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    Punjab and Sind Bank Car Loan Reviews

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    Punjab and Sind Bank Car Loan Interest Rates

    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%

    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%)

    Punjab & Sind Bank Car Loan FAQs

    1. Who can apply for car loans offered by Punjab & Sind Bank?
    2. Individuals and businesses can apply for car loans offered by Punjab & Sind Bank.

    3. For what purpose can I apply for a car loan from Punjab & Sind Bank?
    4. You can apply for a car loan from Punjab & Sind Bank for the purpose of purchasing new and used cars for private use only.

    5. Can I take a joint car loan from Punjab & Sind Bank?
    6. Yes, you can take a joint car loan from Punjab & Sind Bank.

    7. Can I use the car that I plan to buy using the Punjab & Sind Bank Auto Loan for commercial purposes?
    8. No, you cannot use the car that you plan to buy using the Punjab & Sind Bank Auto Loan for commercial purposes.

    9. What is the maximum amount that individual borrowers or Proprietors can avail through car loans offered by Punjab & Sind Bank?
    10. There is no limit on the maximum amount that individual borrowers or proprietors can avail through car loans offered by Punjab & Sind Bank.

    11. What is the maximum amount that Businesses and Institutions can avail through car loans offered by Punjab & Sind Bank?
    12. 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.

    13. What amount of car loan can Businesses and Institutions avail from Punjab & Sind Bank?
    14. The amount of car loan that Businesses and Institutions can avail from Punjab & Sind Bank is–

      • Two times the average cash accruals annually (PAT plus Dep. as per the Profit and Loss A/c and Balance Sheet), if the repayment period of your car loan is up to three years
      • Three times the average cash accruals annually (PAT plus Dep. as per the Profit and Loss A/c and Balance Sheet), if the repayment period of your car loan is more than three years and up to five years
      • Five times the average cash accruals annually (PAT plus Dep. as per the Profit and Loss A/c and Balance Sheet), if the repayment period of your car loan is more than five years and up to seven years
      • The applicants also have to submit income tax returns for 3 years.

    15. What rate of interest is charged by Punjab & Sind Bank on car loans taken to purchase new cars?
    16. 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.

    17. What rate of interest is charged by Punjab & Sind Bank on car loans taken to purchase used cars?
    18. 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.

    19. Does the CIBIL score help in getting a car loan from Punjab & Sind Bank?
    20. 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.

    21. What should be the minimum age of an applicant for him or her to be eligible for Punjab & Sind Bank Auto Loan?
    22. The minimum age of an applicant has to be 18 years for him or her to be eligible for Punjab & Sind Bank Auto Loan.

    23. What is the maximum age requirement for Punjab & Sind Bank Auto Loan?
    24. The maximum age requirement for Punjab & Sind Bank Auto Loan is 65 years.

    25. What is the maximum tenure of Punjab & Sind Bank car loan for purchase of new cars?
    26. The maximum tenure of Punjab & Sind Bank car loan for purchase of new cars is 84 months.

    27. What is the maximum tenure of Punjab & Sind Bank car loan for purchase of used cars?
    28. 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.

    29. What should be the age of the borrowers at time of their Punjab & Sind Bank car loan maturity?
      • If the borrowers belong to the service class non pension category, then they should be maximum 60 years old at the time of their Punjab & Sind Bank car loan maturity
      • If the borrowers belong to the service class pension category, then they should be maximum 70 years old at the time of their car loan maturity
      • For everyone else, the age requirement at the time of their car loan maturity is maximum 70 years

    30. Is there a margin on car loans offered by Punjab & Sind Bank?
    31. Yes, there is a margin on car loans offered by Punjab & Sind Bank.

    32. What is the loan margin on new cars?
    33. 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.

    34. What is the loan margin on used cars?
    35. The loan margin on used cars is 25 percent.

    36. Do I have to provide a security when I apply for a car loan from Punjab & Sind Bank?
    37. 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.

    38. Do I have to provide a guarantee when I apply for Punjab & Sind Bank Auto Loan?
    39. In case of individuals or proprietorship –

      • If you will pay your monthly instalment through your salary or salary account, then Punjab & Sind Bank may waive guarantee when you apply for the Auto Loan
      • In all other cases, guarantee has to be provided. The guarantor can be the spouse of the borrowers or son or a third party
      • In case of partnership firms –
      • No guarantee is required as all the partners are equally liable for the Auto Loan
      • In case of Trusts, Joint Stock Companies, Associations, etc. –
      • Any of the Directors of the company, trustee or member has to give his or her personal guarantee to Punjab & Sind Bank

    40. What is the processing fee for car loans offered by Punjab & Sind Bank?
    41. 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.

    42. What is the documentation charge for car loans offered by Punjab & Sind Bank?
    43. The documentation charge for car loans offered by Punjab & Sind Bank is only the actual stamp or revenue expense.

    44. Does Punjab & Sind Bank allow people to apply for their car loan online?
    45. Yes, Punjab & Sind Bank allows people to apply for their car loan online.

    46. How can I apply for a car loan from Punjab & Sind Bank?
    47. 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’.

    48. Can I track the application status of my Punjab & Sind Bank Auto Loan online?
    49. 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’.

    50. Can I prepay my car loan from Punjab & Sind Bank?
    51. Yes, you can prepay your car loan from Punjab & Sind Bank.

    52. Do I have to pay a penalty if I prepay my Punjab & Sind Bank Auto Loan?
    53. 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.

    54. What is the verification process of Punjab & Sind Bank Auto Loans?
    55. 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.

    56. How much time will Punjab & Sind Bank take to process my car loan application?
    57. 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.

    58. Who to contact to get details about Punjab & Sind Bank Auto Loan?
    59. 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.

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