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Old 15th February 2017, 23:29   #196
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Default Re: ARTICLE: How to get the lowest EMI & the best Finance Deal

Quote:
Originally Posted by Majumdarda View Post
SBI does have a pretty lengthy process but to the extent I have been informed by colleagues, if one has all documents ready and organised, then getting a loan is just a matter of days (3-5). Plus with the added benefit of nil foreclosure charges post one year!
Completely wrong if you're thinking SBI has a lengthy procedure.
For a salaried individual, just the basic required documents and the loan will be approved the next day.

Recently, I took a car loan with SBI. Submitted docs, received a message next day morning stating request for loan received and approval message was received the same day in the evening.

Even better, next day I received a call stating that interest rates have been reduced and they processed another request along with the reduced interest rates.

Also, HDFC quoted the stamp duty as INR 3,600 whereas the stamp duty I paid at SBI was around INR 2150.
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