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| Indian Car Loans & Insurance Who are your recommended Indian Car Loans & Indian Insurance Companies. Who gave good service & what Car loan & insurance companies were questionable. |
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| | #1 (permalink) |
| BHPian Join Date: May 2006 Location: Bangalore
Posts: 101
| Hi All, I had taken a new car loan from ICICI 3 months back. Yesterday I got a call from one guy saying that he is from ICICI and wants a copy of the vehicle RC Book for updating their records. When he came to meet me today, I asked for an ID. He shows me an ID from some VM Associates and says that they are the collecting agents of ICICI. He didn't have any ID from ICICI. He says, had I requested earlier, he would have got a request letter from ICICI. I refused to give him the documents unless I see any valid ID. Later, when I called up ICICI, they have no records with them as to if someone has been sent on their behalf to collect the documents or not. The phonebanker says, ICICI might have sent some private agency for collection. On asking him what I should do, he says I can give to documents at any ICICI bank branch. I have asked for an official letter from them asking for the documents before I submit anything. I am not sure if the person who contacted me is genuine or a fraudster? Have any of you faced a similar issue before? - Ramesh
__________________ The secret to creativity is knowing how to hide your sources. |
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| | #3 (permalink) |
| Senior - BHPian | You did the right thing. I also have a car loan for 2 years from ICICI and no one ever called me so far. Everything is settled with the bank and then only you are handed over the car by the dealer. As long as you are paying the EMI regularly, no one from bank will ever harass you. Your case looks like some fraudster trying to bully you. Abhi
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| | #5 (permalink) |
| BHPian Join Date: Oct 2007 Location: Chennai
Posts: 100
| I have also heard about these collecting agents. Good thing you did not provide any documents to that person. In most cases these collecting agents could be frauds. Previously I have seen ICICI sending private agents who along with thugs go to collect money from people who have not repaid the loan amount.
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| | #6 (permalink) | |
| BHPian | Quote:
Ramesh please go to icici bank hosur road and ask them why they require a copy of your rc book. calling them would be of no use they should be having a copy of it while processing the loan of your car. Last edited by praJEEP : 29th January 2008 at 15:00. | |
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| | #7 (permalink) |
| BHPian Join Date: May 2006 Location: Bangalore
Posts: 101
| Thanks for the quick replies guys. The bank claims it needs the RC book copy to update the vehicle no. in their records. As the loan is sanctioned before the vehicle is registered, they don't have that info it seems. What I don't understand is why can't they collect the required info from the dealer directly as their agent(s) works at the dealership itself. - Ramesh
__________________ The secret to creativity is knowing how to hide your sources. |
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| | #8 (permalink) |
| BHPian Join Date: Dec 2007 Location: Bangalore
Posts: 700
| it seems to be nonsense. 3 years after I got my loan from ICICI and one month away from closing it, I never had a call for RC copy or any agent visiting me. I would say, forget it. if your loan has been sanctioned and your emi is being deducted, then thats it. as you mentioned, they can always get this info from the dealer with whom they work with an exec sitting there! |
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| | #10 (permalink) |
| BHPian Join Date: Jul 2006 Location: Bombay
Posts: 153
| Had an ICICI car loan. Just paid the last EMI in Dec 07. Never been asked for any docs post loan sanction. You did the right thing by refusing to give them the photocopies of the RC book. Please refuse to hand over any documentation to any pvt party under any circumstances. ICICI does not require any details from the customer post loan sanction. All the paperwork is done prior to sanction. Incase any documentation is missing, ICICI will contact the customer directly, and not via any agency. This information was provided to me by a senior exec from ICICI at the time of my loan sanction. |
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| | #11 (permalink) |
| BHPian | I have taken a car loan from SBI , 6 months after the paurchase i got a letter from them asking for these details : 1) Insurance 2) RC 3) final recipt of payment made I went to the central branch . and gave them photo copy of the documents . the manager also told me to send them a copy of renewed insurance ( when ever i get them ) OT : all Loans have been Centralizes in SBI ( to one branch) infact all customer are getting harrased due to shortage of staff at loan department. ![]() |
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