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  • Punjab and Sind Bank Two wheeler loan

    Punjab And Sind Bank Two Wheeler Loan
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    Punjab and Sind Bank Two wheeler Loan:

    Established over a hundred years in 1908, Punjab and Sind Bank was nothing more than a small initiative by a few luminaries like Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh to uplift the poor in the area. An effort to raise the standard of living of the people who needed it the most, the bank had humble beginnings and continues to hold on to their values and commitment to the society even today.

    The bank’s services have expanded to meet all the financial needs of customers including ATMs, internet banking, online banking, mobile banking, SMS banking and loans for various purposes. One of the services that Punjab and Sind Bank offer is the Two Wheeler Loan.

    Eligibility Criteria for Punjab and Sind Bike Loans:

    • Individuals and business concerns (corporate or noncorporate) are eligible for the two wheeler loan.
    • Clients between the ages of 18 years and 65 years are eligible to apply for this loan.

    Punjab and Sind Bank Two Wheeler Loan Interest Rate:

    Category Rate of Interest (p.a.) (All Tenures) 
    New Vehicles BR (9.75%)+ 0.25% = 10.00% 
    Old Vehicles BR (9.75%)+ 3.00% = 12.75% 

    Punjab and Sind 2 Wheeler Loans Features & Benefits:

    • The two wheeler loan from Punjab and Sind Bank is meant for either new two wheelers and used Two Wheelers (which are not more than 5 years old). The two wheelers should be used for only non-commercial use. It should also be registered as a private vehicle.
    • The Quantum of Finance for Proprietorship and Individuals: no maximum amount for both new and used two wheeler vehicles. If you are to make a spouse / major son / parents (who are earning) a Co-borrower or guarantor in the loan, you can club the salaries to get a larger amount as loan.
    • There is no maximum number of vehicles that you can finance with a loan.
    • If you need a new/used two wheeler for business concerns and Institutions (corporate or Noncorporate):
      • If you are planning to repay within 3 years: You can borrow twice the average annual cash accruals i.e. PAT+ Dep. as per the last year balance sheet, P&L account.
      • If you are planning to repay between 3 and 5 years: You can borrow thrice the average annual cash accruals i.e. PAT+ Dep. as per the last year balance sheet, P&L account.
      • If you are planning to repay between 5 and 7 years: You can borrow up to five times the average annual cash accruals i.e. PAT+ Dep. as per the last year balance sheet, P&L account.(3 year ITR also to be obtained).
    • The Margin for New vehicles is 10% on, on-road price (excluding accessories and Ins.)
    • The Margin for old vehicles is 25%
    • Guarantee for Individual / Proprietorship cases: If installment is paid through deduction from salary/salary account, guarantee may be waived. In all other cases, you will need the guarantee of Spouse/Major son/Third party.
    • Guarantee for Partnership firms: As a partnership firm, since all the partners would execute the documents together and thus have joint liability, you will not need a guarantee.
    • Guarantee for Joint Stock Companies/ Trusts / Associations etc.: It will be sufficient to get a Personal guarantee from any Director/ Trustee / Member (other than those who is executing the documents).
    • Repayment for new vehicles: Maximum of 84 months.
    • Repayment for old vehicles: Maximum of 60 months. This period is subject to the age of the vehicle. The total period of repayment plus the age of the vehicle must not exceed 84 months.
    • As security the bank will require Hypothecation of the vehicle.
    • Age of repayment
      Service class non pensionupto 60 years
      Service class with pensionupto 70 years
      Others upto 70 years
    • You will not be charged with prepayment penalty if the loan is adjusted by the borrower from his own sources. In the case of loan take over, there will be a prepayment penalty @ 1% on outstanding balance.

    PSB Bike Loan Fees and Charges :

    Fee descriptionAmount
    Processing fee0.25% on the loan amount. This amount is subject to a minimum of Rs.200.00 and a maximum of Rs.500.00Processing fee is waived off for Staff members, retd employees of the Bank and pensioners drawing pension through the Bank.
    Documentation ChargesActual Stamp/Revenue expenses only.
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