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Old 29th July 2007, 13:46   #1
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Thumbs up My Experience with State Bank of India

Hi Guys,
I am relatively new here.
For the past one month I have spent an average of 2 hours daily to soak in the wealth of information available at this site.
I am on the verge of owning my first car and just wanted to share my experience of getting a car loan.
To start with, I had a pre-approved loan from ICICI but after going through some posts here on the forum and reading about the torrid experiences of members I decided to give it a pass. I had heard that SBI was the best option out there but because of their procedure and time consuming verification practices most try to avoid them however, I decided to give it a shot. My experience – in no particular order:

1) Paper work: SBI requires you to submit all the usual documents (statements, Pay slips, form 16’s etc) and is pretty much the same as required by private banks. In my opinion it is not a hassle at all.
2) Processing time: They took 4 working days for the approval which I must add is in no way SLOW.
3) Running around: They called me twice for some verification and on the third visit I had my DD in hand.
4) Transparency: A senior official sat down and explained the terms and conditions along with the features of the loan. Hmmm… when was the last time ICICI or HDFC did that.
5) Professionalism of the SBI staff: SBI has a perfect balance of modern professionalism and old school banking. I was impressed.
6) Positives: I might not have to run around for a housing loan as much as I made a few acquaintances at the bank.
7) Would I recommend SBI: Hell yes

Cheers
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Old 29th July 2007, 14:17   #2
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Originally Posted by sqwall View Post
Would I recommend SBI: Hell yes
Same here, I had a very nice experience with SBI too.

1) Paper work: In my case, a guy from SBI came to my office and collected all the papers, made me sign a couple of forms and voila, I was done.
2) Processing time: Took exactly two days before I got a call saying my loan was approved and I could come any time to sign the agreement.
3) Running around: No running around at all! My dealer had delayed the delivery and it was almost a month before I went to the SBI office to sign the papers. Had to wait for about 30 mins for my turn, that's it!
4) Transparency: No issues there, I work for a bank myself (altho on the corporate side) and know the agreements almost by rote. In fact, I spent some time explaining some of the terms to a fellow customer
5) Professionalism of the SBI staff: Very professional. Each cubicle in the Kolkata office has 4 workstations at the 4 corners and a big round glass top table in the middle for the customers where they can take their time going through the paperwork. The guy responsible for your file will sit with you and provide whatever assistance you require.
6) Positives: Biggest positive with SBI is no prepayment penalty after 1 year of EMI's. Next in line is a housing loan, and I know which bank will be top of the list when it comes that.
7) Would I recommend SBI: Of Course. Get that 'PSU Bank' stereotype out of your mind - SBI may have a long way yet to become as professional as ICICI or HSBC, but there have been some changes recently and somehow I get a feeling that whoever's driving the change has his heart in the right place. I know my 'foreign bank' job is in danger and I'm scared... very scared!

Cheers,
Wim
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Old 29th July 2007, 15:24   #3
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Terrific blokes, this is just the kind f feedback we are looking for from one of our nationalised banks & good on you to share the same. I would also recommend SBI or any other nationalised bank instead of frauds like icici or any other private banks.
cheers
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Old 29th July 2007, 15:50   #4
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Originally Posted by Wimwian View Post
SBI may have a long way yet to become as professional as ICICI or HSBC

I'm scared... very scared!

Cheers,
Wim
ICICI or HSBS are in no way better than SBI.if one is talking of professionalism in banking SBI is miles ahead of almost all the private sector new banks. WHat SBI lacks is appearance. new gen banks are all hype inside hollow. mostly show. whereas SBI is true bank in every sense except show till recently. people thought that new gen are better because they offer ATM etc. being in govt SBI has to follow certain rules etc before it can implement IT in large scale like new gen banks and this took time.by that time everybody or most realized what is the real face of new gen banks
except few one did not find any banking professional in new gen banks. all hypocrite gang with all show and no stuff.
this is my personal opinion based on personal and friends experiences

Last edited by rkg : 29th July 2007 at 15:52.
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Old 29th July 2007, 15:58   #5
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I agree. What HSBC and Citibank have on their side are fancy international offices, staff all nicely dressed, everyone nicely spoken.
SBI has no such luxuries. But perhaps can be far more professional bankers than all these guys put together. It's a government bank and this bank's progress is India's progress. Remember not only do they handle you and I, but also the pay in accounts, provident fund accounts, pension accounts and what not. They handle the defense (Army, navy, AF) accounts. Tax accounts to the government and I am sure much much more (my knowledge is limited)

I'd rather take my loan from a bank that handles the foundational finance of my country than some foreign bank that's doing me a favour.

