amount will be disbursed with 2 hours or maximum of 2 working days.
Conclusion
I hope the above all information related to electric car loan from PNB bank will really helpful for you. Now the time is changing rapidly and demand of electric vehicles is now being increased day by day.
As per global scenario we need to shift our point of view from petrol or diesel to electric things, so that we could be powerful force for our environment protection.
