PNB Car Loan Interest Rate November 2026: Who Gets 7.90%
The PNB car loan interest rate starts at 7.90% p.a. floating on a new non-electric car for women of any CIBIL score, and for everyone else (PNB PRIDE government staff and pensioners included) at a score of 750 or above. Scores of 700 to 749 pay 8.95%, 681 to 699 pay 9.95%, and fixed costs one point more, up to 10.95%. The processing fee is waived until 31 December 2026.
PNB car loan interest rate in 2026: the short version
Punjab National Bank's car loan is one product with several doors into it: a Car Loan for PNB Pride Customers (government, defence and PSU staff and pensioners) priced on the same score grid as everyone else; Insta Vehicle Loan and Combo schemes for existing home loan customers; a Digi Car Loan online; and PNB Yuva Vahan, which takes 0.05% off the grid. Funding is 85% of on-road price as standard (90% only under a dealer tie-up) and a new car runs to 84 EMIs.
One contradiction first. The rates page headline says "starting from 7.80% p.a.", but that is the Yuva Vahan concession; the grid bottoms out at 7.90% (7.85% for an electric car). The page prints no effective date, though its figures match the RLLR of 8.35% in force since 8 October 2026. Among the 30 lenders in our car loan section, that floor ranks 12th, tied with Central Bank of India and under the 8.50% median.
PNB car loan EMI
Loan amount: ₹8,00,000 at PNB's published rate range. Reducing-balance EMI; processing fees and insurance are extra.
Compare car loan ratesYour monthly EMI
₹16,183
for 60 months
₹9,70,971
Total payable
₹8,00,000
₹1,70,971
Interest is 17.6% of what you repay. A shorter tenure cuts it; a lower rate cuts it more.
How PNB prices a new car loan
The base is RLLR plus BSP, together 8.35% p.a. since 8 October 2026; RLLR tracks the repo rate, raised 25 basis points to 5.50% on 7 October 2026. PNB then adds a spread by borrower type and CIBIL score.
The top row, RLLR plus BSP minus 0.45%, is 7.90% floating. Women get it at any score; PRIDE borrowers, corporates, Insta Vehicle Loan customers and other individuals get it at 750 or above. A score of 700 to 749 adds 0.60%, so 8.95%; 681 to 699 adds 1.60%, so 9.95%. Below 681 PNB prints nothing.
Fixed is one percentage point more in each row: 8.90%, 9.95% and 10.95%. Electric cars take 0.05% off every new-car figure. Used cars up to three years old start at 9.70% floating and 10.70% fixed and reach 10.80% and 11.80% in the 681 to 699 band; the header's 9.65% is again Yuva Vahan (see our used car loan page).
Floating or fixed
The RBI's 2025 directions on pre-payment charges bar any foreclosure or part-payment charge on a floating car loan to an individual sanctioned from 1 January 2026. Fixed loans sit outside the ban, and PNB uses the room. Floating, though, resets at least quarterly, with a choice of higher EMI or longer tenure when it rises.
The EMI, worked through
₹10 lakh at 7.90% over 5 years: EMI ₹20,229, interest ₹2,13,714. Over 7 years the EMI drops to ₹15,536 but interest rises to ₹3,05,061; ₹3,05,061 minus ₹2,13,714 is ₹91,347 extra. At the 10.95% fixed ceiling the 5-year EMI is ₹21,717; ₹21,717 minus ₹20,229 is ₹1,488 a month more. Try the car loan EMI calculator and the full car loan interest rates table.
