Punjab National Bank (PNB) Car Loan Eligibility Calculator

1. Minimum Income: The net monthly income (salary, pension, etc.) should be at least ₹25,000/- (or a Net Annual Income of ₹3 Lakhs).
2. Co-Borrowers: To increase loan eligibility, the income of a spouse, parent, child, or sibling can be added.
3. Limit: typically, up to two close relatives can be added as co-borrowers to club income (updated from the stricter 'only one' rule, subject to scheme specifics).

Factors Affecting Punjab National Bank Car Loan Eligibility

1. CIBIL Score: Punjab National Bank will run a credit report before processing your loan application and the credit score reflects your financial records such as your current and closed credit accounts, payment history and duration of using credit actively. If you have a low credit score, the Bank will not consider the application for further processing and will reject it. However, if you have a high credit score, the Bank will review the application and consider other factors to determine the creditworthiness of the applicant. The CIBIL score acts as an initial screening of all car loan applications and the higher the score, the better your chances of getting the loan approved.
2. Debt-to-Income Ratio: The debt-to-income ratio is used to evaluate the debt burden of a particular applicant compared to the amount of money earned by him/her in a given period of time. This ratio helps the Bank to estimate the borrower's repayment capability.
3. Amount of loan and loan margin: If the borrower is willing to pay a lumpsum amount as downpayment for the car, then the loan amount to be availed from the Bank decreases and this acts as a positive evaluation factor. The larger the down payment/ borrower's contribution towards financing the purchase of a car and lesser the loan amount, it is more likely that the car loan will be approved by PNB.
4. Age: Those who fall within the desired age criteria can easily avail a loan with PNB. Older applicants have a lesser chance of getting their loan approved unless they opt for a lower loan tenure.
5. Loan Tenure: If the applicant opts for a lower car loan tenure, which means that the loan will be repaid more quickly, the terms of loan approval might be more favorable to the applicant.

How to Increase your Punjab National Bank Car Loan Eligibility

1. Improve your Credit History/ CIBIL Score: If you have a high credit score from CIBIL or a good credit history, the probability of getting your car loan approved is higher. In order to have a good credit history or CIBIL score, you keep the following tips in mind:
   1. Pay back all dues in a timely manner. Late payments and defaulting on loans are considered negative credit traits by lenders
   2. Try to avoid having too many unsecured loans such as credit cards, personal loans, etc. A healthy mix of both secured credit and unsecured loans credit is viewed in a better light by the Bank.
2. All your co-signed, guaranteed and joint accounts are vital to your credit score. So it is important to review such accounts frequently, since you are held equally liable for any missed payments made in these accounts.

A good credit score can help you secure lower interest rates on loans and credit cards.

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