PNB Application Form for Vehicle / Car Loan

PNB Application Form for Vehicle / Car Loan (PNB 1337 Vehicle Loan)

PNB Application Form for Vehicle / Car Loan (PNB 1337 Vehicle Loan) from Download

Here are the key points of the Punjab National Bank (PNB) Vehicle / Car Loan Application Form (PNB 1337), structured for quick reference:

Form Identifier: Form number PNB 1337 (PNB 1337 C… p. 1).
Loan Variations: Covers financing for New Cars, Old/Used Cars, and cost Reimbursement for newly purchased cars (PNB 1337 C… p. 3).
Signature Rule: Every page of the application, including the Most Important Terms & Conditions (MITC), must be physically signed by all borrowers, co-applicants, and guarantors (PNB 1337 C… p. 3).

Hypothecation Mandate: The vehicle must be registered with the Transport Authority jointly, naming the borrower as the hypothecator and PNB as the hypothecatee (PNB 1337 C… p. 11).
Hypothecation Timeline: The bank’s name must be successfully recorded on the Registration Certificate (RC) and the insurance policy within 30 days of the loan sanction (PNB 1337 C… p. 11).
Reimbursement Checks: If applying for a reimbursement loan, a bank official must perform a physical verification of the vehicle before any funds are released (PNB 1337 C… p. 11).
Driver Undertaking: The borrower must submit a signed promise declaring that the vehicle will only be driven by an individual holding a valid driving license (PNB 1337 C… p. 11).

Disbursal Path: The loan amount and the applicant’s margin contribution are paid directly to the car dealer via NEFT or RTGS (PNB 1337 C… p. 11).
Interest & Switchover: Offers Floating (RLLR-linked) and Fixed rate options (PNB 1337 C… pp. 3, 7). Borrowers can switch between rate types up to twice during the loan tenor, provided the second switch occurs at least 5 years after the first (PNB 1337 C… p. 7).
Switch Fee: Switchover requests incur a charge of 0.50% of the outstanding loan balance or ₹10,000, whichever amount is lower (PNB 1337 C… p. 7).

Default Penalty: Missed repayments or overdrawn limits incur a penal charge of 2.00% p.a. on the defaulted balance (PNB 1337 C… p. 9). Multiple defaults can elevate this to 3.00% p.a., capped at a maximum of 4.00% p.a. (PNB 1337 C… pp. 9-10).
Exemptions: Credit advances up to ₹25,000 are exempt from penal charges (PNB 1337 C… p. 10).
Prepayment Charges: A 2% foreclosure charge applies to term loans taken over by another bank (PNB 1337 C… p. 10). This fee is waived if paid from the borrower’s own financial sources or if it is an individual, non-business floating-rate loan (PNB 1337 C… p. 10).

No Objection Certificate (NOC): PNB will issue the loan clearance NOC to the vehicle owner within 7 working days of full loan closure (PNB 1337 C… p. 12).
Account Statements: Copies of the loan account statement will be provided within 3 working days of a customer’s formal request (PNB 1337 C… p. 12).

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