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Punjab National Bank Two-wheeler Loan

Punjab National Bank Two-wheeler Loan


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Punjab National Bank (PNB) Two wheeler Loans

Punjab National Bank(PNB) was founded in 1894 by luminaries from different parts of India with the intention of serving the people and develop the economy of the country. Headquartered in New Delhi, it is one of the oldest financial services company in India. The bank has 80 million customers, 6937 branches and around 16,684 ATMs across 764 cities.

The Growth of Two Wheelers

India is one of the largest manufacturers and users of two-wheelers in the world. From scooters to super bikes India has it all. This kind of growth in motorcycle usage across the country is due to the availability of easy two-wheeler loans.

With most families in the country becoming nuclear, two-wheelers are an economic and fast way of travelling. With the swelling traffic on the roads it is very easy to maneuver through to quickly reach one’s destination.

While on the one hand, commuter bikes have found a place in Indian homes, motorcycle manufacturers like Royal Enfield and Harley Davidson are promoting their motor bikes as a lifestyle, and enthuse a biking culture which has resulted in biking groups who go on long trips which are taken well by audience and these bikes too have been gaining popularity.

The youth (age between 18 to 25) find it easier to afford a bike for their commutations as motor cycles are fuel efficient and affordable with the entry level motor-bikes start from Rs.40000.

With targets of zero emissions, India too is looking at electric two wheelers with all the major manufacturers either acquiring startups or developing their own electric vehicles.

Let us now look at how the two-wheeler loans can be financed.

Two-wheeler loans are relatively easier to obtain and their installments not very taxing it has become very easy to get a two-wheeler and pay off the loan.

People who have the finances to pay for the bike in a single payment also go for two-wheeler loans. They see that by paying the loan in monthly installments they can utilize the funds they have in various investments that make them money.

Also, they continue to use the bike while paying for it, where once the payment is done the owner can sell the bike and go for a newer and better model as motorcycle’s cost is comparatively lesser than cars.

A two-wheeler loan is also a method through which most people attempt to get their credit history, a two-wheeler loan when repaid consistently will have an impact on your credit score positively and would help you get better loans and credit cards in the future at favorable rates.

Why go for two-wheeler finance?

  • Two-wheeler loans are easy to get and easy to pay off.
  • The resale value of motor cycles is high and once you complete a loan you can start thinking of a new bike immediately
  • When paid off consistently affects your credit score positively and helps you build a credit profile.
  • Some banks also provide zero down payment bike loans, where you don’t have to put up your own money to buy the bike

Documentation Required for Allahabad Bank bike two-wheeler application

Important documents to be submitted while applying for personal loans with Aditya Birla

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals

Who are the loan providers?

Banks: Which includes all types of private banks, commercial banks, state-owned banks, scheduled banks or non-scheduled banks, offer two-wheeler loans as part of their products and services. It does not matter if you are an existing customer or not you can still avail a two-wheeler loan.

NBFCs: Non-Banking Financial Companies (NBFCs) are organizations that have got the license from RBI to operate as a financial institution. They provide services only in the matter of loans, mutual funds or wealth management categories not taking part in banking functions like Savings account or transactions. In the case of two-wheeler loans many manufacturers like Hero Corp and Bajaj offer loans.

How to avail two-wheeler loans?

You can apply for 2-wheeler loans in two ways

Online: You can apply for two-wheeler loans online which almost all the banks and NBFCs offer. They also offer EMI calculators which you can use to calculate your EMI amount for each month. Once you choose your motor bike you will know how much loan amount you need and based on that you can vary your tenure and interest rate to know which will suite you.

Offline: You can directly approach any branch of any bank or NBFC and meet their representative to apply for a loan. Here you could negotiate your loan rate and tenure. You can also avail a loan at the dealers as most dealers have tie ups with banks or NBFCs where at the time of purchase you can avail a loan.

Two-wheeler Loan Eligibility Criteria

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are

AgeMinimum 21 years
Maximum – 65 years
Employment TypeSalaried or Self-employed
Employment statusEmployed/In-business for at least 1 yrs. and at least 6 months with current employer/business
Minimum IncomeRs. 50,000 per annum
Maximum Loan AmountOn an average financial institution pay up to 90% of the loan
TenureMinimum – 12 months
Maximum – 60 months
Credit ScorePreferred 750

These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.

