These days, cars are no longer just a luxury. While expensive cars are often seen as a status symbol, owning a budget-friendly four-wheeler has become a basic need for many middle-class families. The COVID-19 period especially highlighted this, as public transport became risky during that time.

However, not everyone has enough cash in hand to buy a car immediately. That’s why many people choose to take car loans to buy their dream car when needed. Different banks offer car loans at different interest rates.

Punjab National Bank (PNB) is one of the most trusted and popular banks in India. Let’s take a quick look at how much EMI you will have to pay every month if you take a car loan of ₹8 lakh from PNB for 5 years.

PNB Car Loan at 9.55% Interest – Know EMI and Full Payment Details

PNB Car Loan Interest Rate and CIBIL Score

Punjab National Bank gives car loans at 9.55% interest per year. But to get a loan at this rate, your CIBIL score must be good. The CIBIL score is a number between 300 and 900 that shows how well you repay loans. If your score is high, the bank gives you a loan easily at a low rate.

Monthly EMI on ₹8 Lakh Loan

If you take a car loan of ₹8 lakh for 5 years at 9.55% interest, you will have to pay ₹16,821 every month as EMI.

Total Interest You Will Pay

In 5 years, you will pay ₹2,09,263 as interest on the loan of ₹8 lakh.

Total Money to Be Repaid

This means you will repay a total of ₹10,09,263 to the bank. This includes ₹8 lakh loan and ₹2.09 lakh as interest.

Higher Interest with Low CIBIL Score

This 9.55% interest is only for people with a good CIBIL score. If your score is low, the bank may charge you more interest.

Types of PNB Car Loans – All You Need to Know

1. PNB Digi Car Loan

This is for digital customers. The interest rate starts from 8.50% per year, and the EMI is around ₹1,240 per ₹1 lakh. You can get a loan of up to ₹20 lakh under this scheme.

2. PNB Car Loan

This loan is for buying both new and used cars. The interest rate is 8.50% per year. You can also get up to 100% of the car’s ex-showroom price as the loan amount.

3. PNB Green Car Loan

This loan is for buying electric vehicles. PNB gives a 0.05% discount on the interest rate to promote eco-friendly transport. The interest rate starts at 8.50% per year, and the repayment time can be up to 120 months (10 years).