Punjab & Sind Bank Vehicle Loan Review | Punjab & Sind Bank Four & Two Wheeler Loan Review

Punjab & Sind Bank Vehicle Loan Review | Punjab & Sind Bank Four & Two Wheeler Loan Review


Punjab and Sind Bank (PSB) offers vehicle loans for both new and used cars, as well as new two-wheelers. Here's a breakdown of their vehicle loan offerings:

PSB Apna Vahan (for New & Old Four-Wheelers and New Two-Wheelers)

Purpose: Purchase of new and old four-wheelers and new two-wheelers for personal use. Eligibility: Individuals and business concerns (corporate and non-corporate) are eligible.

Age Limit: Minimum: 18 years. Maximum: Salaried individuals (non-pension): 60 years. Salaried individuals (with pension): 70 years. Others: 70 years. A younger co-borrower (spouse, major children, brother, daughter-in-law) with a 50% or more contribution towards the Installment to Income Ratio (IIR) may allow for consideration beyond these age limits. Income: Minimum net monthly salary/pension/income of ₹30,000 for new vehicles. Specific criteria may apply to existing Savings/Current account holders and permanent government/PSU employees.

Loan Amount: New Vehicles: Need-based financing. There is no maximum ceiling for electric/hybrid cars. For two-wheelers, the maximum is ₹5.00 lakhs. Old Vehicles: Maximum ₹75.00 lakhs.

Margin: (on the on-road price, including registration, road tax, and insurance)

New Vehicles: All customers: 10%
Government/PSU employees: 5%
Government/PSU employees with salary accounts with PSB: NIL
Existing borrowers with regular mortgage-backed loans: NIL
Old Four-Wheelers: 25% of the vehicle's value. Reimbursement (for new vehicles purchased within 3 months): 25% on the ex-showroom price.

Rate of Interest: The interest rates vary based on the type of vehicle (new/used, two-wheeler/four-wheeler) and the applicant's CIBIL score.

As of May 10, 2025, indicative interest rate ranges are: New Cars: Starting from 7.10% p.a. Used Cars: Starting from 9.85% p.a. PSB E-Apna Vahan (Online Application): Starting from 8.70% p.a. The effective External Benchmark Linked Lending Rate (EBLR) for vehicle loans is linked to the PSB Repo Linked Rate (PRLR), which is currently 8.05% (Repo Rate: 6.00% + Markup: 2.05%). The final interest rate (Effective EBLR) will include a spread based on the CIBIL score. Repayment Period: New Four-Wheelers: Maximum 84 months (7 years). New Two-Wheelers: Maximum 60 months (5 years) under the regular scheme and 36 months under the PSB E-Apna Vahan scheme. Old Four-Wheelers: Maximum 60 months, provided the total period (repayment + vehicle age) does not exceed 84 months.

Security: Hypothecation of the vehicle purchased with the loan.

Guarantee: May be required at the bank's discretion, depending on the case. No guarantor is generally needed for individuals/sole proprietorships if repayment is through a salary account or direct salary deductions.

Processing Charges: 0.25% of the loan amount, with a minimum of ₹1,000 and a maximum of ₹15,000 for four-wheeler loans. For two-wheeler loans, it's 0.25% with a minimum of ₹1,000. Concessions may be available for salary account holders and others.

Prepayment Charges: No foreclosure charges or prepayment penalties for individual borrowers (including sole proprietorships). A 1% charge on the outstanding balance applies to loan takeovers for corporate borrowers.

Documentation Charges: Actual stamp and revenue expenses. Inspection Charges: NIL for PSB Apna Vahan.

PSB E-Vahan (for Electric/Hybrid Cars and Electric Two-Wheelers)

This is a specific scheme for environmentally friendly vehicles. Purpose: Purchase of new electric cars, hybrid model cars, and new electric two-wheelers. Reimbursement is also available for new electric cars purchased within 3 months. Eligibility: Same as PSB Apna Vahan. Loan Amount: No maximum ceiling for electric/hybrid cars. Maximum ₹5.00 lakhs for two-wheelers.
Required Documents (Illustrative List):

Application form. Proof of Identity (Passport, PAN Card, Driver's License, Aadhaar Card, etc.). Proof of Address (Driver's License, Passport, Telephone Bill, Electricity Bill, etc.). Proof of Income (Salary slips with Form 16, P/L account for the last two years, ITR, etc.). Bank statements for the last 6 months. Proforma Invoice of the vehicle (for new vehicles). Offer letter/valuation report (for old vehicles). Copy of RC and Insurance (for old vehicles). Photographs. Signature verification proof. Copy of PAN/TAN number (if applicable). Copy of Aadhaar. Copy of Driving License.
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