What is PNB Combo Loan ?
The PNB Combo Loan Scheme is a special offer by Punjab National Bank that allows home loan customers to also get a car loan at a lower interest rate. This means that if you already have a home loan with PNB, or if you are planning to take one, you can also apply for a car loan under this scheme and enjoy better and more affordable terms compared to a regular car loan.
The bank has designed this scheme to make the process simple and stress-free, so existing home loan borrowers do not have to go through a complicated procedure just to get a vehicle loan. In short, we can say that it is easier and cheaper for them to own a car as well.
Eligibility Criteria of PNB Combo Loan
1.Minimum Loan Amount – the limit must be Rs. 15 Lakhs or above of home loan to be eligible for this scheme.
2. Security Requirement – you can apply for this scheme only after you have submitted your house property as security against your Home Loan.
3. Only Brand New Cars – this scheme only finances brand new four-wheeler vehicles. Whereas second-hand or used cars are not covered under this scheme.
4. Minimum Loan Running Period – if you are an existing Home Loan borrower, your loan must have been active for at least 3 years (moratorium period is not counted).
5. No EMI Default – throughout the entire loan period, you must have paid all your EMIs on time. even a single missed or delayed payment will make you ineligible for this scheme.
Important Key Features of PNB Combo Loan
1. Purpose of Loan – This loan is given for the purchase of a car or two-wheeler for your personal use only, not for business purposes.
2. Type of Loan – It is basically comes under term loan, means you will have to repay it in fixed monthly installments (EMIs) over a set period of time.
3. Vehicle Hypothecation or Collateral – The vehicle you purchase will be kept as security against the loan. This means the bank will have a claim on the vehicle until the loan is fully repaid.
4. Insurance – You must get your vehicle comprehensively insured, and the cost of the insurance will have to be paid by you, not the bank.
5. Loan Amount – The bank will finance up to 90% of the on-road price of the car or two-wheeler. However the maximum loan amount you can get is Rs. 10 Lakhs.
6. No Income Proof Required – One of the biggest advantages of this scheme is that you do not need to submit any fresh income proof or go through a pre-sanction process. This makes the loan approval faster and much more convenient for existing home loan borrowers.
Rate of Interest of PNB Combo Loan
| CIBIL Score | Interest Type | Rate (Option 1) | Rate (Option 2) | Final Rate (Option 1) | Final Rate (Option 2) |
| 750 & above | Best category | RLLR + BSP – 0.45% | RLLR + BSP – 0.50% | 8.65% | 8.60% |
| 700 – 749 | Medium category | RLLR + BSP + 0.60% | RLLR + BSP + 0.55% | 9.70% | 9.65% |
| 680 – 699 | Lower category | RLLR + BSP + 1.60% | RLLR + BSP + 1.55% | 10.70% | 10.65% |
Note
- If your score is below 750 then try to improve it before applying. So that you could save a lot of money on interest.
- Higher CIBIL score = Lower interest rate
- 750+ score will perform better and gets best rates
- Below 700 score will charged higher interest rate
- Two options are given you have to choose the lower rate option (Option 2) for better savings
How to Apply or Process for PNB Combo Loan
- Check eligibility
- You must take or already have taken home loan (minimum ₹15 lakh)
- Choose combo loan option
- Apply for Home Loan + Car Loan together
- Only new car is allowed
- Prepare documents
- ID proof (Aadhar, PAN)
- Income proof (salary slip / ITR)
- Bank statement
- Property documents
- Apply for loan
- Visit PNB branch OR apply online
- Fill application form
- Enter your personal + income + loan details
- Bank verification
- Bank will checkout your CIBIL score, income, repayment capacity
- Loan approval
- If everything is correct then bank review your data for approval
- Pay margin money
- You will have to pay 10% of car value
- Bank gives 90% loan or finance
- Loan disbursement
- If bank receive your all data with approval within 15 to an hour you might get disbursed your proposal (tat time of disbursement is all depend upon banking operations)
Note
- Only new car allowed with 90% of bank funding.
