Punjab And Sind Bank Car Loan
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About Punjab And Sind Bank Car Loan
Choosing the right car loan is indeed a tiresome business. All you want is a hassle-free and smooth process of loan approval within minutes! Well, you can now put the wheels on your dreams by availing of car loans from Punjab And Sind Bank.
The new and innovative car loan schemes of Punjab And Sind Bank are meant to provide you with loan approvals within half an hour.
With zero prepayment and inspection charges, its schemes are way better than the rest in the business of car loans.
Let's learn about these car loans in detail.
Features and Benefits of Punjab And Sind Bank Car Loan
There are several benefits to using car loans from Punjab And Sind Bank. Some of the key features that contribute to such benefits are as follows:
Need-based loan: The quantum of car finance is need-based. It means you can have a loan amount as per your needs.
Low rate of interest: The interest rates are significantly low for Punjab And Sind Bank car loans. PSB Apna Vahan scheme offers car loans at 9% for new cars and 11% for old vehicles.
Long range of tenure: You can have the longest tenure of loan repayment. The term is close to 7 years for new cars and five years for older ones.
Negligible processing fees: Unlike any other car loan, you can benefit from PSB car loans with low processing and inspection charges.
Factors Affecting Punjab And Sind Bank Car Loan Interest Rates
Several factors can influence your car loan interest rates hugely. Some of them are listed below:
Inflation and market fluctuations: Market fluctuations are pivotal in deciding the interest rates the bank offers. A high-interest rate is often a result of high inflation.
Credit score: The credit score is vital when it comes to car loan interest rates. With a high credit score, you can reduce the rate of interest.
Car loan amount: A smaller loan amount often means obtaining a lower interest rate on car loans.
Type/ Age of the car: Prefer using a new car loan to avail low-interest rates.
How to Apply for Punjab And Sind Bank Car Loan
You can apply for car loans from Punjab And Sind Bank by using the online method. Follow these easy and smooth steps to apply for a quick car loan approval. They are:
Visit the online portal of Punjab and Sind Bank.
Click on the 'Vehicle Loan' tab after opening the home page.
Choose the 'Digital Loans' option.
Then click 'Digital Vehicle Loan' to go to the next page.
After that, click on the 'Apply Now' button to open the loan application page.
You can also visit the home page and view the interest rates before applying.
Your loan approval can arrive within an hour if everything is in place.
Eligibility Criteria for Applying for a Car Loan
Punjab And Sind Bank offers quick and easy car loans for any two-wheeler and four-wheeler vehicle. However, you must fulfil the following criteria to be eligible for getting the loans:
For Salaried Individuals
Age: Minimum 18 years and maximum (at the time of loan maturity) 60 years for non-pensioned individuals and maximum 70 years for pensioned individuals.
Work Experience: Minimum of 2 years of employment with at least one year in the current job.
Residence Stability: Must have resided for two years in the city with one year in current residence (or should be staying in own house).
For Self-Employed
Age: Minimum 18 years and maximum (at the time of loan maturity) 70 years.
Income Proof: Income Tax Returns (ITR) for the last two years.
Business Stability: Must be in the current business for the last two years.
Residence Stability: Must have resided for two years in the city with one year in current residence (or should be staying in own house).
Documents Required for Applying for a Car Loan
Some documents are essential for car loan applications in India. They are:
Identity proof such as Aadhaar Card, PAN Card, Voter ID, or passport.
Recent passport-size photograph in colour.
Address proof such as electricity bill or telephone bill.
Salary slip of the last three months or the latest Form 16.
Signature verification proof, such as PAN Card or Passport.
Pros and Cons of Taking Out a Car Loan
Every car loan comes with a few advantages and disadvantages. While focusing on the brighter side, you find that car loans are suitable for budgeting your car expense.
By choosing the right car loan, you can get high loan amounts with flexible repayment tenure that puts your mind at ease.
However, you should also be aware of the collateral used by every bank offering attractive car loans.
The involvement of car loans invites the transfer of ownership to the banks. So, if you wish to sell your car at some point, you'll need to confirm with your bank first.
FAQ's
How do car loans help me?
Car loans are great for budgeting expenses when buying new or used cars.
Why should I use car loans from Punjab and Sind Bank?
With Digital PSB Loans, you can get easy and hassle-free loan approval in minutes.
What is the best way to apply for car loans?
The best way to apply for car loans is by using the online application portals of the banks.
What is the lowest car loan interest rate in India?
Punjab And Sind Bank offers a digital car loan scheme starting with an interest rate of 9% p.a.
I have a low credit score. Can I get a car loan based on that?
Yes, you can get a car loan, but only with a high-interest rate.
Do I need to pay for my car loan application?
No, the application process for car loans is entirely free of cost.
Do I need to have Identity Proof to apply for car loans?
A valid photo ID is compulsory for car loan applications in India.
Can I lower the rate of interest for car loans?
You can reduce interest rates by increasing your credit score.
How can I get a car loan?
Choose the online application portals to get hassle-free car loans.
What are the basic features of a good car loan?
A good car loan should give you a high loan amount at a low-interest rate.