PNB car loan rates as published
| New car | 7.9% to 10.95% p.a. |
|---|---|
| Who gets the lowest rate | Women (Irrespective of CICs Score), PNB PRIDE, Corporate, Insta Vehicle Loan Scheme for existing home loan borrower (New Car Only), Others Individual with CIBIL TU or equivalent 750 & above: RLLR+ BSP-0.45% i.e. 7.90% p.a. (Presently), floating, other than e-vehicle |
| Rate basis | Fixed or floating (RLLR (Repo Linked Lending Rate) + BSP 8.35%) |
| Used car | 9.7% to 11.8% p.a. |
| Electric car | 7.85% to 10.9% p.a. |
| Read on | 9 November 2026 |
PNB's published rate table
2.1 CAR LOAN (New Car) - Rate of Interest by scheme/borrower type and CIBIL TU score, floating vs fixed, other than e-vehicle vs e-vehicle
| Scheme/ Borrower Type | CIBIL TU or equivalent | Floating ROI - Car Loan (other than e-vehicle) | Floating ROI - Car Loan (e-vehicle) | Fixed ROI - Car Loan (other than e-vehicle) | Fixed ROI - Car Loan (e-vehicle) |
|---|---|---|---|---|---|
| Women | Irrespective of CICs Score | RLLR+ BSP-0.45% i.e. 7.90% p.a. (Presently) | RLLR+ BSP-0.50% i.e. 7.85% p.a. (Presently) | 8.90% | 8.85% |
| PNB PRIDE* / Corporate# / Insta Vehicle Loan Scheme for existing home loan borrower (New Car Only) / Others Individual | 750 & above | RLLR+ BSP-0.45% i.e. 7.90% p.a. (Presently) | RLLR+ BSP-0.50% i.e. 7.85% p.a. (Presently) | 8.90% | 8.85% |
| PNB PRIDE* / Corporate# / Insta Vehicle Loan Scheme for existing home loan borrower (New Car Only) / Others Individual | 700 and up to 749 | RLLR+ BSP +0.60% i.e. 8.95 % p.a. (Presently) | RLLR+ BSP+0.55% i.e. 8.90 % p.a. (Presently) | 9.95% | 9.90% |
| PNB PRIDE* / Corporate# / Insta Vehicle Loan Scheme for existing home loan borrower (New Car Only) / Others Individual | 681 to less than 700 | RLLR+ BSP+ 1.60% i.e. 9.95% p.a. | RLLR+ BSP+ 1.55% i.e. 9.90% p.a. | 10.95% | 10.90% |
*PNB PRIDE covers the Central/ State Government Employees/ Defense personnel/ Para military Forces/ Pensioners of Central & State Government & Employees of PSUs. # Corporates: Business concerns Car Loan financed to business concerns for personal use of their executives i.e. other than for use in business. PNB YUVA VAHAN STARTING FROM 7.80% p.a: Concession of 0.05% in ROI as above. In the page's HTML the Women row's fixed-rate cells (8.90% / 8.85%) are printed beside the PNB PRIDE* label, so the exact assignment of the fixed cells between the Women row and the PNB PRIDE group is ambiguous; the values are identical for both.
EMI at PNB's published rates
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,114 interest ₹1,06,840 | ₹7,768 interest ₹1,52,512 |
| ₹10 lakh | ₹20,229 interest ₹2,13,740 | ₹15,536 interest ₹3,05,024 |
| ₹15 lakh | ₹30,343 interest ₹3,20,580 | ₹23,305 interest ₹4,57,620 |
| Loan amount | 5 years | 7 years |
|---|---|---|
| ₹5 lakh | ₹10,859 interest ₹1,51,540 | ₹8,548 interest ₹2,18,032 |
| ₹10 lakh | ₹21,717 interest ₹3,03,020 | ₹17,096 interest ₹4,36,064 |
| ₹15 lakh | ₹32,576 interest ₹4,54,560 | ₹25,644 interest ₹6,54,096 |
Reducing-balance EMI on the loan amount alone. Processing fee, insurance and registration are paid separately.
Fees and charges in rupees
Processing is 0.25% of the loan, minimum ₹1,000 and maximum ₹1,500, plus GST; documentation is nil. The cap arrives early: 0.25% of ₹6 lakh is already ₹1,500. Insta Vehicle Loan is a flat ₹1,000; Combo has no fee. For now even that is waived: PNB's service charges page, updated 5 October 2026, lists a full waiver of car loan processing and documentation charges under PNB Utsav Festivities 2026, from 1 October to 31 December 2026.
