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Old 16th February 2008, 21:33   #31
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If you stretch ur 30% Dp a lil bit you should be able to find a good 1.6 second hand.
MOst banks are a pain in the hole when it comes to bachelor loans, etc. Although like Thad says... if u aint married you dont have MAJOR EXPENSES(how true) i wish i could rewind(unmarry and then live in). And considering that the 1.6 has poor resale, you might as well find a good second hand( fiats have good build quality for years).
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Old 16th February 2008, 21:36   #32
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Banks perceive not married people as(young/carefree/unresponsible) = more likely to default vis-a-vis married as(responsible/setled/mature) = less likely to default.

Totally Unfair!!!
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Old 16th February 2008, 21:39   #33
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ICICI Bank are no doubt the most aggressive at giving loans and then recovering them from defaulters as well.

In this case he doesnt have much choice. He'll just have to go with the one who makes an offer.
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Old 16th February 2008, 22:46   #34
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Friends
Let me put a bit of clarity in this melee (fyi I am with HDFC bank in north region)
First of all, what has happened here is an issue with the Job Vintage of any Applicant.

Many of you have your own businesses, would you lend any of your employee an amount 2 times his yearly salary as a loan ( i am sounding Cynical Right)

The sanctioning authority of the bank is the one who has to take care of the portfolio and the same is audited by RBI Guidelines in Public sector and Pvt Sector Banks. To ensure security they need to have a coapplicant in case of any mishap , God Forbid.

Now Rahul has 4 issues
1. He is buying a Palio ,Blacklisted due to poor resale(banks recovery palios with loans of 3 lakhs have been auctioned for as less as 55K , No , I did not buy one from that lot)
2. He is into his job for past 14 months only
3. He does not belong to TN, His hometown is different.
4 He does not wish to have a coapplicant.

To solve the same the best way is to track a strong DSA of HDFC or ICICI, ( I feel Auto Loan DSAs have longstanding relations with Banks as they are regular to such issues and they know all kind of Mitigants, Moreover sometimes they assure the bank of repayment at their own gurantee and the same is taken up and that is called as taking a Call which may or may not happen.
In any scenario, the list of banks doing the same in order of possibility are
ICICI >>Kotak>>HDFC>>Axis
( Not sure whether you have CBOP or Indusind There)

For a change CholaDBS Autoloans are also very efficient in matter of delivery and Service.

Pls feel free to PM to get any sort of advise, I ll try to find a Tiger DSA in chennai at my end to resolve your issues.

Thx
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Old 16th February 2008, 23:28   #35
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Quote:
Now Rahul has 4 issues
Actually he has one issue, so far as Axis is concerned, which is that the salesman gave him a heap of bull.
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Old 16th February 2008, 23:44   #36
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Sales People thrive on selling and being able to sell what you dont need, here the opposite happened (No offence meant for guys in sales Profession) However these young turks of banking finance usually mess with people in need

Rahul FYI, CarsalesIndia dot Com has many listed car DSAs in Chennai, I believe they can be tried.
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Old 17th February 2008, 00:42   #37
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thanks everyone really appreciate all the words and help

Quote:
Originally Posted by jaysmokesleaves View Post
If you stretch ur 30% Dp a lil bit you should be able to find a good 1..........
........
for years).
thanks mate but don't want to go for a second hand car as its my first car(i mean first one which i am buying from my own mony), just a sentimental thing lol

Quote:
Originally Posted by rohitgaur View Post
Friends
Let me put a bit of clarity in this melee (fyi I am with HDFC bank in .......
.............
............ advise, I ll try to find a Tiger DSA in chennai at my end to resolve your issues.

Thx
Mate thanks a lot for all the help and suggestions. first of all wat do you mean by DSA, i got lost there hehe . anyways this is first time i am talking a loan and am a n00b there so please bear with me with all stupid question.
and can you please tell me what are the merits or demerits of taking loan from DSA.

i can understand that all 4 points mentioned by you are valid but in that case, there is not any way i can get a loan from bank, here goes my car dreams :( i have also called HDFC bank agent he also told me same thing. is there any way out of this ??

about the first point, do you really think i should change my choice because i am not getting loan for this particular model. and i can't do anything about my job experience. yup i am new in TN so thats a problem again home address proof is also creating problem. i don't have a problem with co-applicant but i don't have any family member in chennai.
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Old 17th February 2008, 01:05   #38
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Rahul,

It would mean direct sales agent. Basically he's saying to find some strong agent in Chennai and then go ahead.

Just a suggestion: Why not wait a couple of months, save some cash, prolly by april, you'd have a hike letter with you, and take less EMI, more savings, and take a bit overdraft. I once met some taxiwalas who'd bought entire qualises on overdraft (apparently quicker/same rate as EMI, but lesser early closure penalties). Best if you take overdraft from one bank, car loan from another - so i've heard. gaur ji can best illuminate.

PS: Is your karizma also on EMI?
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Old 17th February 2008, 01:37   #39
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Quote:
Originally Posted by phamilyman View Post

Best if you take overdraft from one bank, car loan from another - so i've heard. gaur ji can best illuminate.

