Punjab & Sind Bank Car Loan

About Punjab & Sind Bank Car Loan

Are you looking to postpone your plans of buying your dream car, just because of the paucity of funds? Don’t let it be. When Punjab & Sind Bank Car Loan is here to fulfill all your aspirations. Don’t comprise in paying expensive equated monthly installments from your net salary intake each month but prefer car loans that would allow you to comfortably plan your monthly budget at ease. Punjab & Sind Bank has much to offer on car loans that would systematically align your preferences of what you are actually looking for in your car loan product. Punjab & Sind Bank offers car loans for the purchase of new & used four wheelers(not exceeding 5 years) subject to their date of registration. These loans are available for individuals as well as corporates at an appropriate interest rate. It’s better to check your eligibility criteria before availing car loans from Punjab & Sind Bank. That would really be helpful in deciding the loan amount to be availed as well as repayment period.

Punjab & Sind Bank Car Loan Eligibility Criteria

1. Individuals and business concerns along with non-business concerns are eligible to apply for car loans.

2. The repayment of car loans are based on the following criteria :

  • Service class non pension : upto 60 years

  • Service class with pension : upto 70 years

  • Others : upto 70 years

3. For availing car loans from Punjab & Sind Bank, the conditions of guarantor are applicable as follows:

In case of Individual or Proprietorship

(a) No Guarantee is applicable where installment is paid either through salary deductions or debited from the salaried account.

(b) Guarantee of Spouse or major son or third party can be included in other cases

In case of Partnership firms

(a) No guarantee stands applicable if all the partners submit the required documents and would be liable jointly and severely.

(b) Personal guarantee of any Director/ Trustee / Member (other than those who is executing the documents) stands to be applicable in case of Joint Stock Companies or Trusts and Associations etc.

Punjab & Sind Bank Car Loan Interest Rates

ParticularsDescription
Interest RateNew cars : 8.80% p.a.
Used cars : 11.55% p.a.
Loan Amount No maximum ceiling on amount of loans
TenureNew cars : 7 years
Used cars : 5 years
Age Limit 18 to 65 years, subject to age of repayment
Processing Fees0.25% on the loan amount, subject to minimum of ₹1000.00and maximum of ₹15000.00
Prepayment ChargesNo 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
Document ChargesActual Stamp/Revenue expenses only.
Loan MarginNew cars : 10%
Used cars : 25%

Punjab & Sind Bank Car Loan EMI Calculator

Plan your car purchase through Punjab & Sind Bank Car Loan EMI Calculator. Just enter the details regarding your finances and the model of the car you are planning to buy, and rest will be taken care of by itself.

Punjab & Sind Bank Car Loan EMI Calculator is a friendly arithmetical tool which helps the borrowers to plan for their loan amount and the tenure to adjust their preferences. Simply enter the following details:

  • Expected loan amount

  • Select the interest rate of your car loan

  • Tenure of the loan

Based on the above information, the calculator will directly give you the details on your monthly installment that you are supposed to pay for the car loan and it helps you to plan your budget accordingly.

For example : Sujata has applied for a 7-year car loan of ₹ 20 lakhs with an interest rate 8.80% per annum subject to her eligibility criteria. She takes the help of Punjab & Sind Bank EMI Calculator for estimating the detailed computation of her EMI, interest outgo and the total amount(EMI+Interest) which she needs to repay each year towards her car loan.

Table showing EMI, interest outgo and total amount payable on your car loan

Loan Amount
(in ₹)
Loan Tenure(in years) Interest Rate (in % p.a.)EMI (in ₹)Total Interest Outgo(in ₹)Total Amount(EMI+Interest)

(in ₹)
200000018.801,74,71896,61020,96,610
200000028.8091,1861,88,466 21,88,466
200000038.8063,4132,82,88522,82,885
200000048.8049,5803,79,858 23,79,858
200000058.8041,3234,79,37124,79,371
200000068.8035,8535,81,40725,81,407
200000078.8031,9766,85,94426,85,944

Amortization Table

YearPrincipal(in ₹)Interest(in ₹)Balance Amount(in ₹)
12,16,2971,67,41517,83,703
22,36,1201,47,59215,47,583
32,57,7561,25,95612,89,827
42,81,3761,02,33610,08,451
5 3,07,16176,5517,01,290
6 3,35,30848,404 3,65,982
73,66,21417,6770

Features of Punjab & Sind Bank Car Loan

  • Hassle-free documentation procedure

  • Easy terms and conditions to understand

  • Flexible tenures

  • The Hypothetication of the car purchased through car loan can be provided as primary security.

  • Registration certificate of your car or comprehensive insurance policy with the bank can be produced as a security which is mandatory as per the bank’s clause.

Documentation Required for Punjab & Sind Bank Car Loan

ProofsSalaried ProfessionalSelf-employed
Age ProofPassport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
Identity Proof PAN Card/ Voter ID/Passport/Driving License, photograph PAN Card/ Voter ID/Passport/Driving License, photograph
Income Proof Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account,CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account
Address Proof Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
Sign Verification Proof Driving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card

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EMI Calculator