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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

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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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Old 29th June 2017, 16:56   #197
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Default Re: ARTICLE: How to get the lowest EMI & the best Finance Deal

I took a loan for my new City from Axis Bank. Loan approved in a day and processing fees was 0.5% IIRC. The interest rate is 9.1%. The biggest advantage with Axis is that part prepayments foreclosures are allowed with 0% penalty.
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Old 28th July 2017, 20:46   #198
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Default DSA of banks/NBFCs'for pre-owned cars financing in Delhi

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Would anyone care to recommend any financial intermediaries arranging funding for purchase of pre-owned vehicles in the Delhi area?
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Old 29th July 2017, 12:39   #199
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Default Re: DSA of banks/NBFCs'for pre-owned cars financing in Delhi

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Would anyone care to recommend any financial intermediaries arranging funding for purchase of pre-owned vehicles in the Delhi area?
Why do you want an intermediary? Approach your bank (or a couple of banks, including nationalised ones) yourself. They're eager to hand out loans to those with good credit.

Be sure to pit one against the other for the best rates. For a used car, also consider taking a loan against your fixed deposit - link (Car Loan against Fixed Deposits).

The only time I'd approach a DSA is if they can arrange delivery of a new car faster (a lot of them do).
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Old 29th July 2017, 19:10   #200
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Default Re: DSA of banks/NBFCs'for pre-owned cars financing in Delhi

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Originally Posted by GTO View Post
Why do you want an intermediary? Approach your bank (or a couple of banks, including nationalised ones) yourself.
Be sure to pit one against the other for the best rates. For a used car, also consider taking a loan against your fixed deposit - link (Car Loan against Fixed Deposits).

The only time I'd approach a DSA is if they can arrange delivery of a new car faster (a lot of them do).

I have been a customer of an Indian private bank for a while. My query with the 'relationship manager ' re funding for a used car brought forth a response that is ridiculous to put it mildly . The response in essence was that irrespective of [1] the conduct of your banking relationship , & [2] tax returns, certain categories of income e.g rental income etc are deemed too risky to be considered credit worthy.

Further enquiry has elicited information which alleges repeat alleges that refusal is meant to drive customers to financial intermediaries , who then 'convince' the bank of your credit worthiness.
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