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Old 28th March 2007, 12:20   #1
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Default 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.
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Old 4th April 2007, 05:09   #2
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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.
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Old 4th April 2007, 05:34   #3
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Hi. How about an intro?

Stay away from ICICI, they suck. And why loan, just reverse your nickname and give it to your folks!
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Old 4th April 2007, 09:27   #4
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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
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Old 4th April 2007, 11:36   #5
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Quote:
Originally Posted by yenom View Post
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.
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Old 7th April 2007, 11:08   #6
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Thank you guys!!!

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