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Old 20th February 2008, 21:23   #1
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Default Partial availment of car loan - possible ?

Hi guys,

I have booked a Swift diesel car and have submitted the documentation for getting a car loan from Citibank at 10.75% interest rate for 4 lakh rupees with an EMI of approx 12000 rupees for 3 years. This loan will probably get approved in the next 3 days.

Lets say I get the delivery of the car after one month (waiting period) and at that time if I had 1 lakh rupees, is it possible to avail only 3 lakh rupees as car loan. Or is it a must to avail the complete loan amount of 4 lakh rupees from Citibank, since I applied for 4 lakhs. Please clarify

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Old 20th February 2008, 21:41   #2
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Depends on the bank and the loan. Doubt if new age banks allow this though.
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Old 20th February 2008, 21:58   #3
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Usually, loans are sanctioned by a centralised cell within the bank or the FI after due verification with CIBIL, employers, current bankers etc. If they sanction 4 lakhs for your car and you revert with a request that you need only 3 lakhs, there should be no problem at all except for a minor change in the paperwork.

I got a 3 lakh ICICI loan sanctioned through a Tata dealer (for an Xeta) but changed my mind and bought a Aveo instead. ICICI was willing to transfer and increase the sanction from 3 to 6 lakhs for the Aveo. If they can do THAT, I am sure they will accomodate your small request!

Let us know what happens.
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Old 21st February 2008, 12:50   #4
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This should not be a problem. HDFC was okay when I asked for increasing down payment amount for my car loan.
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