Existing Punjab and Sind Bank Car Loan borrowers have the option to continue with the interest rate 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)|
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.