Quote:
Originally Posted by s0uljah  The lady at a Hyundai dealership told me that :
Nationalised Banks - Issue loan amount against the ex-showroom value.
MNC's and others - Issue loan amount against the on road price |
I think you got it wrong. Its the reverse. Nationalised banks like SBI give you a loan on the On-Road price of the vehicle whereas banks like ICICI, HDFC, etc. give you a loan on the ex-showroom price.
Nationalised banks are not brand conversant and hence do not discriminate while giving you a loan for any car brand whereas MNC's and others do. Like for example, I got a 90% loan on the on-road price for my Palio through SBI whereas ICICI (cheats) were giving me only 75% on the ex-showroom stating that Fiat is not a well to do manufacturer in their list and they wouldn't be able to process more than 75%.
There was no hassle in procuring a loan from SBI and I got a cheque withing 5 days of application. Only thing you need to take care of is some good and strong documentation.