PNB Bank Application Form for Two wheeler Loan (PNB 1055 (R1) Vehicle Loan)
PNB Bank Application Form for Two wheeler Loan (PNB 1055 (R1) Vehicle Loan) from Download
The PNB 1055 (R1) form is Punjab National Bank’s comprehensive application packet used to apply for a Two-Wheeler Loan (p. 1). It includes personal declarations, financial disclosures, guarantor data, and the Most Important Terms & Conditions (MITC) (pp. 1, 5, 7).
The key points and requirements are organized by section:
1. Applicant & Co-Applicant Personal Details (Page 1)
- Identity & KYC: Requires mandatory submission of PAN, Aadhaar, and a signed officially valid document (Passport, Voter ID, or Driving License) (p. 1).
- Demographics: Captures basic information including relationship dynamics (if co-applicant), category (SC/ST, Minority, Ex-Serviceman), and educational qualifications (p. 1).
- Residential Status: Tracks current housing status (owned, rented, or company leased) and time spent at the current address (p. 1).
2. Work & Financial Disclosures (Pages 2 & 3)
- Employment Profiles: Accommodates Salaried individuals, Self-Employed professionals (CAs, Doctors, Engineers, Lawyers), and Agriculturists (p. 2).
- Income Verification:
- Self-Employed: Requires Income Tax Return (ITR) data filed for the last 3 financial years (p. 2).
- Salaried: Requires Gross and Net Annual Income statements along with a salary account statement (p. 2).
- Net Worth Statement: Applicants must detail all assets (immovable property, bank deposits, cash) and liabilities (outstanding loans, employer or PF dues) to calculate their actual Net Worth (pp. 2-3).
3. Vehicle & Loan Requirements (Page 3)
- Vehicle Specs: Demands exact vehicle type, make, model, total cost, and specific dealer payment address details (p. 3).
- Loan Options: The applicant must pick between a Fixed or Floating interest rate (p. 3).
- Repayment Plan: Outlines proposed tenor, margin contribution, and chosen repayment mode (Standing Instructions, Operative Account, or NACH/ECS) (p. 3).
4. Guarantor Information (Pages 5 & 6)
- Financial Backing: If required, a guarantor must fill out Part II, providing identical personal, employment, and asset/liability declarations (p. 5).
- Income History: Guarantors must declare ITR compliance and provide total income for the last 2 financial years (p. 5).
5. Most Important Terms & Conditions (MITC) (Pages 7–12)
- Interest & Repo Rate Changes: Interest is computed on the daily balance and debited monthly (p. 7). For floating loans tied to the Repo Linked Rate (RLLR), any RBI repo rate change updates your loan parameters the next working day (p. 7).
- Handling Interest Rate Hikes: If interest rates rise, PNB defaults to a tenor extension first (p. 8). If age limits prevent this, your EMI is increased, or a mix of both is applied (p. 8).
- Switchover Rights: Borrowers can convert from fixed to floating (or vice versa) maximum once during the loan tenor at a charge of 0.50% of the outstanding loan or ₹10,000 (whichever is lower) (p. 7).
- Prepayment/Foreclosure Fees: A 2% fee applies to Term Loans if you switch to another bank (p. 10). However, NIL charges apply if paid from your own sources or if you have a floating rate loan taken as an individual for non-business use (p. 10).
- Penal Charges: Defaulting on EMIs or failing to submit papers triggers a penal charge of 2% to 3% p.a. (pp. 9-10). Loans up to ₹25,000 are exempt from penal charges (p. 10).
- Vehicle Security & Hypothecation: The vehicle must be jointly registered with the Transport Authority listing the Bank as the hypothecate within 30 days of sanction (p. 11). The borrower must guarantee that the vehicle will only be driven by a valid license holder (p. 11).
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