Last edited by Sam Kapasi : 29th July 2007 at 16:01.
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Old 29th July 2007, 16:10   #6
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Originally Posted by Sam Kapasi View Post
Remember not only do they handle you and I, but also the pay in accounts, provident fund accounts, pension accounts and what not. They handle the defense (Army, navy, AF) accounts. Tax accounts to the government and I am sure much much more (my knowledge is limited)

SBI also defends indian rupee in currency markets at the behest of RBI in turn Fin Min. there are times govt used SBI along with LIC to prevent stock market crashs especially during sensitive times( for politicians)

Last edited by normally_crazy : 29th July 2007 at 16:40.
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Old 29th July 2007, 16:21   #7
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Sqwall & Winwiam....Thanks for that update.... This is indeed very helpful for people going for Car Loans as many private banks tie up with dealers and customers have this thought that PSU like SBI is a problematic proposition....

Also want to know, do they require guarrentors for car loans?... private banks dont ask for one...

Abhi
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Old 29th July 2007, 16:48   #8
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Quote:
Originally Posted by Sam Kapasi View Post
I agree. What HSBC and Citibank have on their side are fancy international offices, staff all nicely dressed, everyone nicely spoken.
SBI has no such luxuries. But perhaps can be far more professional bankers than all these guys put together. It's a government bank and this bank's progress is India's progress. Remember not only do they handle you and I, but also the pay in accounts, provident fund accounts, pension accounts and what not. They handle the defense (Army, navy, AF) accounts. Tax accounts to the government and I am sure much much more (my knowledge is limited)

I'd rather take my loan from a bank that handles the foundational finance of my country than some foreign bank that's doing me a favour.

well...i have gone thru many posts and threads on the way private/foreign banks have treated some customers - especially when u take a loan from them..

anyway the last line of ur post tempted me to put in my words here...

before i write in- let me also make it very well known that i work for one of the largest foreign banks in India...

private and foreign banks by virtue of their " fancy offices" and "sweet talking staff " have in fact raised the expectation level out of their services from all customers.... wheras nationalised banks with their outdated infrastructure and back end systems ( SBI in fact is an exception to all this ) have always NEVER created the atmosphere for a cm to expect good service...
so its pretty obvious that one tends to quote such wonderful experiences one has with nationalised banks rather than with a foreign/private bank ...and on the flipside talk about only bad experiences with such banks....

i also dont want to talk about any particular bank's contribution to OUR nation's "foundations" etc....bcos that would mean quoting a lot of facts and figures/ regulations which i think is not relevant to this discussion...

net net - in a service industry one cant do business without having more ( much more ) happy customers than disgruntled ones....and im sure a lot of private banks and foreign banks ( including the one i work for ) have many many more happy and satisfied cms than unhappy ones...( its how u accept bad feedback from cm and work on it that matters...)

IMHO - lets report our bad experiences in this forum...but lets not pass sweeping judgements unless we know the bigger picture.....


a lot of us buy primarliy japanse or american cars....why dont we in that same breath just buy a tata vehicle or a mahindra jeep so help these companies who have contributed immensely to the nations building ...

anyway just putting in my views - not meant to hurt anyone or offend anybody...

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Old 29th July 2007, 16:57   #9
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Quote:
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...but lets not pass sweeping judgements unless
I don't recall any sweeping judgments narayan. Just opinions. I merely stated mine. With reference to myself.
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Old 29th July 2007, 17:04   #10
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I don't recall any sweeping judgments narayan. Just opinions. I merely stated mine. With reference to myself.

i meant the reference to "foundational finance " of the country - i think its sweeping enuf judgement to make but not factually correct i feel......
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Old 29th July 2007, 17:43   #11
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Quote:
Originally Posted by Sam Kapasi View Post
I agree. What HSBC and Citibank have on their side are fancy international offices, staff all nicely dressed, everyone nicely spoken.
SBI has no such luxuries. But perhaps can be far more professional bankers than all these guys put together. It's a government bank and this bank's progress is India's progress. Remember not only do they handle you and I, but also the pay in accounts, provident fund accounts, pension accounts and what not. They handle the defense (Army, navy, AF) accounts. Tax accounts to the government and I am sure much much more (my knowledge is limited)

I'd rather take my loan from a bank that handles the foundational finance of my country than some foreign bank that's doing me a favour.
A bit of patriotic fervor. But makes perfect sense nonetheless.
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Old 29th July 2007, 21:10   #12
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Originally Posted by narayan View Post
well...i have gone thru many posts and threads on the way private/foreign banks have treated some customers - especially when u take a loan from them..

anyway the last line of ur post tempted me to put in my words here...

before i write in- let me also make it very well known that i work for one of the largest foreign banks in India...