Foreclosure and part-payment
Floating: nothing, in line with the RBI ban. Fixed: 2% of the amount prepaid, except when the money is your own or you shift to another bank within 30 days of PNB raising your rate or changing your terms. So the 2% bites only on a balance transfer: 2% of ₹5,00,000 outstanding is ₹10,000 plus GST.
Other charges
Inspection is nil while the account runs regular, and ₹100 plus GST a visit once it turns irregular. The pages we read print no late-EMI penal charge; the RBI requires it in your Key Facts Statement, so ask. Don't assume the festive waiver covers the fixed-rate prepayment charge; it doesn't. See our fees and charges guide.
PNB car loan fees and charges
| Processing fee | Car Loan - Processing Fees*: 0.25% of Loan amount (Minimum - Rs. 1000/- Maximum Rs. 1500/-); Documentation Charges*: Nil. Insta Vehicle Loan (For Car)^^: Flat Rs.1000/-, documentation Nil. PNB Combo Loan Scheme^^^: Nil. *All charges are excluding GST/Taxes. Campaign on the same page: 'WAIVER OF PROCESSING/UPFRONT FEES AND DOCUMENTATION CHARGES UNDER PNB UTSAV FESTIVITIES 2026 ... FROM 01.10.2026 TO 31.12.2026': Car Loan - Upfront Fees / Processing Fees / Documentation Charges: Full waiver. |
|---|---|
| Prepayment and foreclosure | Floating Rate: NO pre-payment charges. Fixed rate: @2% on the outstanding pre-paid. However, no prepayment charges to be levied: where the loans are prepaid by the borrowers from their own sources; where the borrower shift to other bank within 30 days from the date of upward revision in the rate of interest or change in other terms of sanction. |
| Documentation Charges (Car Loan) | Nil (excluding GST/Taxes) |
| Security Inspection/Verification Charges - Car Loan, regular account | NIL (periodical inspection including PNB 551 done away with where the loan account is running regular) |
| Security Inspection/Verification Charges - Car Loan, irregular/NPA account | Rs 100/- + GST (inspection at least quarterly, PNB 551 half yearly) |
| Note | Service charges page 'Last Updated: 05-10-2026'. ^^ Insta Vehicle Loan Scheme - Vehicle Loan to existing Housing Loan borrowers with satisfactory track record of minimum 5 years. ^^^ PNB Combo Loan Scheme - Car Loan at concessional ROI to Housing Loan borrowers with Sanction Limit of Rs 15 lac and above. The PNB UTSAV FESTIVITIES 2026 full waiver of car loan processing and documentation charges (01.10.2026 to 31.12.2026) covers the read date. Prepayment rule is from the car loan product page; the charges page lists no prepayment row. |
Who qualifies, and what PNB leaves out
Private use only. Individuals apply alone or jointly with parents, spouse or earning children; business concerns need a cash profit in each of the last two years. Net monthly income must be ₹25,000 or more, and that floor goes away against a term deposit worth 110% of the loan. Loan size is 25 times gross monthly income, up to ₹100 lakh; a ₹40,000 salary times 25 is ₹10 lakh. Below a gross salary of ₹50,000 PNB wants a third-party guarantor, waived for permanent staff of government, PSU banks, MNCs and listed companies trading above par.
No minimum age is printed. The loan must close by 70 for pensioners and salaried people with a pension, and by 65 for everyone else, so a self-employed buyer of 60 gets 65 minus 60, five years, not 84 EMIs.
The standard margin is 15% of on-road price, so PNB lends 85%; a dealer tie-up cuts it to 10%, or nil on ex-showroom. Used cars, under three years old and free of any loan, carry 25%.
PNB publishes no document checklist on the pages we read. Expect KYC, income proof, recent bank statements and the dealer's proforma invoice.
