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


Reply
 
Thread Tools Search this Thread
Old 10th July 2007, 13:05   #1
Senior - BHPian
 
rahul_intlad's Avatar
 
Join Date: Aug 2006
Location: Pune
Posts: 1,577
Thanked: 2 Times
Default Loan transfer

Keeping it short,I had taken a loan from SBI for buying a Maruti SX4,but they are not in a position to deliver it in the near future and I am paying EMI for a non existant car.

After cancelling the booking for sx4,I would like to know if SBI would allow me to transfer this loan for buying a car from another manufacturer[keeping the same loan amount] or do I have to go over the whole loan application process again.

Last edited by rahul_intlad : 10th July 2007 at 13:06.
rahul_intlad is offline   Reply With Quote
Old 10th July 2007, 13:16   #2
Senior - BHPian
 
esteem_lover's Avatar
 
Join Date: Jul 2006
Location: Madras/Py
Posts: 7,554
Thanked: 445 Times
Default

AFAIK, the loan sanctioned to you works only for that car. You might have to pre-close your loan & apply fresh.
esteem_lover is offline   Reply With Quote
Old 10th July 2007, 16:48   #3
Senior - BHPian
 
djay99's Avatar
 
Join Date: Jun 2007
Location: Cork, Ireland
Posts: 1,456
Thanked: 491 Times
Default

Esteem lover is absolutely correct.
Mean time visit any other bank branch and ask them.
djay99 is offline   Reply With Quote
Old 10th July 2007, 21:50   #4
Senior - BHPian
 
kuttapan's Avatar
 
Join Date: May 2007
Location: Melbourne
Posts: 1,155
Thanked: 12 Times
Default

Hi Rahul, Why did u go for disbursement of the loan before getting the car, if you were not prepared to wait? You should have just done the documentation and kept it approved. Now you have no options - other than to wait, or go for another loan.
kuttapan is offline   Reply With Quote
Old 11th July 2007, 11:25   #5
Senior - BHPian
 
rahul_intlad's Avatar
 
Join Date: Aug 2006
Location: Pune
Posts: 1,577
Thanked: 2 Times
Default

SBI has just allowed me the same and we can switch over to the other manufacturer provided loan amount is the same.Thank you very much SBI,help's that dad is with the RBI.
rahul_intlad is offline   Reply With Quote
Old 11th July 2007, 13:33   #6
Senior - BHPian
 
esteem_lover's Avatar
 
Join Date: Jul 2006
Location: Madras/Py
Posts: 7,554
Thanked: 445 Times
Default

Quote:
Originally Posted by rahul_intlad View Post
SBI has just allowed me the same and we can switch over to the other manufacturer provided loan amount is the same.Thank you very much SBI,help's that dad is with the RBI.
Your dad is in RBI & you wanted to post a query like this ? Come on man, don't waste others' time. You should have known this better than most.

Now, you tell us is it normally possible for a normal person to transfer his loan to another car ? I know for sure that ICICI does not offer this.
esteem_lover is offline   Reply With Quote
Old 11th July 2007, 14:02   #7
BHPian
 
dockap's Avatar
 
Join Date: Jun 2007
Location: Mangalore
Posts: 845
Thanked: 376 Times
Default

Your dad is in RBI & you wanted to post a query like this ? Come on man, don't waste others' time. You should have known this better than most.
Now, you tell us is it normally possible for a normal person to transfer his loan to another car ? I know for sure that ICICI does not offer this
dockap is offline   Reply With Quote
Old 11th July 2007, 15:01   #8
Senior - BHPian
 
rahul_intlad's Avatar
 
Join Date: Aug 2006
Location: Pune
Posts: 1,577
Thanked: 2 Times
Default

Bank's are usually very transparent in their dealings and what is applicable to one person is applicable to another as well i.e. no vip treatment.

But anyway's I will check up the details at SBI, though they do say that I might as well check up with other maruti dealers if the sx4 is available there since that is much easier for them but they have given the go ahead to approach another manufacturer.

That said today I have received very good response from the highest possible authorities at maruti and will wait just a bit more to see if this actually translates into something fruitful.So not yet rushing for that cancellation just because of the fact that they have bothered to have a look in.
rahul_intlad 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
Loan query - is this loan deal OK (From HDFC) BenjiRoss Indian Car Loans & Insurance 100 2nd September 2010 16:51
Transfer of Car Loan to another bank kingpin2005 Indian Car Loans & Insurance 2 31st January 2009 17:28
Car loan checks returned without closing loan !! ashthedivx Indian Car Loans & Insurance 21 7th November 2008 12:28


All times are GMT +5.5. The time now is 15:32.

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