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Old 16th February 2008, 15:01   #16
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is it possible that i get loan from some other city(patna my native) and the car from chennai ?? because it will be easy for me to get loan from there coz all documents can be arranged easily ....
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Old 16th February 2008, 15:07   #17
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i think you didn't got my point GTO, each bank has their own criteria but they should have reject my application in first place. why they have wasted my time, does 5 days sound ok to you for just to tell that loan will be approved or not.

PS: you took the liberty and changed the title, at least you should have waited for my reply, but who cares you are the admin :P
You missed the weekend in between, and yes. Some banks do take 3 - 4 working days to approve a loan.
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Old 16th February 2008, 16:08   #18
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Originally Posted by Rahulkool View Post
is it possible that i get loan from some other city(patna my native) and the car from chennai ?? because it will be easy for me to get loan from there coz all documents can be arranged easily ....
If you get car loan from your native then your car must be registered in patna, according to bank norms(your application will not be processed) you cannot bring the car to chennai,if you wish to bring you have to pay the road tax again in chennai. and your car will carry a new registration number of chennai.

Last edited by praJEEP : 16th February 2008 at 16:14.
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Old 16th February 2008, 16:43   #19
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If you get car loan from your native then your car must be registered in patna, according to bank norms(your application will not be processed) you cannot bring the car to chennai,if you wish to bring you have to pay the road tax again in chennai. and your car will carry a new registration number of chennai.
Is that a new rule? I have taken local loans for several cars registered out of state.
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Old 16th February 2008, 17:20   #20
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Is that a new rule? I have taken local loans for several cars registered out of state.
hey GTO can u tell me what is the procedure buddy and which bank did you used ??

do i have to buy the car from the same city i got finanace and registered in chennai or buy the car in chennai with loan from patna ??

thanks.

Last edited by Rahulkool : 16th February 2008 at 17:21.
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Old 16th February 2008, 18:10   #21
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Is that a new rule? I have taken local loans for several cars registered out of state.
local loans you might have taken for used vehicles but for new i doubt ?

EDIT: according to norms new car loan's which are given in respective cities, where they will get registered in the same city, after registration you can take it to any city you want.
(correct me if iam wrong)

Last edited by praJEEP : 16th February 2008 at 18:21.
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Old 16th February 2008, 18:11   #22
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Try LIC.
They are the best bet I know as of now.
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Old 16th February 2008, 18:15   #23
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Tata showroom? Go to Tata finance. They are so so financer, but when it comes to Tata dealers, they offer the best deals and fastest clearance.

As for LIC don't even think of SBI/LIC or any public sector bank for that matter. Most of these banks have very silly approval rules for new workers(you have 1.2 years experience only, right?)
Private banks have faster clearance but they suck your blood in other ways.

Thats why for Tata cars, if you are inelgible for loan from public sector banks(which most likely you are) go to Tata finance or shop for deals at private sector banks(Kotak and HDFC are better ones).

Last edited by tsk1979 : 16th February 2008 at 18:18.
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Old 16th February 2008, 18:37   #24
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Originally Posted by tsk1979 View Post
Tata showroom? Go to Tata finance. They are so so financer, but when it comes to Tata dealers, they offer the best deals and fastest clearance.

As for LIC don't even think of SBI/LIC or any public sector bank for that matter. Most of these banks have very silly approval rules for new workers(you have 1.2 years experience only, right?)
Private banks have faster clearance but they suck your blood in other ways.

Thats why for Tata cars, if you are inelgible for loan from public sector banks(which most likely you are) go to Tata finance or shop for deals at private sector banks(Kotak and HDFC are better ones).
So Tanveer, how about the interest rates? is it in par with the banks and having said so it would not be bad and getting a clearance on Tata vehicles is much easier as you said. I think then, rahul should not have a problem with his Palio then.
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Old 16th February 2008, 18:56   #25
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talked to tata and HDFC people they are giving the same crap :( ..... i am really fed up of all this ****, waiting for final reply of AXIS then i will try with ICICI and HSBC, i am feeling like cancelling the car plans altogether
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Old 16th February 2008, 19:49   #26
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Rahul ! Cool Down and i can understand the frustration you are going through and hope you get the final nod and did you find out about any car leasing schemes through company i mentioned about. I think you should do that where in you can go through your office HR about this.
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Old 16th February 2008, 20:23   #27
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Hey Rahul,

Do me a favor, approach ICICI Bank.

ICICI has a provision for loans for cars for people with No Income Proof where in the bank finances a max of 70% of the Ex showroom price for a period of 3 years.

Since you are ok with a 70% loan, I think it should work out well for you.

Another option is to push the dealer to get the loan approved, it would be in their interest to deliver the car asap and might be able to negotiate a deal for you with some bank.

Good luck!
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Old 16th February 2008, 21:12   #28
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With ICICI bank I would make sure you read the fine print very very carefully. Lots of people have gotten burnt, or beaten up.
Just search for icici through the archives.
You can also add kotak to your list. Check with them.
They are a relatively unknown player in the market and may be more eager to oblige.
Ditto for standard chartered, they are also easy in giving low amount loans.
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Old 16th February 2008, 21:13   #29
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You don't have a wife.

A major expense and responsibility, that of supporting a family, is not there.

And this makes you ineligible for a loan? Weird.

Of course the banks have their criteria, and whether we agree with them or not (I think this one is nuts) is neither here nor there. The problem is the stupid, ignorant yes-man sales guy. He doesn't give a damn about the final decision, he just wants your signature on his application. That is very bad customer service.
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Old 16th February 2008, 21:32   #30
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-1 for ICICI bank
just search the forum for why

Tata finance claims some amazing rates, but , funnily, the EMI's dont do justice to their claims

Tata claimed 8% finance, and the EMI for 1.5L over 3 years came to about 100 bucks more than what my dad's bank offered @13%

but then again, you dont have much choice
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