PNB car loan eligibility and limits
| Who can apply | For private use only. Individuals and Joint borrowers (parent(s)/spouse/Earning Children whether married or unmarried/Earning daughter in law); Business concerns (corporate or non-corporate) - Company/Firm to be in cash profit for the last two years; existing customers with satisfactory track record (all loan accounts running regular with nil inspection irregularity). Purpose: New Car/Van/Jeep/MUV/SUV; old car not older than three years and unencumbered; reimbursement of cost of new vehicle purchased out of own funds (invoice not more than 3 months old). |
|---|---|
| Age | No minimum age printed. Repayment to be ensured within 70 years for salaried persons with pension and pensioners; for others within 65 years of age. |
| Income | Minimum net monthly salary / pension/ income - Rs.25000/-. Income of Parent(s)/Spouse/ Earning Children can be added (only one person, who becomes co-borrower). No minimum monthly income required where borrower gives 110% of liquid security in shape of Term Deposit. For agriculturists net income arrived at by sanctioning authority based on land holding, cropping pattern, yield, etc. |
| Loan amount | For individuals/Proprietorship concerns: 25 times of Gross Monthly Salary/ Pension/ Income with a ceiling of Rs 100 lakh (for one or more vehicles). For Business Concerns (Corporate or Non-Corporate): No ceiling of loan amount (for one or more vehicles). |
| Tenure | Repayment (Maximum): For New Car/Van/Jeep/MUV/SUV: 84 EMIs; For Old Car/Van/Jeep/MUV/SUV: 60 EMIs (Repayment to be ensured within 70 years for salaried persons with pension and pensioners. For others repayment to be ensured within 65 years of age) |
| Funding | Margin - For New Vehicle: 15% of on-road price inclusive of one time road tax & insurance. For Car where PNB has tie up arrangement with manufacturers/dealers: 10% of on-road price or nil on ex-showroom price. For Old Vehicles: 25% of the value of the vehicle. For reimbursement of cost of new vehicle purchased out of own funds: 25% of on-road price. |
How to apply for a PNB car loan
Online, PNB lists a Digi Car Loan, though the pages we read don't spell out its terms; at a branch you bring the documents and the dealer quotation. For existing customers, five clean years on a PNB home loan opens the Insta Vehicle Loan for a new car at a flat ₹1,000 fee, and a home loan sanction of ₹15 lakh or more opens the Combo scheme at a concessional rate with no fee. PNB publishes no turnaround time.
Before you sign
Since 1 October 2024 every lender must hand you a Key Facts Statement before the agreement, valid for at least three working days. Read the APR, which must include every charge; the rate type; the pre-payment line, which on a fixed loan should show the 2%; and the reset clause, on whether a rate rise lengthens tenure or lifts the EMI. A branch loan has no cooling-off period.
How to choose the right car loan
Find your row first; score and category decide more than any negotiation. Then fixed or floating: fixed costs one point more but freezes the EMI. Compare APRs, not headlines, and match the tenure to how long you'll keep the car.
Apply on PNB's siteOpens the lender's own page. BankCreds is not a lender and takes no part in the application.
Who PNB suits, and how it compares
PNB works best for women, who get 7.90% floating with no score test, for home loan customers using Insta or Combo, and for anyone at 750 or more, who lands in the same row. The 8.90% fixed option suits those who'd rather not watch the repo rate. Look elsewhere below a 681 score, if you need 90% funding without a dealer tie-up, or if your used car is older than three years.
Against Central Bank of India, IOB and Union Bank
Central Bank of India matches the 7.90% floor but tops out at 9.55%, floating only. It funds 90% up to ₹25 lakh, has no used-car scheme, and its 0.50% fee is also waived to 31 December 2026.
Indian Overseas Bank has the tightest band of the four, 7.85% to 8.85%, but the floor needs a score of 800 or more. Funding is 90%, and the minimum income is ₹8,000 a month against PNB's ₹25,000.
Union Bank of India starts at 7.85% for 825 and above (800 to 824 if salaried), runs to 10.25% floating, and funds 90% with no ceiling at a flat ₹2,000 plus GST. Its used-car rate of 11.85% to 11.95% makes PNB's 9.70% start the better used buy.
