For purchase of Old Four Wheeler Vehicles Note:
a. Old vehicles not to be older than 5 years subject to repayment period as explained at clause 8.
b. Non-commercial use & to be registered as private vehicle.
2. Eligibility
Individuals as well as business concerns (Corporate or non-corporate).
3. Age Limit
Minimum: 18 years Maximum: Subject to adjustment of loan for Individuals / Prop. before the age of:
• Service class non pension – 60 years
• Service class with pension – 70 years
• Others – 70 years
*In case any younger Co-borrower (spouse / major children / brother/ daughter-in-law) is proposed having 50% or more contribution towards IIR (Installment to income ratio), the eligibility criterion w.r.t. age of the younger Co-borrower may be considered.
4. Quantum of Loan
Rs. 75.00 Lakhs
5. Repayment
The repayment capacity to be derived from the Salary slip for last 2 months for salaried class and latest balance sheet (audited/CA certified) of the corporate / non corporate.
3 years ITR also to be obtained in all the above cases (subject to exceptions as under) only for analysis purpose for observing consistency in the income
Individual:
a) In case of confirmed employees of Govt. / semi govt. / PSUs/ MNCs / Schools/ Colleges/ University, ITR/ Form16 for one year may be accepted. However, sanctioning authority is authorized to waive condition of ‘confirmed employees’, on case to case basis.
b)For the cases other than service class any other authentic document to the entire satisfaction of Branch Manager justifying the repayment capacity may be taken.
6. LTV
A. 75% of latest Market value as per valuation certificate issued by certified pre-owned car Dealer/Bank’s Approved Valuer/Insurance Surveyor/ Valuation report obtained from autotech platforms such as Spinny/Cardekho/Cars24 Droom/Carwale/Zigwheels and other autotech platforms providing reasonable valuation.
OR
B. 75% of agreement/invoice value
OR
C. 100% of Insured Declared Value (IDV) as per Motor Insurance Policy.
Note:
Point no (A) is Mandatory, B & C to be taken for comparison. However, Finance to be done for lowest of the (A), (B) &(C).
Advance deposited with dealers is to be treated as margin only after its genuineness is checked and verified to the satisfaction of the Sanctioning authority
7. Rate of Interest
Vehicle Loan Individual
Product Information
CIBIL Credit Vision Score
Repo %
Markup %
CRP %
BSP %
Effective EBLR %
Old Four Wheeler Vehicle
825 & above
5.25
2.05
0.08
2.37
9.75
791-824
5.25
2.05
0.08
2.47
9.85
750-790
5.25
2.05
0.14
2.46
9.90
725-749
5.25
2.05
0.31
2.99
10.60
700-724
5.25
2.05
0.59
3.36
11.25
650-699
5.25
2.05
1.58
3.87
12.75
649 & Below
5.25
2.05
6.11
2.59
16.00
Vehicle Loan to Non – Individual up to Rs.10.00 Lakh
Product
Repo %
Markup %
CRP %
BSP %
Effective EBLR %
Old Four Wheeler
5.25
2.05
1.58
1.37
10.25
Vehicle Loan to Non – Individual above Rs.10.00 Lakh
Product
Internal Rating
Repo %
Markup %
CRP %
BSP %
Effective EBLR %
Old Four Wheeler – Non Individual
1
5.25
2.05
0.33
2.52
10.15
2
5.25
2.05
0.39
2.56
10.25
3 & 4
5.25
2.05
0.56
2.79
10.65
5 & 6
5.25
2.05
0.84
3.46
11.60
7 and Below
5.25
2.05
1.83
4.22
13.35
8. Period of Loan
For old four wheeler: Max. 60 months subject to the age of the vehicle (total period of Repayment plus age of vehicle not to exceed 84 months.
9. Security
Hypothecation of vehicle.
10. Guarantee
Individuals / Proprietorship:
a) Where installment is paid through deduction from salary/salary account: - Waived.
b) b) In other cases: - Guarantee of Spouse/Major Children/Third party to be obtained.
However, where gross monthly income of borrower including co-borrower is Rs.50000 & above, guarantee is waived.
ii) Partnership Firm cases:
No guarantee to be obtained as all the partners would execute the documents and would be liable jointly and severely.
Personal guarantee of any Director/ Trustee / Member (other than those who are executing the documents).
Guarantee waived if gross monthly income including co-borrower is above Rs. 50,000.
11. Disbursement Clause of Old Vehicle
I. Purchase directly from the owner Direct disbursement to owner of the vehicle, as per the name of Registration Certificate.
II. Purchase from certified pre-owned car dealers:
Branch shall obtain Sale Agreement between Dealer and Seller (may or may not be stamped) OR Undertaking from Seller that he has sold the vehicle, received sale consideration and has no claim whatsoever.
After receiving above document the Bank shall make direct disbursement to ‘pre-owned car dealer’ through NEFT/RTGS/DD.
The above disbursement clause is applicable only for following certified pre-owned car dealers:
i. Maruti True Value
ii. Hyundai H-Promise
iii. Honda Auto Terrace
iv. Tata Assured
v. Mahindra First Choice
vi. Toyota U Trust
vii. Cars24
viii. Spinny Cars
12. Processing Charges
0.35% on the loan amount, subject to minimum of Rs.1000.00 and maximum of Rs.25000.00.
The link will open only through bank's intranet and it will not open through internet
×
“Compare and Shop is a Service provided by Cheggout Services Pvt Ltd for Punjab and Sind Bank customer(s). Punjab & Sind Bank is providing this as a value added service. Punjab and Sind Bank does not guarantee or warranty or make any representation about the usefulness, worthiness and/or character of the product/service and/or discount or benefit.”
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
General Manager-IT,
Punjab & Sind Bank
Internet Banking
Dear customers,
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
