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Existing Punjab and Sind Bank Car Loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations.
Punjab and Sind Bank follows the MCLR benchmark given below:
| Tenure | MCLR Percentage (in effect from April 2016) |
| Overnight | 9.30% |
| 1 month | 9.50% |
| 3 months | 9.65% |
| 6 months | 9.65% |
| 1 year | 9.65% |
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Punjab and Sind Bank Marginal Cost Based Lending Rate (MCLR) for New Borrowers:
| MCLR Benchmark Tenure | 1 year |
| Benchmark MCLR rate | 9.65% (in effect from April 2016) |
| Rate of interest | 9.90% (MCLR + 0.25%) |
Individuals and businesses can apply for car loans offered by Punjab & Sind Bank.
You can apply for a car loan from Punjab & Sind Bank for the purpose of purchasing new and used cars for private use only.
Yes, you can take a joint car loan from Punjab & Sind Bank.
No, you cannot use the car that you plan to buy using the Punjab & Sind Bank Auto Loan for commercial purposes.
There is no limit on the maximum amount that individual borrowers or proprietors can avail through car loans offered by Punjab & Sind Bank.
There is no limit on the maximum amount that can availed by a single Business or Institution through car loans offered by Punjab & Sind Bank.
The amount of car loan that Businesses and Institutions can avail from Punjab & Sind Bank is–
The rate of interest charged by Punjab & Sind Bank on car loans taken to purchase new cars is 9.75 percent (Base Rate) plus 0.25 percent, which is 10 percent per annum for all tenures.
The rate of interest charged by Punjab & Sind Bank on car loans taken to purchase used cars is 9.75 percent (Base Rate) plus 3 percent, which is 12.75 percent per annum for all tenures.
Yes, the CIBIL score helps in getting a car loan from Punjab & Sind Bank. CIBIL score give banks an idea about how you handle your finances. So, if you have a good score, banks will consider you a financially responsible person and will not be scared of lending money to you.
The minimum age of an applicant has to be 18 years for him or her to be eligible for Punjab & Sind Bank Auto Loan.
The maximum age requirement for Punjab & Sind Bank Auto Loan is 65 years.
The maximum tenure of Punjab & Sind Bank car loan for purchase of new cars is 84 months.
The maximum tenure of Punjab & Sind Bank car loan for purchase of used cars is 60 months. This tenure is dependent on the age of the car and the tenure plus the car age should not be more than 84 months.
Yes, there is a margin on car loans offered by Punjab & Sind Bank.
The loan margin on new cars is 10 percent of the on – road price. The on – road price here is exclusive of the accessories and insurance charges.
The loan margin on used cars is 25 percent.
Yes, you have to pledge the car you plan to purchase as security when you apply for a car loan from Punjab & Sind Bank. The Registration Certificate or the comprehensive insurance policy should have the bank clause mentioned in them.
In case of individuals or proprietorship –
The processing fee for car loans offered by Punjab & Sind Bank is 0.25 percent of the loan amount. The value of this fee is a minimum of Rs.1000 and a maximum of Rs.10, 000. Employees and retired employees of the bank do not have to pay this fee. Even pensioners who draw their pensions from Punjab & Sind Bank do not have to pay this fee.
The documentation charge for car loans offered by Punjab & Sind Bank is only the actual stamp or revenue expense.
Yes, Punjab & Sind Bank allows people to apply for their car loan online.
You can apply for a car loan from Punjab & Sind Bank online on the website of the bank. First you have to open the website of the bank and on the homepage click on ‘Apply Retail Loan’ on the homepage. On the next page, you have to provide the details and click on ‘Submit’.
Yes, you can track the application status of your Punjab & Sind Bank Auto Loan online on the website of the bank. On the homepage of the website there is an option called ‘Loan Application Status’. If you click on that option, you will be directed to another page where you have to enter your ‘Loan ID’ and click on ‘Search’.
Yes, you can prepay your car loan from Punjab & Sind Bank.
If you have prepay the loan using your own fund source, then you do not have to pay the prepayment penalty. If it is a case of loan takeover, then you will have to pay a prepayment penalty of 1 percent on the pending balance.
The verification process of Punjab & Sind Bank Auto Loans is very simple. The bank will first check if you qualify the eligibility criteria or not. They will then verify if the information you submitted in your application form are correct or not. When they are convinced that everything is in order, then they will approve your loan and the money will be disbursed quickly.
Punjab & Sind Bank will process your car loan application quickly, if you meet the eligibility criteria and if you have provided all the correct documents.
You can contact the customer care department of Punjab & Sind Bank to get more details about their Auto Loan scheme. To contact the customer care, you can call up on the toll free number of the bank. You can also visit any branch of Punjab & Sind Bank to get the required information.
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
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