- Maximum loan tenure will be for 7 years (84 months)
- Minimum income – for Salaried individual it should be at least rs.50,000/month and for Business person it should be 6 lakh per annum.
How to Calculate PNB Combo Loan EMI
Loan Details with Amount of 20 lakhs and 5 lakhs
| Loan Type | Amount | Interest Rate | Tenure | EMI |
| Home Loan | ₹20,00,000 | 7.99% | 20 years (240 months) | 16,729 |
| Car Loan | ₹5,00,000 | 9.00% | 5 years (60 months) | 10,378 |
Monthly EMI of Combo Loan
| Particular | Amount |
| Home Loan EMI | 16,729 |
| Car Loan EMI | 10,378 |
| Total Monthly EMI | 27,107 |
Total Payment of Both the loan
| Loan Type | Total Payment |
| Home Loan | 40,14912 |
| Car Loan | 6,22680 |
| Total Payment (Both Loans) | 46,37,592 |
Note
- You will have to Rs 27,107 every month for both the loans
- Car loan will ends in 5 years, then EMI amount will automatically reduced and only Rs 16,729 (home loan EMI) will be continued
- Always check
- Total EMI should be within 40–50% of your income
- Keep some savings for emergencies
Other Important Terms and Charges of PNB Combo Loan
All charges shown are without GST/Taxes (extra tax will be added)
Insta Vehicle Loan Scheme
- This loan is for existing home loan customers
- You must have a good repayment record for at least 5 years
- Then you can easily get a vehicle loan
PNB Combo Loan Scheme
- For that your home loan amount should be 15 lakh or more
- This is a car loan with lower interest rate
- Available for home loan customers
Note
- If you already have a home loan customer and have good credit history, banks will give you extra benefits on car loans.
Loan Inspection Charges
For Regular Account (no issues)
- No inspection will required
- Charges will be NIL
Irregular / NPA Account
- Inspection happened Every 3 months (or as needed)
- For PNB 551 Every 6 months
- Charges Rs. 100 + GST
Two-Wheeler Loan
- Same rules as Car Loan
- Charges Rs. 50 + GST
Housing Loan
Regular Account
- Security check might be Once in 2 years
- Charges of Rs. 250 + GST
NPA Account
- Inspection happened Every 6 months
- Charges will be Rs. 250
Note
- If your loan is regular (on-time payment) you might have to pay very low or no charges
- If your loan becomes irregular/NPA then definitely you will have to pay more frequent checks + charges.
Document Required for PNB Combo Loan
KYC (know to your customer) Document
- Latest Passport-size photographs
- Identity Proof (any one)
- Copy of Aadhaar Card
- Copy of PAN Card
- Copy of Voter ID, Passport or Driving License
- Address Proof (any one)
- Copy of latest utility bill, latest postpaid mobile bill, Copy of rent agreement or Copy of passbook front page.
Income Proof
For Salaried Person- Last 3 months salary slips
- Latest updated 6 months bank statement
- Form 16 or Income Tax Return (ITR)
For Self-Employed Person- Last 2 year ITR along with computation and Profit & Loss Account + Balance Sheet
- If firm Audited then audit report and ITR
- Business proof (Copy of GST, Copy of Gumasta or Shop Registration)
Existing Home Loan Document
- Latest tax receipt of property
- Home loan sanction letter and loan account statement
- Repayment track record
Car Loan Documents (for new car)
- Proforma Invoice or Quotation from dealer
- Vehicle details such as model number, price and color of vehicle.
Conclusion
The Punjab National Bank Combo Loan is a simple and convenient option that allows you to take a home loan and a car loan together from one bank. It helps and also save time because you don’t have to apply for two separate loans,
However, you should make sure that your income is stable and you may pay both the EMIs on time. Overall, I must say that it is very good option for existing home loan customer who is eligible for such a combo loan option on the basis of track record.