PS: Is your karizma also on EMI?
Buddies, Gaur Ji is none but better called Rohit.
Most Important, car Loan from One and OD from Another is not the option, OD cannot be taken anyways (Naah, what would be the security for OD, Also Od can be availed against your present "free" (Unhypothecated) car, Something like mortgaging your car)

Now importantly, DSA is an Agent who would give ad in the newspaper Like " CAR LOAN fron XYZ bank, Contact XXx Credit, ABC Finance, Easy Loans ----Typical names of financiers, who get a payout for financing the vehicle. The best part is that they even plough in some of their payout to the customer to make the deal sweeter.Sunday pls pick the classifieds, The last page of the magazine section would be full of DSA Ads, Dunno if Chennai is any different now.

BTW Rahul , I need to Know a few things, Your Employer details, Your Gross monthly salary , Pls send vide PM so that I can judge whether any eligibility issue is there or not. Secondly as said by Phamilyman, If your Karizma is on a loan, pls confirm if any bounces etc are there in the repayment track.
rgds
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Old 17th February 2008, 02:12   #40
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well.. as GTO pointed out, it might have been better to have waited till you got the approval call and then booked the car. In my case, the day the dudes from the bank called me and told me the loans approved, i gave the dealers a cheque for the palio. BTW: I was a bachelor then and was never asked for co-applicant -and I bought a palio. So i dont know whats the stigma around it.
I got my loan from SBI. If you need rahul - i can connect you to the person who handled my loan- lovely gentleman, advised me a lot also as it was my first car loan et al.
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Old 17th February 2008, 09:53   #41
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Quote:
Originally Posted by phamilyman;
Rahul,

It would mean direct sales agent. Basically he's saying to find some strong agent ........
...............
PS: Is your karizma also on EMI?
what do you mean by overdraft ?? next thing is i am very bad at saving money mate, i fear if i don't pay this money for the car maybe i will spend this on something :( .
no my bike is not on EMI, bought it on full downpayment.

Quote:
Originally Posted by rohitgaur View Post
Buddies, Gaur Ji is none but better called Rohit.
Most Important, ........
..........
pls confirm if any bounces etc are there in the repayment track.
rgds
hey Rohit can tell me more about overdraft thing :-/ . I understood the about DSA and will arrange the nos and call them
i will PM you all the details ....
Nope as i earlier said my bike is not on EMI ...

Quote:
Originally Posted by madan80 View Post
well.. as GTO pointed out, it might have been better ........
...........
I got my loan from SBI. If you need rahul - i can connect you to the person who handled my loan- lovely gentleman, advised me a lot also as it was my first car loan et al.
How much job experience did you had that time ??
if you can give me the no that will be awesome .

thanks again everyone ....
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Old 17th February 2008, 10:55   #42
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hey rahul,please dont jump into conclutions.the moderators here have the expeirience and the information on changing the title would be in your mail the second they do it.
now the question is of you dint get a loan from a bank-whichever bank it is.
the hunch feeling i got is that the agent who came down maybe a new recruit and he dint know the whole procedures or conditions by heart.
due to this he would have knocked all doors to get your loan approved but in vain,that would have been the reason why it took 4-5 days for you to get the info.
just imagine the day you started your work and the mistakes you would have done and the patient advices of your seniors.
so please be patient and infor the agent that its ok and thhe advice from my side would be to approach a nationalised bank like SBI for the loan approval.
ram
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Old 17th February 2008, 11:13   #43
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Yea Rahul ! Ram is right on here and dont lose hope and just keep your fingers crossed and i can understand your frustration of having to take a back burner inspite of your efforts and all you can do is be extra patient.

If you can get a co signer as well i think you can get it cleared and that is my feeling.
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Old 17th February 2008, 11:26   #44
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Quote:
Originally Posted by rohitgaur View Post
Sales People thrive on selling and being able to sell what you dont need, here the opposite happened (No offence meant for guys in sales Profession) However these young turks of banking finance usually mess with people in need

Rahul FYI, CarsalesIndia dot Com has many listed car DSAs in Chennai, I believe they can be tried.
I'm perfectly happy to offend such sales people!

Rahulkool, completely off-topic advice, but I would think several times about buying a new first car.

Even with some years of experience under your belt, you will still collect scratches and minor (one hopes) damage, and you will be all the more upset a) because it is new and b) because it is your first baby.

Give this some thought.

Otherwise, I'd agree that, if the model is one of the obstacles to the loan, it would be a good idea to go for a different one. It is the easiest thing to change on that list of objections.
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Old 17th February 2008, 18:53   #45
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i think the best option for taking a loan is that from the dealer itself. i mean that banks like ICICI, HDFC etc. have a tie up with the dealers. when u go to book the car their agents are sitting in the showroom. they will give u the best packages along with the dealers complimentary gifts if u take their loans. this is because all officials have a perfect chain of commissions.
so the thumb rules go, with a minimum of necessary paperwork and followup u get your loan approved ( actually the dealer and the bank agents get the loan approved for you ).

i remember when i booked my flat, the HDFC agent was sitting in the builders office.he came to my house collected all documents, rest all was done by the builder and that agent. in front of me the builder called the big boss in hdfc and said that my loan should be approved immediately, and he was merrily talking about the past bookings and how the builder is giving gud business to HDFC.
within few days a loan of above 25 lacs was approved.
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