Punjab & Sind Bank Car Loan in Patna

About Punjab & Sind Bank Car Loan Patna

Punjab & Sind Bank Car loans are offered at an affordable interest rate and competitive terms, which provides ample of benefit to the customers. Financing options are available for both new cars along with the used ones which are done at an appropriate tenure to choose from. The margin requirements for the new car is 10% on road price whereas for a used car it is 25%(not more than 2 years old) under the auto loan scheme.

Punjab & Sind Bank Car Loan Patna at a glance

ParticularsDetails
Interest Rate8.65% - 11.40%
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

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 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 Patna

Address of Punjab & Sind Bank Branches in Patna

Branch NameComplete AddressIFSCMICRContact Number
Fraser Road , Patna42, Fraser Road, PatnaPSIB00001748000230022221850
Patna CityHazi Ganj, Patna City, Bihar - 800008 PSIB0000286NON-MICR0612 2616059
Patna Central SchoolPatna Central School, Sudarshan Vihar, Jangpura, Patna, Bihar - 800020 PSIB00007828000230040612-2380039
R.K.Avenue, Patna, Bihar 92 - A, Block - B, R.K. Avenue, Rajendra Nagar, Patna, Bihar Pin 800016PSIB0020941NON-MICR0612 2674978

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