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Originally Posted by wildon  ^^^ Yes i too got a call from SBI Loan dept. St.Marks road, for verifying my Name, Address etc, and the guy who spoke to me said,that the loan is approved and disbursement will take place in a weeks time. He also said there is a huge pile of application for car loans thats why the processing get delayed.
Meantime Axis bank called me saying that they are improving the interest rate they offered me last time (10.50% fixed) to 10.00% - (fixed) and faxed me the sanction letter in a flash. I think because of SBI other banks are forced to cut the interest rate. Its better for the loan seekers. |
Having had car loans previously from ICICI, Citi and SBI, I do agree that the loan application procedure is a pain compared to any private bank. But once your loan is approved and they give you the sanction letter, its a matter of a day to get the loan disbursed.
But hearing accounts from various people, I think SBI is the least pain and surprises after the loan is disbursed.