In short: the lowest fee cap of the four and the only fixed rate printed for every band, against the lowest funding share of the four.
Pros
- Women get the 7.90% floating floor at any CIBIL score.
- A fixed rate is printed for every band, one point over floating.
- Processing fee capped at ₹1,500, waived until 31 December 2026.
- No prepayment charge on floating loans, or on fixed loans repaid from own funds.
Cons
- Standard funding is 85% of on-road price; 90% needs a dealer tie-up.
- No rate is printed below a CIBIL score of 681.
- Used cars: under three years old, 25% margin, at most 60 EMIs.
- The 7.80% headline is a Yuva Vahan rate; the rates page has no effective date.
PNB against Central Bank of India and Indian Overseas Bank and Union Bank of India
| What | PNB | Central Bank of India | Indian Overseas Bank | Union Bank of India |
|---|---|---|---|---|
| New car rate | 7.9% to 10.95% p.a. | 7.9% to 9.55% p.a. | 7.85% to 8.85% p.a. | 7.85% to 10.25% p.a. |
| Who gets the lowest rate | Women (Irrespective of CICs Score), PNB PRIDE, Corporate, Insta Vehicle Loan Scheme for existing home loan borrower (New Car Only), Others Individual with CIBIL TU or equivalent 750 & above: RLLR+ BSP-0.45% i.e. 7.90% p.a. (Presently), floating, other than e-vehicle | Based on CIC Score (score bands not printed) | CIC-1 (CIBIL score 800 and above), individuals, non-electric four-wheeler: RLLR - 0.50 | New 4-Wheeler, CIC score 825 & above (salaried and non-salaried) and 800 to 824 salaried: EBLR - 0.40% = 7.85% |
| Used car rate | 9.7% to 11.8% p.a. | Not offered | Offered, rate on request | 11.85% to 11.95% p.a. |
| Electric car rate | 7.85% to 10.9% p.a. | 7.85% to 9.5% p.a. | 7.8% to 8.8% p.a. | 7.75% to 10.15% p.a. |
| Rate basis | Fixed or floating | Floating | Fixed or floating | Floating |
| Maximum tenure | Up to 7 years | Up to 7 years | Up to 7 years | Up to 7 years |
| Funding | Up to 85% of on-road price | Up to 90% of on-road price | Up to 90% of on-road price | Up to 90% of on-road price |
| Processing fee | By loan amount | 0.50% | 0.50 % | Flat Rs.2000 Plus GST |
| Prepayment | Floating Rate: NO pre-payment charges | No prepayment charge on floating-rate non-business term loans to individuals (exempt under section 10.16) | No Prepayment Charges for all loans granted for purposes other than business to individuals on floating rate... | There is NO prepayment penalty if loan adjusted from own verifiable source. |
| Read on | 9 November 2026 | 9 November 2026 | 9 November 2026 | 9 November 2026 |
Frequently asked questions
What is the PNB car loan interest rate today?
Is there a PNB car loan EMI calculator?
What is PNB car loan eligibility?
What is the PNB car loan processing fee?
How do I apply for a PNB car loan?
Does PNB give a used car loan?
What is the PNB electric car loan interest rate?
Can I prepay a PNB car loan without charges?
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Disclaimer. Car loan rates are indicative and subject to change. The final rate depends on the lender's assessment of your profile and the car. Last verified on 9 November 2026. BankCreds is not a lender.
Sources
- PNB: Punjab National Bank, Interest Rates - Retail Advances (A. Retail Loans), 2.1 Car Loan (New Car) / 2.2 Car Loan (Old Car)
- Central Bank of India: Central Bank of India, Rate of Interest for Retail Schemes
- Indian Overseas Bank: Indian Overseas Bank, Lending Interest Rates (Retail Credit Interest Rates)
- Union Bank of India: Union Bank of India, Rate of Interest for Retail Lending Schemes w.e.f. 08.10.2026 (Retail Asset Vertical) - 2. Union Vehicle Loan / Union Green Vehicle Loan
Last verified: 9 November 2026
Written by Anjali Bhargawa, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.