Factors Affecting Two-wheeler Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are

1. Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a two-wheeler loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.

2. Income: The loan is given to people with an annual income of Rs. 50,000. Thus, income is not a major factor when you apply for a motor-cycle loan.

3. Housing situation: Banks would prefer borrowers to stay in a single location as they prefer borrowers to have a stable address to make sure they avoid defaulters who continuously change address.

4. Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the interest rate can be negotiated.

5. Existing credit: If you already have another loan or credit card debt will be a factor in determining your loan amount and interest rate.

6. Credit history: This loan is a good way to improve your score if you are new to credit. Credit score is not a major factor but if considered a score of 750 is preferable.

There are multiple factors that banks consider before approving any two-wheeler loan. Let us look at the Two-wheeler Loan offered by Punjab National Bank (PNB)

Punjab National Bank (PNB) 2-wheeler Loan Eligibility

Purpose For purchase of new Two wheelers viz.: Scooter(s), Motor cycle(s), Scooterrete (s), Moped(s), (subject to Registration of vehicle with RTO).


Existing PNB customers with at least 6 months satisfactory transactional record OR new customer with satisfactory track record of last one year with other Bank/FI in the age group of 18 years and 60 years holding a valid driving license.

Salaried individuals drawing salary from our bank or under check off facility from the employer.

Students, 18 years and above till gainfully employed, with salaried parent as co-borrower drawing salary from our bank; Business concerns (Corporate or non –corporate)

Minimum age of applicant: Students, aged 18 years & above, with a parent (Mother or father) as co-borrower.

Maximum age of applicant at loan maturity: Age of retirement for salaried individuals & 65 years for others.

Income requirement

Minimum Net Monthly Income of Rs.10,000/- p.m.

In case of students, Income/salary proof of parent/guardian who will be co-borrower be considered.

Income of spouse can be taken into consideration for determining the income criteria provided satisfactory proof of income is produced.

Income of business concerns be verified from Income Tax Returns filed and challans for Tax Deposited.


For Scooter and Motorcycle – 60 EMIs

For Scooterrete – 30 EMIs

For Mopeds – 24 EMIs

Maximum Permissible deductions – 40% to 60% of Net monthly salary/ income


Where salary is being disbursed through the concerned bank branch and/or Check off facility.10%
Business concerns25%

Security: Hypothecation of Two-Wheeler to be purchased.

Processing Fees: Regular Rs.275/-

Punjab National Bank (PNB) Two-Wheeler Loan Interest rate:

Salary being disbursed through PNB and /or under check-off facility.< 3 yearsMCLR+3.25%
>= 3 yearsMCLR+3.75%
Others including business concern< 3 yearsMCLR+4.25%
>= 3 yearsMCLR+4.75%

How to Apply for Punjab National Bank (PNB) Two-Wheeler Loan?

You can either apply online or visit a nearby Punjab National Bank (PNB) branch for the application. You can also download the 2-wheeler loan application form from the Punjab National Bank (PNB) official website, complete the form and submit it to the bank representative.

Paying Your Punjab National Bank (PNB) Two-Wheeler Loan

The Punjab National Bank (PNB) 2-wheeler loan EMI can be repaid in following three ways.

Standing Instruction (SI): If you are an existing account holder with Allahabad Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Allahabad Bank account you specify.

Post-Dated Cheques (PDCs): You can submit post-dated EMI cheques from a non-Allahabad Bank account at your nearest Allahabad Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.

Electronic Clearing Service (ECS): This mode can be used if you have a non-Allahabad Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

Punjab National Bank Two-wheeler Loan FAQs

1. What are the age limits of applicant of Punjab National Bank (PNB)?

The minimum age must be 21 years and the maximum of 65 years at the time of maturity of loan

2. What is the repayment period of Punjab National Bank (PNB) two-wheeler loan?

The maximum repayment period

  • For Scooter and Motorcycle – 60 EMIs
  • For Scooterrete – 30 EMIs
  • For Mopeds – 24 EMIs

3. Are there any processing fees for Punjab National Bank (PNB) two-wheeler loan?

Yes, there are processing charges of Rs.275

4. Do self-employed individuals provide guarantee to get a bike loan from for Punjab National Bank (PNB)

Yes, self-employed individuals need to provide a single guarantor with good credit score standing.

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