Car Loan in a different city - Team-BHP

yenom · 28th March 2007, 12:20

Hi All,

I am a resident of Mumbai but working in Bangalore since the last couple of years.

Looking to buy a car for folks back home in Mumbai, so wanted to know if anyone has experience in taking a loan in city different from where they are currently working in.

Which banks do and don't offer such loans?

Any extra papers required as proof / collateral for obtaining the loan?

Any extra processing fees / different rates of interest charged?

Because an ICICI representative told me that RBI rules don't allow such loans to be disbursed!!!

Would really appreciate any and guidance.

Regards.

mithun · 4th April 2007, 05:09

Why can't your folks take the car loan from Mumbai itself if you've a residence there@Bombay ?

Better to take the loan from SBI. And also use the search option wisely, you won't be disappointed.

Also, Stay away from ICICI.

v1p3r · 4th April 2007, 05:34

Hi. How about an intro?

Stay away from ICICI, they suck. And why loan, just reverse your nickname and give it to your folks!

nispatel · 4th April 2007, 09:27

Maruti Udyog have "gift a car to your loved one in india" facility meant for NRI. Check it out if it's possible to gift a car to loved in difference city from within India?

Visit:

Maruti NRI Special Programme: Gift a car to your loved ones in India

hvkumar · 4th April 2007, 11:36

Quote:

Originally Posted by yenom

Hi All,

Looking to buy a car for folks back home in Mumbai, so wanted to know if anyone has experience in taking a loan in city different from where they are currently working in.

Because an ICICI representative told me that RBI rules don't allow such loans to be disbursed!!!
.

There are no such RBI restrictions. You can take a car loan from anywhere as long as the Bank has no problem with verifying the purchase and the hypothecation is created in their favour.

Thanks to the interest rate hikes, car loans are now very expensive and there is a general slowdown (especially by banks like ICICI) in fresh sanctions.

yenom · 7th April 2007, 11:08

Thank you guys!!!

Have got a car loan approved in Mumbai from Kotak. Will be putting the quote up as a separate thread.

28th March 2007, 12:20	#1 (permalink)
yenom Newbie Join Date: Mar 2007 Location: Navi Mumbai Posts: 3	Car Loan in a different city Hi All, I am a resident of Mumbai but working in Bangalore since the last couple of years. Looking to buy a car for folks back home in Mumbai, so wanted to know if anyone has experience in taking a loan in city different from where they are currently working in. Which banks do and don't offer such loans? Any extra papers required as proof / collateral for obtaining the loan? Any extra processing fees / different rates of interest charged? Because an ICICI representative told me that RBI rules don't allow such loans to be disbursed!!! Would really appreciate any and guidance. Regards.

4th April 2007, 05:09	#2 (permalink)
mithun Senior - BHPian Join Date: Jan 2006 Location: Cochin Posts: 1,657 View My Garage	Why can't your folks take the car loan from Mumbai itself if you've a residence there@Bombay ? Better to take the loan from SBI. And also use the search option wisely, you won't be disappointed. Also, Stay away from ICICI. __________________ Hold fast to dreams, for if dreams dry, life is a broken-winged bird that cannot fly.

4th April 2007, 05:34	#3 (permalink)
v1p3r Senior - BHPian Join Date: Feb 2005 Location: BLR - chasing cars... Posts: 4,720 View My Garage	Hi. How about an intro? Stay away from ICICI, they suck. And why loan, just reverse your nickname and give it to your folks! __________________ "We Could Fly So High Let Our Spirits Never Die..." - Michael Joseph Jackson Rest in peace.

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4th April 2007, 09:27	#4 (permalink)
nispatel BHPian Join Date: Aug 2005 Location: Bangalore Posts: 95 View My Garage	Maruti Udyog have "gift a car to your loved one in india" facility meant for NRI. Check it out if it's possible to gift a car to loved in difference city from within India? Visit: Maruti NRI Special Programme: Gift a car to your loved ones in India

7th April 2007, 11:08	#6 (permalink)
yenom Newbie Join Date: Mar 2007 Location: Navi Mumbai Posts: 3	Thank you guys!!! Have got a car loan approved in Mumbai from Kotak. Will be putting the quote up as a separate thread.