Car Loan Rates EMI 2024
Punjab & Sind Bank Car Loan in Mumbai
Last Updated : May 20, 2017, 12:27 p.m.
About Punjab & Sind Bank Car Loan Mumbai
Don’t allow yourself to stretch for longer periods for accumulating finances for your dream car? Reduce the time gap and obtain hassle-free car loans from Punjab & Sind Bank Car Loan Mumbai. With minimum documentation processes and flexible monthly installments give you much time to plan for your car loan repayments. The interest rate provided by Punjab & Sind Bank Car Loan Mumbai on car loans range from 9.00% – 11.75% per annum.
Punjab & Sind Bank Car Loan Mumbai 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 Mumbai
Address of Punjab & Sind Bank Branches in Mumbai
| Branch Name | Complete Address | IFSC | MICR | Contact Number |
|---|---|---|---|---|
| Mumbai Opera House | 78, Girgaum Road Opera House Mumbai - 400004 | PSIB0000117 | 400023002 | 022-23690936 |
| Mumbai Khar | 315, Linking Road , Khar Mumbai - 400052 | PSIB0000300 | 400023005 | 022-26043930 |
| Mumbai | J.K.Somani Building, Fort, Mumbai - 400023/ | PSIB0000385 | 400023009 | 022-22651737/22651039 |
| Mumbai Juhu | Amrapali Buildingshopping Centre, Juhu, Mumbai - 400049 | PSIB0000386 | 400023059 | 022-26149721/26126889 |
| Mumbai Malabar Hills | 24, Ridge Road Malabar Hill Mumbai | PSIB0000428 | 400023011 | 022-23693321 |
| Mumbai Kalbadevi | Bhaganwadi Shopping Arcade, Kalbadevi Road Mumbai - 400002 | PSIB0000431 | 400023003 | 022-22054566/22038923 |
| Vashi | Plot - 14, Sector - 26a , Palm Beach Road, Vashi, Navi Mumbai | PSIB0000467 | NON-MICR | 24948154 |
| Mumbai Masjid Bunder | 137/139, Kazi Syeed Street Mumbai - 400003 | PSIB0000474 | 400023007 | 022-23440060 |
| Mumbai Andheri | 101, Shaheed Bhagat Singh Road, Kurla Road Andheri(East) Mumbai - 400059 | PSIB0000499 | 400023006 | 022-28321437 |
| Mumbai Vikhroli | Fitwell House, L.B.S. Marg Vikhroli(West) Mumbai - 400083 | PSIB0000523 | 400023012 | 022-25781741 |
