How to get PNB Bike Loan (Scooter/Scooty/Sports Bike)

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PNB Bike Loan: Punjab National Bank offers two types of loans to purchase two-wheelers like scooters, motorcycles, or sports bikes.

If you are looking for a two-wheeler loan, you can easily approach Punjab National Bank because it is one of the leading public sector banks in India and offers two-wheeler loans at a competitive rate of interest.

The two types of PNB bike loans are:-

  • PNB Saarthi
  • PNB Power Ride
pnb bike loan

PNB Bike Loan Highlights

Purpose of LoanTo purchase Scooter, Motor cycle, Scooty, Moped,
e-Vehicle. (subject to Registration of vehicle with RTO)
Interest RatePNB Power Ride – 11.15%
PNB Saarthi – 12% to 12.50%
Repayment Period60 EMIs for Scooters/Motor Cycles,
30 EMIs for Scooty and
24 EMIs for Mopeds.
Minimum IncomePNB Saarthi – Rs.10,000
PNB Power Ride – Rs.8,000
Prepayment ChargesNIL
SecurityHypothecation of vehicle to be financed by bank

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Documents required for PNB Bike Loan

  • Identity Proof (Any one)
    • Passport
    • Driving License
    • Voter ID Card
    • PAN Card
  • Address Proof (Any one)
    • Passport
    • Driving License
    • Utility Bill of last 2 months (Gas Bill, Postpaid mobile, Electricity etc)
  • Income Proof
    • Income Proof Documents of Last 3 months
    • Bank Statement for the last six months
    • Last 3 months Salary Slip (If salaried)
    • Income Tax Returns of last 2 years
  • Other Documents
    • Two Recent Passport size colour photographs
    • One cancelled Cheque and ACH form for Electronic Clearing Mandate (eNACH)
    • Loan Accounts Statement of last 6 months (If loan availed from other bank)
    • Quotation of Bike

How to Apply for the PNB Bike Loan?

  • First of all you have to select bike. Go to the showroom and get a rough quote on your selected bike.
  • It is not necessary to take only one quotation, you can contact with two or more showrooms who offers you better price for your bike. Collect all the quotations and go to the bank.
  • Go to the bank with the bike quotation and other documents required for the PNB bike loan.
  • A loan officer will scrutinize your documents and visit your address for verification.
  • After verification of your address, the loan officer will process your documents and calculate your credit score, i.e., CIBIL.
  • If your CIBIL score is higher than 700 and your income matches the minimum income criteria of the bank, then your application will be moved to the sanctioning authority.
  • After the approval of the sanctioning authority, which is the branch head, your loan will be approved.
  • After approval of the loan application, the loan officer will call you to come to the branch and sign all important documents and agreements related to that loan.
  • In the case of Punjab National Bank, the most important agreements will be signed by you, namely the master agreement and hypothecation agreement.
  • The cost of stamp paper for this agreement will be borne by the customer.
  • Your loan account has been opened once all documentation has been done.

How PNB Bike Loan is Sanctioned?

Being the banker I can share with you a practical process of your loan sanctioning. Here are the steps for how your loan amount is decided and how much of your income is considered:

  • To sanction your PNB bike loan, the loan officer will check two main things. First – bike quotation, your documents and your credit score. Second, your income.
  • The maximum loan amount has been decided only upon the ex-showroom price of the bike plus 1 year’s RTO fees and a comprehensive insurance premium of one year.
  • 85% of the sum of these three components will be your maximum loan amount.
  • For example if your bike Ex showroom price is 90,000. 1 year RTO fees is 8000 and comprehensive insurance premium of 1 year is 3000.
  • Then sum of these three components is Rs. 101000/- (Rupees One Lakh One Thousand Only). 85% of 101000 is 85850/-. Therefore, Rs. 85,000 will be your maximum loan amount that will be sanctioned to you by the bank.

Margin for PNB Bike Loan

Banks will never sanction 100% of the loan amount. In this case The Other 25% will be paid by you as a margin. So we can say that in the case of a PNB bike loan, the margin amount that has to be paid by the borrower is 25%.

How PNB Bike Loan is Disbursed?

After your loan account has been opened the amount has been disbursed directly to the dealer from which you are purchasing your bike.

As we have told you, the margin for a PNB bike loan is 25%, so you have to deposit 25% of the quotation value in your bank savings account, and the remaining 85%, that has been sanctioned to you in the form of a loan is taken from your loan account.

This complete quotation amount will be directly transferred to the dealer (Showroom) account through the bank’s internal account.

If you have already paid some amount, like a booking amount, to the dealer, then the booking amount will be deducted from the margin, and the difference has to be paid by you as a margin.

What is a Hypothecation Agreement?

Hypothecation is agreement is used to create a charge of financer on movable loans like two wheeler car or stocks etc. When you take a bike loan from a bank, the bank’s charge is registered on your RC under this hypothecation agreement.

When you receive Registration Certificate (RC) from RTO of your new bike it will have banks name and this type of RC is known as JRC (Joint Registration Certificate).

The bank charge will be continued on your vehicle until the final repayment of your loan amount with interest.

When you completely pay off the loan and your loan account has been closed, Bank will issue No Dues Certificate and Form 35 to you. Form 35 is used to terminate the hypothecation of a vehicle.

That means after the termination of hypothecation, the vehicle becomes completely charge-free, and the sole owner of the bike is you.

How to get PNB Bike Loan Statement?

To obtain the PNB bike loan account statement you can approach your branch with an application to issue loan account statement of yours. Please note that loan account statements are handed over only to the loan account holder.

Sample Application of Loan Account Statement


Branch Head

[Your Branch Name]

Subject: Application to issue loan account statement.

I hope this letter finds you well. I am writing to request an account statement for my bike loan from your esteemed bank. I am an account holder at your bank with the following details:

Account Holder’s Name: [Your Full Name] Account Number: [Your Account Number] Loan Account Number: [Your Bike Loan Account Number]

I would appreciate it if you could provide me with a detailed account statement for my bike loan. The statement should cover the period from [Start Date] to [End Date]. I require this statement for personal record-keeping and to evaluate my current financial status.

If possible, I kindly request the statement to be sent to my email address: [Your Email Address]. Alternatively, you can mail it to my postal address mentioned above.

If there are any charges associated with obtaining the account statement, please let me know in advance. I am willing to pay any applicable fees for this service.

I would be grateful if you could process my request as soon as possible. If you need any further information or documentation to complete this request, please let me know, and I will promptly provide it.

Thank you for your attention to this matter. I have always appreciated the quality of service provided by your bank, and I look forward to your timely response.

Yours sincerely,

[Your Full Name]

– Sample application letter

If you are not able to collect your account statement from the bank, then you have to authorize any other person through your authorized letter along with the identity proof of that person to the bank.

The other most convenient way to get your PNB bike loan account statement is through the Punjab National Bank mobile banking app, PNB One.

Register yourself for PNB One and login to download your account statement.

PNB Bike Loan Interest Rates

Name of the SchemeRate of Interest Based on RLLR
Salaried PersonRLLR+BSP + 2.75% (Presently 12.00%)
Others including business concernRLLR+BSP + 3.25% (Presently 12.50%)
PNB POWER RIDE (for Women)RLLR+BSP + 1.90% (Presently 11.15%)

PNB Bike Loan Charges

Upfront Fees0.50% of loan amount (Minimum- Rs.500/-, Maximum Rs.1000/-)
Documentation FeesRs. 500 + GST
CIBIL FeesRs. 50 + GST per individual


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