Quote:
Originally Posted by pedrolourenco  Go with SBI or BOI. You will end up spending more with HDFC. Also with SBI or BOI if you default on a couple of installments, they wont impound the car. They will recalculate the interest and ask you to pay. Once you do it, it's back to normal. Inital formalities with PSU Banks are a bit cumbersome but then you can relax for the rest of your tenure. This is not the case with private banks. |
I support the highlighted points, despite being a banker myself and that too in a private bank!
If you have time for a lengthy sanction process to go through, it definitely makes more sense to go with SBI.
The repayment process is much more relaxed and transparent. In addition, SBI has one more benefit. Not put down on paper, but it definitely exists:
Suppose you have taken a loan of 4 lakhs for 4 years. At the end of 2nd year, you suddenly receive a bonus of INR 1 lakh from your employer. You can choose to pay this money directly into your loan a/c (over and above the regular EMI). Inform this to SBI, and they will recalculate your EMI amount. Such excess payment can be made whenever you want over the lifetime of the loan, and the recalculation will be done every time.
One more suggestion.. Try Tata Capital. These guys are new in the car loans market and are offering some really good deals. Just make an online application and see what they can offer you.