Punjab and Sind Bank
Punjab and Sind Bank

Punjab and Sind Bank

Punjab & Sind Bank is a government-owned bank with headquarters in New Delhi. Headquartered in New Delhi, it was founded on 24th June 1908 by Bhai Vir Singh, Sir Sunder Singh, Majitha, and Sardar Tarlochan Singh. These visionaries established the Bank with their humble values and the principle of social commitment to aid the lower sections of the society. It was nationalized by the Government of India on 15th April 1980, along with 6 other banks. It was in the 1960s when Punjab and Sind Bank established a branch in London. However, in 1991 Bank of Baroda acquired Punjab and Sind Bank’s London branch at the behest of the Reserve Bank of India.

About Punjab and Sind Bank

Since 2004, the Bank has showing growth of over 40% on year, and recently the bank crossed a mark of Rs. 1 lakh crore in business. Setluj Gramin Bank is a Regional Rural Bank sponsored by Punjab and Sind Bank. Thus, along the passing decades, the Bank has upheld the commitments of its founding fathers and honored their values through Punjab and Sind Bank financial services. Through a wide range of products including Debit Card, ATM, Internet Banking, Mobile Banking, and SMS Banking, the Bank has made its mark in the industry. Punjab and Sind Bank financial services online has also boosted customer-friendliness.

Vision and Mission

The corporate vision of the Bank is to emerge as a techno savvy Public Sector Bank with Pan India presence to meet expectations of all stake holders. According to its mission statement, the Bank aims to provide unmatched customer service through innovative products and services catering to varied segments of customers using state of the art technology. It also focuses on dedicating itself wholeheartedly for “Sarva Jana Hitai Sarva Jana Sukhai”.

Punjab and Sind Bank Loans

Punjab and Sind Bank Home Loan : This loan intends to serve purposes like – construction/acquisition/purchase/extension/repair/renovation of housing property. The age of the applicant should be at least 18 years, while the maximum age limit is subject to that for repayment period. When it comes to quantum of finance, there is no maximum limit for construction of house or purchase of house/flat/plot, and that is the prime Punjab and Sind Bank loan advantage. However, for repairs/renovation/additions/alterations, the maximum permissible amount is Rs. 20 lakhs. For purchase of plot or extension/renovation/repair, the loan should be allowed only in the form of term loan for a maximum tenor of 15 years. On the other hand, for purchase of built up house/construction,  home loan from Punjab and Sind Bank is allowed only in the shape of term loans for a maximum tenor of 40 years ascertaining that the present age plus the tenure of loan should not exceed the age criteria laid down by the Bank. According to the Bank’s guidelines, for salaried class (non pensionable), the loan is to be adjusted up to the age of 60 years, whereas for salaried class (pensionable) and for other borrowers, it is to be adjusted up to the age of 70 years. Punjab and Sind Bank Home Loan interest rates are flexible, that take care of the customers’ convenience.

Punjab and Sind Bank Personal Loan : This loan serves the purpose of meeting any genuine personal credit requirement. Individuals belonging to salaried class- be it Govt./PSU employees, or confirmed/permanent/regular employees of other institutions, can avail this loan. In case the applicant is a pensioner, he/she should have the pension account with Punjab and Sind Bank so as to abide by Punjab and Sind Bank loan details. Punjab and Sind Bank personal loan eligibility lays down that the minimum age for applying is 21 years. The maximum age of a borrower of salaried class (Govt./PSU) is 60 years, while those from private organizations, it is 65 years. For pensioners, the age limit is 70 years. The repayment period for Personal Loan from Punjab and Sind Bank is 60 months. When it comes to the quantum of finance, it is up to 18 times the monthly net salary or 1.5 times of Net Annual Income or Rs. 3 lacs, whichever is less. For pensioners up to the age of 65 years, the maximum loan limit is up to 15 times the monthly net pension or Rs. 3 lakhs, whichever is less. For pensioners above the age of 65 years and up to 70 years, the maximum loan limit is up to 10 times the monthly net pension or Rs. 1 lakh, whichever is lesser. Punjab and Sind Bank lending rates allow flexibility to the borrowers, especially when it comes to personal loans. 

Punjab and Sind Bank Loan Against Property : Any income tax assessee, with a minimum age of 21 years, and not above 65 years of age, can apply for this loan. The quantum of loan is a minimum of Rs. 1 lakh, while the maximum limit is Rs. 500 lakhs. The repayment period of this loan is a maximum of 12 years based on the repaying capacity of the borrower. The repayment is to be scheduled in such a manner so as to adjust the loan by the time the borrower is 70 years of age.

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