Punjab & Sind Bank Car Loan in Jammu
Last Updated : May 20, 2017, 3:11 p.m.
About Punjab & Sind Bank Car Loan Jammu
Nobody would like to restrict themselves to going places for work, duties or leisure that would hinder their good social and professional life. At one point of time, a person may think of owning their dream car one day. For several dreams like this to achieve, Punjab & Sind Bank has come up with Car Loans which are available at affordable interest rates for varying loan amounts subject to the repayment capacity of the borrower. Individuals either a salaried class employee or a business professional can avail car loans with ease from Punjab & Sind Bank Jammu which is available at flexible tenures so as to help them plan for their monthly installments.
There is only one-time processing fee and no prepayment charges make it possible for a common middle-class man to pursue their dreams of owning a car one day.
Punjab & Sind Bank Car Loan Jammu at a glance
| Particulars | Details |
|---|---|
| Interest Rate | 7.10% - 7.45% |
| Loan Amount | Under Auto Loan Scheme No maximum ceiling on loan amount on new car and used car for any borrower (salaried or business). Under Commercial Vehicle Scheme For new business entities: - Maximum ₹ 50.00 lac For existing business entities: - Maximum ₹ 2.00 crore (Loans above ₹ 2.00 crore may be considered out of this policy and may be considered as per the guidelines vide loan policy of the Bank.) |
| Tenure | Under Auto Loan Scheme For new cars : Maximum 7 years For old cars: Maximum 5 years subject to age of vehicle (total period of Repayment plus age of vehicle not exceeding 7 years). Under Commercial Vehicle Scheme Maximum:5 Year Flexible repayment:Ballooning of installment may be done. Moratorium Period: 3 Months over & above the overall repayment period |
| Processing Fee | Under Auto Loan Scheme One-Time: Four Wheeler Loan: 0.25% on the loan amount, subject to minimum of ₹1000.00and maximum of ₹15000.00 Two wheeler Loan: 0.25% on the loan amount, subject to minimum of ₹1000.00 and maximum no limit. Processing fee is waived for Staff members, retired employees of our Bank and pensioners drawing pension through our Bank. Under Commercial Vehicle Scheme One time: 1.00% of the loan amount (Refund of entire Processing fee is available at the time of final payment provided borrower makes timely repayment of installments). |
| Pre-payment Charges | Under Auto Loan Scheme No prepayment penalty is levied if the loan is adjusted by the borrower from his own sources. In case of loan take over, prepayment penalty to be charged at 1% on outstanding balance Under Commercial Vehicle Scheme The borrower may opt to prepay / adjust the loan from his own verifiable legitimate sources or genuine sale without attracting any penalty, except take-over of the loan by other bank/ FI/ NBFC, which would attract prepayment at 1% of the balance loan amount. |
Eligibility Criteria
The borrowers need to fulfill the following eligibility criteria while applying for Punjab & Sind Bank Car Loan:
- Individuals as well as business concerns(either corporate or non-corporate) are eligible to apply for car loan.
- The business concerns involving proprietorship/partnership firm/ Limited company, trust, society, associations owning and operating or proposing to own and operate transport vehicles so as to carry passengers or goods on hire.
- The borrower/borrowers need to hold the necessary driving license or engage driver who possess the valid license for operating the type of vehicle for which credit is sought.
- The age limit of the borrower should be 18 years to 65 years, subject to age for repayment.
- The borrower/borrowers should submit proof of permanent residential address.
- The borrower/borrowers need to obtain a permit by an appropriate authority to ply vehicle for passengers or goods traffic on hire.
- The borrower need to have a sufficient net worth in order to pay for the margin and initial recurring expenses like registration, insurance, etc. In case where the borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
- Any one of the borrower or guarantor should possess a minimum two years experience in relevant transport business.
Documents Required
The salaried employees as well as business concerns(either corporate or non-corporate) need to produce the following documents while applying for car loan.
- Proof of Identity: Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible)
- Proof of Address: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
- Proof of Income: Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years/ Have a minimum turnover of ₹ 4,50,000 per annum / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR
- Bank Statement: Last 6 months
To know more, visit Car Loan Jammu
Address of Punjab & Sind Bank Branches in Jammu
| Branch Name | Complete Address | IFSC | MICR | Contact Number |
|---|---|---|---|---|
| Nanak Nagar, Jammu | Sec - 1, Near Gurudwara Building, Nanak Nagar, Jammu | PSIB0000731 | 180023004 | 2450993 |
| Jammu (MAIN) , Shalimar Road | Shalimar Road, Jammu | PSIB0000173 | 180023001 | 2543373 |
| Srinagar Main | Jehangir Hotel Building, Badshah Chowk, Srinagar, Jammu & Kashmir - 190001 | PSIB0000237 | NON-MICR | 0194 2455180 |
| Udhampur | Lal Chowk, Udhampur, Jammu & Kashmir. - 182101 | PSIB0000239 | NON-MICR | 01992 270158 |
| Jammu Digiana | Sri Sant Mela Singh Technical Ashram, Digiana Jammu, Jammu & Kashmir-180001 | PSIB0000730 | NON-MICR | 0191 2451405 |
| Kathua | College Road, Kathua, Jammu & Kashmir -143514 | PSIB0000582 | 184023001 | 1922232216 |
| Batote | Batote, Distt. Doda, Jammu & Kashmir | PSIB0000231 | NON-MICR | 1998244247 |
| Baramulla | Main Market, Distt. Baramulla, Jammu & Kashmir - 193101 | PSIB0000485 | 193023001 | 1952234319 |
| Jammu Exchange Road | Exchange Road, Distt. Jammu, Jammu & Kashmir - 181101 | PSIB0000660 | 180023003 | 1912579283 |
| Bari Brahmana (Nowhatta) | Bari Brahmana, Distt. Jammu, Jammu & Kashmir - 193101 | PSIB0000661 | 180023007 | 1923220071 |
