Good news for women looking for a bank loan to finance their purchase of two-wheelers! India’s second largest public sector bank, the Punjab National Bank (PNB), provides two-wheeler loans under the PNB Power Ride program under which it finances scooters, motorcycles, mopeds, subject to vehicle registration with the RTO (Regional Transport Bureau).
Know how to take advantage of it:
- Eligibility: Women employees with at least 6 months of seniority can apply for a loan. Self-employed people with more than a year of experience or students with their parents / guardians as co-borrowers can also apply for loans.
- Individuals must be between the ages of 18 and 65 and must hold a valid driver’s license.
- In the case of students, the age of the parents / guardian should be taken into account and in this case the driver’s license may be in the name of the student / parents / guardian.
- Women workers are expected to have a net monthly income of Rs 8,000 per month. For students, proof of income / salary from the parent / guardian who will be the co-borrower will be considered.
- Proof of income: 3 last payslips accompanied by form 16 / ITR from the previous year in the case of an employee borrower; ITR of the previous year for the self-employed.
- Quantum of Finance: The amount is based on need with a maximum limit of up to Rs 60,000.
- Margin: 10% of the price ex-showroom.
- Security: Mortgage of a 2-wheeler financed by bank loan.
- The repayment period is 36 months maximum.
- Maximum allowable deductions: 50 percent of net monthly salary.
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Interest rate: The bank’s website states that the interest charged on the loan will be as follows:
- Employee – RLLR + 2.75 per cent. Where RLLR is the loan rate linked to the pension
- Other than employees, including businesses and professionals – RLLR + 3.25 percent
- PNB Power Ride (loan of two wheels to women) – RLLR + 1.90 percent
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