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  • Punjab and Sind Bank Car Loan Interest Rates 18 Oct 2019

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    Punjab and Sind Bank car loan interest rates begin at 8.35%. The Base Rate of the car loan scheme is 9.70%.

    The interest rates for new cars are based on multiple factors such as loan tenure, vehicle category, relationship with the bank, and so on. The interest rates for pre-owned cars are based on multiple factors such as nature of the loan, vehicle’s age, and so on.

    Punjab and Sind Bank Car Loan

    Features New Car Loan Used Car Loan
    Quantum of finance Need based Need based
    Repayment period Maximum repayment period – 84 months Maximum repayment period – 60 months, subject to vehicle’s age
    Prepayment No prepayment penalties or foreclosure charges No prepayment penalties or foreclosure charges
    Security Hypothecation of the financed vehicle Hypothecation of the financed vehicle

    Other Details

    Features New Car Loan Used Car Loan
    Documentation charges Revenue expenses/actual stamp only Revenue expenses/actual stamp only
    Margin 15% of the on-road price of vehicle 25% of on-road price of vehicle
    Processing fees 0.25 on total loan amount, subject to min Rs.1,000 and max Rs.15,000 0.25 on total loan amount, subject to min Rs.1,000 and max Rs.15,000
    Guarantee Depends from case to case Depends from case to case

    Factors Affecting Punjab and Sind Bank Car Loan Interest Rates

    The interest rate applicable for Punjab and Sind Bank car loans shall be uniform for throughout the loan tenure. The rate of interest that you are eligible for will be dependent on multiple factors that have been mentioned below:

    1. Credit score – When you are availing a car loan, your credit score will play a vital role in determining the rate of interest you are applicable for. It will also determine whether or not your car loan is approved by the bank. Your chances of loan approval increase when you have a healthy credit score of 750 and above.
    2. Steady income – When determining car loan eligibility, banks also consider the type of occupation of the applicant and whether or not he/she has a steady income. The possibility of a car loan EMI default is lower when the individual has a steady source of income.
    3. Low debt-to-income ratio – It is always advisable to have a lower debt-to-income ratio as it indicates your capacity to pay car loan EMIs every month.
    4. Loan tenure – Longer the tenure of the loan, lower will be the rate of interest. However, it is important to consider that a long loan tenure means having to pay more interest over the years. A shorter tenure will fetch a higher rate of interest for a short period of time. Calculate the total interest that you are required to pay for the chosen loan tenure and choose the one wherein your EMI payment is less.
    5. Vehicle’s model and age – This is applicable for pre-owned or used cars. When you are taking a car loan, the vehicle itself will be considered a security against the loan for the entire loan tenure. This means that the bank can hold on to the vehicle in case of outstanding dues. This is the reason why vehicle’s model and age are considered by banks while determining the rate of interest.

    FAQs

    1. What are the age criteria for Punjab and Sind Bank Car Loan?
    2. The minimum age of the applicant has to be 18 years. The maximum age will be subject to loan adjustment for individuals.

    3. How do I contact the bank’s customer care department in case of queries or complaints?
    4. You can reach out to the bank’s customer care department through their toll – free number – 1800-419-8300.

    5. I want to visit a Punjab and Sind Bank branch near me. How do I locate one?
    6. You can click on https://www.psbindia.com/module/branch-list. On the page, enter your state, city, and branch code and click on the ‘Submit’ button. The nearest branch location will be provided to you.

    7. Where can I locate the EMI calculator on the website of Bankbazaar?
    8. The car loan EMI calculator can be found on the main page of the Bankbazaar website. Click on the ‘Finance Tools’ option. Thereafter, select the EMI calculator to know your EMI payment.

    9. When should I calculate the EMI?
    10. The EMI for car loan must always be calculated before the loan is availed. Choose a loan tenure that is best suited to your financial needs.

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