Punjab & Sind Bank Car Loan Jammu Eligibility-Wishfin

Punjab & Sind Bank Car Loan in Jammu

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

Interest Rate7.10% - 7.45%
Loan AmountUnder 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.)
TenureUnder 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 FeeUnder Auto Loan Scheme

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 ChargesUnder 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 NameComplete AddressIFSCMICRContact Number
Nanak Nagar, Jammu Sec - 1, Near Gurudwara Building, Nanak Nagar, JammuPSIB00007311800230042450993
Jammu (MAIN) , Shalimar Road Shalimar Road, JammuPSIB00001731800230012543373
Srinagar Main Jehangir Hotel Building, Badshah Chowk, Srinagar, Jammu & Kashmir - 190001PSIB0000237NON-MICR0194 2455180
Udhampur Lal Chowk, Udhampur, Jammu & Kashmir. - 182101PSIB0000239NON-MICR01992 270158
Jammu DigianaSri Sant Mela Singh Technical Ashram, Digiana Jammu, Jammu & Kashmir-180001 PSIB0000730NON-MICR0191 2451405
Kathua College Road, Kathua, Jammu & Kashmir -143514 PSIB00005821840230011922232216
Batote Batote, Distt. Doda, Jammu & Kashmir PSIB0000231NON-MICR1998244247
Baramulla Main Market, Distt. Baramulla, Jammu & Kashmir - 193101PSIB00004851930230011952234319
Jammu Exchange Road Exchange Road, Distt. Jammu, Jammu & Kashmir - 181101PSIB00006601800230031912579283
Bari Brahmana (Nowhatta) Bari Brahmana, Distt. Jammu, Jammu & Kashmir - 193101PSIB00006611800230071923220071

Personal Loan Interest Rates March 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates March 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%