Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 18th June 2007, 18:08   #16
Team-BHP Support
 
Zappo's Avatar
 
Join Date: Oct 2005
Location: Hyderabad
Posts: 5,650
Thanked: 2,010 Times
Default

Quote:
Originally Posted by SX4_2007 View Post
Thanks omishra, I already checked with them, problem with them is they are not ready to give loan without guarantor with his 3 yrs IT returns and 3 months of paychecks. I don't want ask someone for all these details.
BOM is talking through its hat. Did you tell them that you are looking for a new car loan and not a personal loan or educational loan?

In the case of a new car the vehicle itself serves as the guarantee. The vehicle remains hypothecated to the bank and the details are accordingly noted down in the RC book. So where is the question of a guarantor here?
Zappo is offline   Reply With Quote
Old 18th June 2007, 18:23   #17
BHPian
 
Join Date: Jun 2007
Location: Pune
Posts: 268
Thanked: 10 Times
Default

Quote:
Originally Posted by Zappo View Post
BOM is talking through its hat. Did you tell them that you are looking for a new car loan and not a personal loan or educational loan?

In the case of a new car the vehicle itself serves as the guarantee. The vehicle remains hypothecated to the bank and the details are accordingly noted down in the RC book. So where is the question of a guarantor here?
In my case, I did provide a guarantor, but only one months salary slip was required from him. BTW, he is very much wealthy person.

Any way golden rule is "To get a loan, you have to prove that you dont need it"
omishra is online now   Reply With Quote
Old 19th June 2007, 08:49   #18
BHPian
 
Join Date: May 2007
Location: Bangalore
Posts: 70
Thanked: 0 Times
Default

Quote:
Originally Posted by Zappo View Post
In the case of a new car the vehicle itself serves as the guarantee. The vehicle remains hypothecated to the bank and the details are accordingly noted down in the RC book. So where is the question of a guarantor here?
Hi Zappo, Slightly off topic :
but is this true only for car loans? i mean if you take a home loan woudnt the house itself serve as the gaurantee?
I know even ICICI required some kind of gaurantor for a home loan few years back.
Thanks
sithon is offline   Reply With Quote
Old 19th June 2007, 11:40   #19
BHPian
 
Join Date: Apr 2007
Location: Pune
Posts: 37
Thanked: 0 Times
Default

Quote:
Originally Posted by omishra View Post
Hi,
As you are from Pune you can look at bank of Maharashtra. Last week I took loan for my SX4 from them. It was Rs 2212/Lac (11.75%/anum) daily reducing w/o prepayment fees.
-Om
Om, could you please share your driving experience of SX4 in Pune's traffic, mileage in city, visibility/blind spots etc, may be in some other thread dedicated to SX4 like http://www.team-bhp.com/forum/new-in...ht-ripped.html or http://www.team-bhp.com/forum/new-in...ve-report.html?

Thanks
SX4_2007 is offline   Reply With Quote
Old 19th June 2007, 13:09   #20
BHPian
 
Join Date: Jun 2007
Location: Pune
Posts: 268
Thanked: 10 Times
Default

Surely,
But Still I am waiting for my car. (Almost last 40 days of waiting). I am expecting delivery this week sometime before weekend.
Regards,
omishra is online now   Reply With Quote
Old 19th June 2007, 14:47   #21
Team-BHP Support
 
Zappo's Avatar
 
Join Date: Oct 2005
Location: Hyderabad
Posts: 5,650
Thanked: 2,010 Times
Default

Quote:
Originally Posted by sithon View Post
Hi Zappo, Slightly off topic :
but is this true only for car loans? i mean if you take a home loan woudnt the house itself serve as the gaurantee?
I know even ICICI required some kind of gaurantor for a home loan few years back.
Thanks
Yes... you are right. That is why when you apply for a house loan they normally do not ask for a guarantor. However I do know of certain cases wherein the loan was high and the real estate market was experiencing some turbulence. So the bank asked for a guarantor as well.

In case of a car a guarantor is not required simply because the rate of the new car's depreciation is known. Normally the EMIs more than take care of that depreciation. If you pay EMI for one year before you default you would have paid more amount than what the car would have depreciated by. That is why a guarantor is not required for a new car loan as long as your other papers are in order.
Zappo is offline   Reply With Quote
Old 19th June 2007, 15:34   #22
BHPian
 
Join Date: May 2007
Location: Bangalore
Posts: 70
Thanked: 0 Times
Default

Cool. That answers my question Zappo - Thanks !.
On a lighter side: So i guess only if i went for a very costly bmw or something they may want a gaurantor..
sithon is offline   Reply With Quote
Old 19th June 2007, 23:31   #23
BHPian
 
Nimz's Avatar
 
Join Date: May 2007
Location: Bangalore
Posts: 468
Thanked: 11 Times
Default

hi,
this is the first time am hearing of floating rates for car loans.

