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Old 29th April 2008, 20:58   #31
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Just for my information, is there any bank which provides car loan on RBM and an option to repay amount more than the EMI every now and then whenever we may have extra cash lying with us?
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Old 29th April 2008, 22:20   #32
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Quote:
Originally Posted by vinit.merchant View Post
Just for my information, is there any bank which provides car loan on RBM and an option to repay amount more than the EMI every now and then whenever we may have extra cash lying with us?
Dunno what RBM is?

I'm quoting a snippet from a post I made today on another thread about my car-loan experience with SBT (I got delivery of my car 10 days back):

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Originally Posted by hydrashok View Post
C. I financed my car with SBT @ 12.25% (bargaining does not work here -- I got just 0.5% shaved off the initial quote).
- Processing charges of 0.5% of finance amount (got that waived after a bit of effort).
- I took a loan for 5 years. They were open to a 7 year loan.
- NO preclosure charges.
- NO advance EMI needed.
- I gave them post-dated cheques for the first 12 months (till next April): they said I could give the next 12 month's cheques next April. They didn't even want my cheques(!). They said a loan account had been opened in the bank, and I could deposit any amount of money as and when I wanted, subject to a minimum of the monthly EMI. If I paid more in a month, my total interest payable would come down by that much.
- The processing was very fast. The bank staff were very helpful. They went the extra mile and restored all my confidence in the speed of working of nationalised banks.
-I did have to take some effort to get photocopies of the documents to them, go to the bank once the loan was through to sign the papers, and collect the DD and get it to the dealership. But I got the car fast because I took the extra effort (the dealership car-loan processing executive would have done rhe running around for me if I wanted, but then I might have got the car upto 2 days later if I'd opted for this).
- EDIT: I forgot to mention, I got the car financed on the on-the-road amount (incl. Road-tax, Registration & Insurance, extended warranty). They will also finance accessories, upto 15k (or 20K, I don;t remember which).
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Old 29th April 2008, 22:33   #33
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Quote:
Originally Posted by hydrashok View Post
Dunno what RBM is?

I'm quoting a snippet from a post I made today on another thread about my car-loan experience with SBT (I got delivery of my car 10 days back):
Wow, sounds like a really good deal.

May I know the full form of SBT? And do you know of any others offering on-road cost financing with 5 year tenure?
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Old 30th April 2008, 00:24   #34
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SBT = State Bank of Travancore

SBT comes under SBI (State Bank of India), so about the same deal should be possible from SBI too. I know for a fact that the interest rate quoted by SBI was the same (12.50%, initial quote), that they give finance on the on-the-road price, and that the processing charges are the same (0.5% of finance amount).
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Old 30th April 2008, 22:30   #35
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I recently got a quote from Bank of Baroda at 11%. Yet to receive complete details of other charges, but the ROI is very attractive.
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Old 6th May 2008, 15:15   #36
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Hi Guys,

I got a loan at 10.25% for 3 years from AXIS BANK.

and they have been quick to dispatch the loan in 3 days.
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Old 6th May 2008, 18:21   #37
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According to carwale.com, the interest rate comes out to be 16.04%.
EMI Comparison | Calculate & Compare Your Interest Rate | Useful Tools - CarWale.com India

Quote:
Originally Posted by krazydriver84 View Post
The EMI is around 2361, period of 5 years, paid a DP of 35K, loan amount was 97k

Please advise whether I should switch the loan
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Old 6th May 2008, 22:12   #38
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Quote:
Originally Posted by vinit.merchant View Post
I recently got a quote from Bank of Baroda at 11%. Yet to receive complete details of other charges, but the ROI is very attractive.
Hi Vinit,
I have taken loan from BOB for 5 years and interest rate was 11%. Per lakh EMI - 2175 Rs/-.

Processing fee - 0.5% of the Loan Amount + 650 for Stamp.
No pre-payment charges at all.
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Old 7th May 2008, 10:09   #39
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Hi,

Sorry, I didn't provide all the details earlier, here we go:

Bank Name: Axis Bank
Inerest Rate: 10.25%
Duration: 36 months or 3 years
Processing Fee: Rs. 2120/-
Pre- closure charges: 4%
Time Taken to approve the loan: 3 days
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Old 8th September 2008, 15:33   #40
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Can any one tell me the procedure to be followed once loan is approved?
HDFC bank is asking for original RC book & insurance paper of the used car before they can disburse the amount, and the car owner is not ready to give the RC book and insurance (both original is required by the Bank).
Is this some thing this executive is trying to fool me around for no reason?

Any help is appreciated. This info is for my friend though.
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Old 12th January 2009, 19:41   #41
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Anyone what is least ROI for New Car Loan I got 12.25 from Axis and HDFC and better thoughts
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Old 12th January 2009, 20:58   #42
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No one is buying car on Finance or what? Didn't get any reply. Please help guys to crack some good deal
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Old 13th January 2009, 02:01   #43
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Did you check out the nationalized banks?

SBI is 11.5 for 3 yrs.

STATE BANK OF INDIA :: INDIA's LARGEST BANK

Check out Corporation bank, Indian bank and you might get a real sweet deal. Only issue is they take a week to give the loan and need proper documents. But the interest rate, prepayment, preclosure all these make up for it.
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Old 13th January 2009, 19:49   #44
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Default New Rate 10.25%

RATE OF INTEREST AT BANK OF INDIA 10.25% FOR 36 MONTHS
1% PROCESSING CHARGE

BALUGITA
COIMBATORE
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Old 19th May 2010, 12:45   #45
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Default Loan Eligibility

Hi, I had a query regarding auto loans. Let me give the background first. I was working for almost 3 years with a reputed IT company. After that, I quit and did my MBA for 2 years. Now, I have once again joined a reputed company this month with an annual salary of 9L pa.

I have my heart set on a Grande Punto 1.3 MJD EP. However, most banks seem to require employment with current employer for at least 1 year. The PSU banks (my preference for this) are not very clear on this point. Also, IT returns copies of the past 2 years need to be submitted. Now, although I have no issue in providing these, the taxable income for the past 2 years has been zero, as I was doing my MBA then. Does this mean that I am completely ineligible to avail of an auto loan at this point of time (2010). Or do they consider specific cases like mine? Please advise, as I want to be clear about this before I start contacting various DSAs.
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