private and foreign banks by virtue of their " fancy offices" and "sweet talking staff " have in fact raised the expectation level out of their services from all customers.... wheras nationalised banks with their outdated infrastructure and back end systems ( SBI in fact is an exception to all this ) have always NEVER created the atmosphere for a cm to expect good service...
so its pretty obvious that one tends to quote such wonderful experiences one has with nationalised banks rather than with a foreign/private bank ...and on the flipside talk about only bad experiences with such banks....

i also dont want to talk about any particular bank's contribution to OUR nation's "foundations" etc....bcos that would mean quoting a lot of facts and figures/ regulations which i think is not relevant to this discussion...

net net - in a service industry one cant do business without having more ( much more ) happy customers than disgruntled ones....and im sure a lot of private banks and foreign banks ( including the one i work for ) have many many more happy and satisfied cms than unhappy ones...( its how u accept bad feedback from cm and work on it that matters...)

IMHO - lets report our bad experiences in this forum...but lets not pass sweeping judgements unless we know the bigger picture.....


a lot of us buy primarliy japanse or american cars....why dont we in that same breath just buy a tata vehicle or a mahindra jeep so help these companies who have contributed immensely to the nations building ...

anyway just putting in my views - not meant to hurt anyone or offend anybody...

Hi!
it is being stated that there are many happy cm's for new gen banks. i was one of them till 3-4 years back. but every thing changed not only to me but also for many more.
i would like to make it clear that whatever iam posting here is either personal or collegues exp. iam not a banker. it is not intended to hurt anyone. employees have nothing to do with the way a bank or organization conducts itself. it is the top brass who makes the policy not the average guy.
my personal opinion with regard to what went wrong for new gen banks ( foreign included) GREED GREED GREED
they wanted to increase the fee based income of the banks at any cost and by any means. so if there is no fault of customer a fault was created to charge a fee ( min balance fee, check bounce fee, penal interest etc etc)
i have specifically mentioned cases in many posts in this forum about these things. many of the happy customers are also gradually realizing this cheating
first step in this i feel is doing away with pass book system. take advantage of busy life of common man.
" Citi for instance sanctions OD to customer without his request and deducts Rs1000/= from SB a/c as OD sanctioning fee with out informing the guy"
" CITI gives your a/c statement to other banks & loan agents with out CM permission(it happened to my brother)"
" CITI does not follow the rules regarding OD recovery. As far as i know OD is to recovered in full at the first instance.it converts OD in to loan without customer specifically asking for it. when guy don't want it to be loan and keeps enough balance in a/c to clear OD, CITI refuses to clear it"
these things show what the bank want. it wants more INT income.\none of the new gen banks likes a guy who does not use the roll over facility on Credit cards"
i can quote many more such cases.
one does not find such cases with PSU banks. because it does not add to bank managers career ( my assumption- i may be wrong)
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Old 29th July 2007, 22:13   #13
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I would say overall foreign banks have forced our govt banks to improve...there are black sheeps on both sides and better to stay away from them (e.g. from personal experience ABN AMRO, OBC)

Also check out the call centers of the mnc banks...they have absolutely no clue...i am right now struggling with HDFC to get them to tell me the features and brichures of their credit card. Whenever i speak to a custcare rep, i end up finding that i know more than her.
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Old 29th July 2007, 23:34   #14
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i meant the reference to "foundational finance " of the country - i think its sweeping enuf judgement to make but not factually correct i feel......
I know for a fact that government employees are paid through SBI. That the people in all 3 defense services are paid through SBI. That the municipalities are paid through SBI. That the provident fund is maintained with them. That pension accounts of retired govt and defense employees are maintained with them.

In fact I am told that the finance minister and prime minister of this country (and all other ministers) draws his salary from an SBI central government account.

I'm no finance and banking wizard, but that seems like pretty basic foundational stuff to me.


Quote:
SBI also defends indian rupee in currency markets at the behest of RBI in turn Fin Min.
See, I don't even know what that means, but it seems very important at a foundational level.

It may not be running the country but these facts are more foundational than a Deutsche Bank or Barclay's Platinum card. And that is my solitary point.

I may be wrong. I can't count properly, leave alone having an argument at this level with you, a trained banking professional.

Last edited by Sam Kapasi : 29th July 2007 at 23:38.
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Old 30th July 2007, 03:03   #15
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Hmm my dad is Scale 3 Officer for state bank of india have seen the way the people use to work there since child hood... it have come a long way... i beleive that state bank is the best.. my dad usually says

Nai Bahu Ka to sabhi ko SHAUK hota hai But kam to PURANI WALI HI KARTI HAI...
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