Punjab & Sind Bank Car Loan
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Auto Loan scheme
Facilitates owning a vehicle with the friendliest and most convenient car loan. Either one can purchase a new Car/ Van/ Jeep or raise loan to purchase old vehicles that are not older than 2 years.
1.Eligibility Employees of Central / State Govt., PSUs ,Local Registered Bodies, universities recognized by U.G.C. ,Schools/ colleges run by Govt. or local bodies with confirmed service of 3 years Professionals /Self Employed , Employees of corporates clients of Bank and General public. 2.Age limit 21 to 65 years 3. Quantum of loan Salaried Class : For New Vehicles :Thrice the average of annual income of past three years as per ITR / Salary details subject to a maximum of Rs.10 lac . ( Income of spouse can be clubbed) . For Old Vehicles : Quantum of loan not to exceed Rs.5 lac
Professionals/ Self employed, CAs doctors , Architects and General public: For new vehicle segment. Thrice the average of annual income of the past three years as per ITR subject to a maximum of Rs.10 lac ( Income of spouse can be clubbed ).
For Old Vehicles :Quantum of loan not to exceed Rs.6 lacBeyond Rs.10 lac , the proposals should be sanctioned after proper appraisal outside the purview of schematic lending. For this BM /ZM may take up sanctions with in their ‘ maximum aggregate discretionary powers” for term loans for higher limits upto Rs.30 lac , after compliance of guidelines like margin, income etc
4.Margins For New vehicles 10%For old vehicles 30% ( Amount of loan shall not exceed 70% of market value of vehicle or value of vehicle net of depreciation @ 20% whichever is low) 5.Rate of interest Please click on For rate of interest 6.Processing fee Rs.100/- for two wheelers and Rs.500/- for Cars /Vans / Jeeps 7.Security Hypothecation of vehicle. RC / comprehensive insurance policy with bank clause incorporated therein . 8.Guarantee Third party / mutual guarantee / guarantee of spouse except in salaried class cases where instalment is paid by salary deduction and undertaking from employer for remitting the terminal benefits is available . 9.Repayment For new vehicles 60 months. For old vehicles Maxm.36M 10.Prepayment Charges 1% of the outstanding balance. Published on August 9, 2010 · Filed under: Car Loan, Punjab & Sind Bank Car Loan;
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