Car Loan Query

[vinit.merchant]

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?

[hydrashok]

Originally Posted by vinit.merchant

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):

Originally Posted by hydrashok

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).

[chncar]

Originally Posted by hydrashok

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?

[hydrashok]

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).

[vinit.merchant]

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.

[inder_s1]

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.

[smack_himanshu]

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

Originally Posted by krazydriver84

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

[manish_symc]

Originally Posted by vinit.merchant

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.

[inder_s1]

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

[anandbhat]

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.

[sam003]

Anyone what is least ROI for New Car Loan I got 12.25 from Axis and HDFC and better thoughts

[sam003]

No one is buying car on Finance or what? Didn't get any reply. Please help guys to crack some good deal

[csentil]

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.

[balugita]

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

BALUGITA
COIMBATORE