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Punjab & Sind Bank Car Loan
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Punjab and Sind Bank Car Loans
A car could be used for many purposes – going on a family trip, going on a long trip with friends, saving you from the rain or the hot sun when commuting to office or for those car lovers who would like to take the car for a drive just as a stress reliever.
There is a growing demand for automobiles in India. With more people seeking to purchase a car, the car loan market has also seen a considerable increase. A lot of public and private banks offer car loans to varied customers.
Introduction to Punjab and Sind Bank Car Loan
Individuals and business concerns can get a car loan from Punjab and Sind Bank. The loan can be acquired after getting the quotation from the dealer or manufacturer. Based on the minimum margin and loan requirement, the amount is disbursed to the borrower. The loan can be repaid in EMIs until a specific tenure.
If you are looking for a car loan, Punjab and Sind Bank could be the right option to secure a car loan.
Punjab and Sind Bank Car Loan Eligibility
The borrower must have the following eligibility criteria to get car loans for the purchase of new and used cars.
| AGE | The minimum age of the applicant should be 18 and maximum of 65 at the time of maturity of the loan. |
| Salary Requirement | Individuals with good source of income and repaying ability are eligible. |
| Employment status | Should be remaining in the current employment for a consistent period of time. |
| Residential Stability | You should have proof of residence to show whether you live in a rented or owned or parental accommodation. |
Key Features of Punjab and Sind Bank Car Loans
Purpose: Car loan is provided to individuals for purchase of new and used cars not older than 5 years
Loan Amount: No ceiling on the loan amount. However, it is determined based on the income of the borrower. Income of the spouse, guarantor can be clubbed to get higher loan amount.
Tenure: The repayment tenure for new vehicle is up to 84 months and 60 months for old cars.
Margin: For new vehicles – 10% of the road price, for old vehicles – 25% of the value of the vehicle
Security: Hypothecation of vehicle Insurance policy and RC copy will also be accepted as security
Guarantor: Guarantors with suitable income are accepted. Spouse/children or third-party can be obtained. For partnership firms, all the partners will the jointly responsible for the repayment. For associations, joint stock companies and trusts, personal guarantee of direct, trustee, member etc. are eligible to be the guarantor.
Punjab and Sind Bank Car Loan Interest Rates and Other Charges
For new cars, the interest rate is fixed at one-year MCLR + 0.25% and for used cars, the rate is one-year MCLR + 3.00%.
Prepayment charges: No prepayment is levied if the entire loan is paid by the borrower. 1% of the loan amount will be charged if the loan is taken over.
Document Charges: Actual stamp and revenue charges only
Processing fees:
0.25% of the loan amount is charged as processing fee and with applicable GST subject to a minimum of INR 1000 and maximum of INR 15,000. Processing fees are waived off if the loan applicant is drawing pension through Punjab and Sind Bank.
Documents required for Punjab and Sind Bank Car Loan
The following are the documents required for Punjab and Sind Bank car loan
- Age proof
- ID proof
- Application form
- Photograph
- Residence proof
- Income proof
- Bank statement
- Signature verification proof
- Pro-forma Invoice or Rate List
- Aadhar card copy
The following documents are further required in case of pre-owned cars loans
- Signature verification proof
- Car Valuation report
- RC copy in case of refinance
- Insurance copy
How to apply for a car loan with Punjab and Sind Bank
To apply for a car loan with Punjab and Sind Bank, you can call the customer of the bank and an executive will guide you through the process. Beforehand, you may have to obtain the quotation from the dealer or manufacturer and following the submission and your requirement, the loan will be processed.
You can also visit the nearby Punjab and Sind Bank and apply for the car loan. The officials of the bank will guide you through the process.
Punjab and Sind Bank Car Loan Eligibility Check
Before a person applies for a Punjab and Sind Bank car loan it is best to do an eligibility check which is available on the Punjab and Sind Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
Car Loan EMI Calculator
Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can also make use of the CreditMantri Car Loan EMI calculator and the Punjab and Sind Bank Car Loan EMI calculator.
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.
Punjab and Sind Bank Car Loan EMI Payment Methods
Your Punjab and Sind Bank car loan can be repaid in following three ways.
- You can set a standing instruction based on your convenient
- Electronic Clearing Service (ECS): An auto-debit facility that can be used by non-Punjab and Sind Bank
- Post-Dated Cheques
Punjab & Sind Bank Car Loan FAQs
1. What is maximum loan amount for Punjab and Sind Bank car loan?
No ceiling on the loan amount. It is determined by the repaying capacity of the borrower.
2. What is the maximum tenure for Punjab and Sind Bank car loan?
The maximum loan tenure is up to 60 months for old cars and up to 84 months for new cars.
3. What type of cars do Punjab and Sind Bank provide car loans for?
Punjab and Sind Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.
4. Do I have to provide any security to avail a Punjab and Sind Bank car loan?
Punjab and Sind Bank car loan is a form of secured loan where your car will act as a collateral.
5. Can I sell my vehicle before I repay the entire car loan taken from Punjab and Sind Bank?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Punjab and Sind Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.
About Punjab and Sind Bank
Punjab & Sind Bank is a government owned bank which was founded in 1908. It offers investment banking, commercial banking, retail banking, private banking, mortgage, loans and credit / debit cards amongst other products. It has its headquarters in New Delhi, India.