Well.. Given the current state of things is a floating loan advisable or is it safe to go with a fixed rate.

Thanks
Nimz
Nimz is offline   Reply With Quote
Old 9th July 2007, 17:10   #24
Senior - BHPian
 
djay99's Avatar
 
Join Date: Jun 2007
Location: Cork, Ireland
Posts: 1,456
Thanked: 491 Times
Default

Hey Nimz,

You will get under category of floating rate but interest rate will not change for the whole tenor.

Ex. while opting for a loan, interest rate is 10% under floating category for 5years. After an year if int rate comes down to 9% or go up to 11%, you would be paying at a rate of 10%.

I heard this from nationalized bank employees.
I dont know abt private players.
djay99 is offline   Reply With Quote
Old 14th December 2009, 08:43   #25
BHPian
 
triedeverything's Avatar
 
Join Date: Jun 2007
Location: Bangalore
Posts: 492
Thanked: 163 Times
Default

Couldn't find a better thread to post this. I wanted to take a loan from SBI. Now is it advisable to take it from the person in the car agency or go directly to the bank? I know insurance is far less if taken directly from the insurance agency than the car agency - thanks to these forums.
triedeverything is offline   Reply With Quote
Old 14th December 2009, 08:51   #26
Senior - BHPian
 
mjothi's Avatar
 
Join Date: Dec 2007
Location: Bangalore
Posts: 3,252
Thanked: 216 Times
Default

Quote:
Originally Posted by triedeverything View Post
Couldn't find a better thread to post this. I wanted to take a loan from SBI. Now is it advisable to take it from the person in the car agency or go directly to the bank? I know insurance is far less if taken directly from the insurance agency than the car agency - thanks to these forums.
It should be good in terms of terms and conditions or hidden text if you directly go with the bank. If its through the agent, then it would be good in terms of logistics

Anyway, you can still go for insurance with anyone, even one outside these two. Get a quote with other insurance people and negotiate with these agency if they charge more.

And don't just see the premium amount. Look for the standard deductions, cashless options, IDV and other terms to select the Insurance.
mjothi is offline   Reply With Quote
Old 14th December 2009, 09:01   #27
BHPian
 
triedeverything's Avatar
 
Join Date: Jun 2007
Location: Bangalore
Posts: 492
Thanked: 163 Times
Default

From what I heard SBI charges 8% in the first year, 9% in the second and 10% in the third. The next two years is the fluctuating market rate. So as far as the interest is concerned, I think it is the same. I'm not sure what you mean by hidden text?
triedeverything is offline   Reply With Quote
Old 20th December 2009, 08:39   #28
BHPian
 
triedeverything's Avatar
 
Join Date: Jun 2007
Location: Bangalore
Posts: 492
Thanked: 163 Times
Default

According to India Garage, SBH(State Bank of Hyderabad) has the best deal. No processing charges, same rates of interest as SBI, faster processing (within 8 days)and no foreclosure charges.
triedeverything is offline   Reply With Quote
Old 23rd December 2009, 22:15   #29
BHPian
 
triedeverything's Avatar
 
Join Date: Jun 2007
Location: Bangalore
Posts: 492
Thanked: 163 Times
Default

I've applied for a loan in SBH and I'm having second thoughts on the dealer. If I change the dealer, how long does it normally take for the bank to change the beneficiary? They are currently taking 4 working days to grant the loan. I hope this is something that won't take so much time as I need to invoice the vehicle in this year itself. Anyone on this forum changed dealers after applying for a loan?
triedeverything is offline   Reply With Quote
Old 28th December 2009, 14:26   #30
BHPian
 
Join Date: Aug 2007
Location: Pune
Posts: 224
Thanked: 9 Times
Default

why you want to change the dealer?
mrkanitkar is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
The Cheap Loan or the Smart Loan - SBI Advantage Car Loan keyur Indian Car Loans & Insurance 208 5th July 2017 15:56
Car Loan From Kotak for SX-4 ZXI through CSD AshokSawhney Indian Car Loans & Insurance 15 22nd February 2010 16:23
SBI cuts home, car and retail loan rates dadu Indian Car Loans & Insurance 18 29th October 2007 18:02
Car Loan from Kotak - Please advice yenom Indian Car Loans & Insurance 8 8th August 2007 11:26


All times are GMT +5.5. The time now is 23:14.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks