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A car loan is an invaluable product that makes automobile dreams come true for millions of consumers. There are several banks, NBFCs, and other financial institutions that offer car loans to purchase new and old vehicles.
Punjab and Sind Bank (shortly known as PSB) is one of the leading nationalized banks in India that offer car loans to individuals. The bank has been operational in the country for more than a century. The bank was founded in 1908 by visionaries Sir Sunder Singh, Bhai Vir Singh, and Sardar Tarlochan Singh, as a way to provide banking services to all sectors of people, from the economically weaker to economically stronger sections.
Today, the bank is one of the top nationalised banks in India with 1500+ branches across the country and employing over 9000 employees. Today, the bank offers several banking services, including digital banking, retail loans, and more. Applying for and availing a car loan at Punjab and Sind Bank is hassle-free provided an applicant meets the eligibility requirements.
Punjab and Sind Bank offers four-wheeler and two-wheeler loans under the PSB Apna Vahan loan scheme. Affordable interest rates, flexible repayment terms, hassle-free loan application, and easy eligibility, make Punjab and Sind Bank a preferred choice for car loans.
Here, in this guide, you can find all that you need to know about car loan eligibility, documentation, and features from Punjab and Sind Bank.
About Punjab and Sind Bank Car Loan Eligibility
Punjab and Sind Bank offers car loans under the scheme PSB Apna Vahan to individuals looking to purchase new or old four and two-wheelers. Not just individuals, but businesses (both corporates and non-corporates) can avail car loans from PSB to purchase commercial vehicles for business use.
Age Limits for Availing Car Loans from PSB
The minimum age of an individual for availing a car loan from Punjab and Sind Bank is 18 years. The maximum age depends on the applicant’s profession.
The bank offers car loans to both self-employed and salaried individuals, as well as proprietors and business owners for the purchase of commercial vehicles.
Punjab and Sind Bank Car Loan Eligibility for Salaried Individuals
Punjab and Sind Bank Car Loan Eligibility for Self-Employed
You must submit all the required documentation during the loan application. If the documentation is incomplete, there are chances of your loan application getting rejected.
*Applicants may be required to submit additional documentation if required.
There is no maximum ceiling for car loans from PSB. It’s determined on a case-by-case basis and is need-based. To know the loan amount you are eligible for, get in touch with your nearest Punjab and Sind bank branch.
Car Loan Margin
For existing borrowers with Punjab and Sind bank (people who have availed other retail loans from the bank) the margin is NIL on-road prices. However, this does not include car accessories. For accessories, the prevailing margin rates are applied.
Punjab and Sind Bank follows the MCLR (Marginal Cost of Funds based Lending Rate) to determine the interest rate for its borrowers.
The current MCLR rates for Punjab and Sind Bank (with effect from 16/8/2019) are as follows:
*Note that MCLR rates are likely to undergo revision periodically as determined by the RBI.
The applicable interest rate for the PSB Apna Vahan car loan from Punjab and Sind Bank is:
Borrowers can choose their preferred repayment tenures based on the EMIs that they can afford. The maximum tenure is:
1. I am over 70. Will I be considered for a car loan at PSB?
Though the maximum age limit for applying for a car loan at PSB is 70 years, the bank considers applications from individuals beyond 70 provided they apply along with a younger co-borrower and show proof of adequate repayment capacity.
2. What are the documentation charges for PSB car loans?
The applicable documentation charges include only the actual stamp and revenue expenses.
3. What are the prepayment charges for PSB car loans?
There are no prepayment penalties or foreclosure charges for individual borrowers and sole proprietorships. However, for corporate car loan borrowers, the foreclosure charges are 1% on the outstanding balance at the time of foreclosure.
4. Do borrowers require a guarantor to be eligible for car loans from PSB?
The conditions of guarantor are as follows:
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