The Punjab and Sind Bank is a public sector bank headquartered in New Delhi. It serves a broad range of clients, inclusive of retail banking, corporate banking, SME banking, agricultural banking, and international banking. Apart from that, the bank offers a variety of government initiatives, priority banking, and a variety of other customer-friendly services.
The bank's loan offerings are provided to both the retail and corporate sectors. These loans include the popular personal car loans for retail customers. Punjab Sind Bank retail automobile loans are known as PSB Apna Vahan.
The interest rates for new automobiles are determined by a variety of parameters such as loan tenure, vehicle category, bank relationship, and so on. Interest rates for used automobiles are determined by a variety of factors, including the form of the loan, the age of the vehicle, and so on.
Type of Scheme
Punjab and Sind Bank Car Loan Rate of Interest
For a New Car
7.50% p.a and more
For a Used Car
10.25% p.a and more
Borrowers must meet the following eligibility requirements when applying for a Punjab & Sind Bank Car Loan-
Along with the application form for the PSB Car Loan, the applicant must provide a number of papers. These documents will be needed as a part of the application process and must be sent along with the completed application form.
These documents pertain to the car to be purchased with the loan, as well as basic KYC documentation. The specifics of such documents are listed below.
Copies of passport, PAN, driver's license, and more.
Salary slip with form 16, P/L account for the last two years, minimum turnover of Rs. 4.5 lakhs, the audited balance sheet, ITR, and the latest ITR.
Your bank statement for the last 6 months.
Driver's license, passport, telephone bill, ration card, life insurance, PAN, electricity bill.
Punjab & Sind Bank car loan interest rate you are qualified for is determined by a number of criteria, which are listed below-
When applying for a car loan, your credit score will be used to determine the interest rate you are eligible for. It will also affect whether or not the bank will approve your car loan. When you have a credit score of 750 or higher, your chances of loan approval improve.
The lower the interest rate, the longer the loan term. However, it is vital to keep in mind that a lengthier loan term means paying more interest over time. A shorter tenure will yield a greater interest rate for a shorter length of time. Calculate the total interest you must pay for the loan tenure you have chosen and select the one with the lowest EMI payment.
Banks assess the applicant's occupation and whether or not he or she has a consistent income when considering vehicle loan eligibility. When an individual has a consistent source of income, the likelihood of a vehicle loan EMI default is decreased.
A lower debt-to-income ratio is always preferable because it reflects your ability to pay monthly car loan EMIs.
This is true for previously owned or used vehicles. When you take out a car loan, the vehicle itself is regarded as a security against the loan for the duration of the loan. This means that the bank can keep the vehicle if there are any outstanding debts. This is why banks examine the model and age of a car when deciding the rate of interest.