Car loan disbursal in another city.

superamerica · 18th May 2008, 12:36

I have a case where i would like to gift a car to my dad residing in bangalore. I work in chennai. In such a scenario i can get a loan only in chennai because that is where i work and have my residence proof (required documentation for car loans).
In the above scenario i have the following questions :-
1. Can i get the loan approved in chennai against the invoice of a car dealer in bangalore and get it disbursed to him in bangalore?
2. Has anyone out there done something like this of late? If so, can you point me to contacts in banks/agents in chennai.

eclectix 1st · 18th May 2008, 15:09

Am not aware of Car loan.

I've done a similar thing for House loan. So it could be possible for a car loan also.
cheers:

GTO - Touring · 19th May 2008, 15:15

As long as the bank has a branch in both cities, it is not a problem at all.

shankar.balan · 19th May 2008, 15:21

one hundred percent this is possible
i have done exactly the same thing but in reverse location
i work in bangalore and my dad lives in chennai and we bought him a car which was delivered to him in chennai and whose loan i pay for in bangalore

this is very easily do able via the good banks like ICICI and HDFC - they will actively assist you in this
all the best

Quote:

Originally Posted by superamerica

I have a case where i would like to gift a car to my dad residing in bangalore. I work in chennai. In such a scenario i can get a loan only in chennai because that is where i work and have my residence proof (required documentation for car loans).
In the above scenario i have the following questions :-
1. Can i get the loan approved in chennai against the invoice of a car dealer in bangalore and get it disbursed to him in bangalore?
2. Has anyone out there done something like this of late? If so, can you point me to contacts in banks/agents in chennai.

superamerica · 19th May 2008, 15:29

Shankar, on a related note. The car is registered on your name in chennai right? That is my next problem. I dont have a address proof at the city (bangalore) where my dad lives. What do we in such a case?

kingshan · 23rd May 2008, 14:42

I guess the car can be registered in Bangalore using your dad's residence address, be it a rented house he can show the rental agreement to register it, there is an affidavit which needs to be written where the dealer will take care of it at the time of registration, if you can go to the dealer he can clearly explain it to you.

tsk1979 · 23rd May 2008, 15:27

Similar problem here.
I work in Noida, but my driving license etc., gives address proof as Ludhiana, since I belong there.
Now is it possible for me to take a loan from Noida, and purchase and register car from dealer in Ludhiana?

dkamath · 23rd May 2008, 15:40

Quote:

Originally Posted by superamerica

Shankar, on a related note. The car is registered on your name in chennai right? That is my next problem. I dont have a address proof at the city (bangalore) where my dad lives. What do we in such a case?

Like Shankar, suggesting to go with private banks. Nationalized banks seem to have tightened their loan disbursal policies, and am quite certain that you would find it tedious to satisfy their disbursal requirements in a situation like this.

shankar.balan · 23rd May 2008, 15:44

nope the car is registered in my fathers name
their permanent house address is in chennai
i have applied for the loan and am paying the loan back - if I remember right, they will probably ask for your dad to be the co-applicant for the loan before disbursing it.

Quote:

Originally Posted by superamerica

Shankar, on a related note. The car is registered on your name in chennai right? That is my next problem. I dont have a address proof at the city (bangalore) where my dad lives. What do we in such a case?

tsk1979 · 27th June 2008, 13:39

Pinging this thread again.
I am going to register the car in Ludhiana, no other way to it since my permanent address is in Ludhiana.
However I may purchase from anywhere.
Till date only ICICI bank DSA has told me that I can choose to buy from anywhere and register anywhere.
In other banks I am not too sure if they will accept the performa inovice from Delhi.
anybody gone through this?

CorsaLove · 5th November 2008, 18:47

Same Issue with me Guys. I need help pretty fast.

Me and my wife want to take a loan here in bangalore and gift an Alto to her parents in Bhopal. I have got an Invoice from a bhopal dealer also but astonishingly ICICI and also any other bank states that they cannot disburse the loan here and the delivery there.

We are going to Bhopal in the first week of December and would like to take the delivery then, but till date I'm not able to find a solution for this.

Can you guys help me with this please...!!!!

CorsaLove · 6th November 2008, 18:43

Can anyone give me some tips about this please...??? I have only a few days left before I have to go to Bhopal and take the delivery.

GTO · 7th November 2008, 11:20

Quote:

Originally Posted by CorsaLove

I have got an Invoice from a bhopal dealer also but astonishingly ICICI and also any other bank states that they cannot disburse the loan here and the delivery there.

How about taking the delivery where you are, but registering the car in Bhopal? For instance, I have frequently taken delivery of cars in Mumbai but with a Nasik registration.

CorsaLove · 8th November 2008, 03:39

Quote:

Originally Posted by GTO

How about taking the delivery where you are, but registering the car in Bhopal? For instance, I have frequently taken delivery of cars in Mumbai but with a Nasik registration.

I have enquired with all the top banks but they are unwilling to give an NOC to register it elsewhere. They say it is a new rule.

tsk1979 · 8th November 2008, 10:14

I bought the vehicle from Ludhiana, and registered it there, however loan was disbursed from HDFC office.
All banks gave me the option of purchasing from Delhi, and registering at another state

18th May 2008, 12:36	#1
superamerica BHPian Join Date: Jun 2006 Location: Bangalore Posts: 59 Thanked: 0 Times	Car loan disbursal in another city. I have a case where i would like to gift a car to my dad residing in bangalore. I work in chennai. In such a scenario i can get a loan only in chennai because that is where i work and have my residence proof (required documentation for car loans). In the above scenario i have the following questions :- 1. Can i get the loan approved in chennai against the invoice of a car dealer in bangalore and get it disbursed to him in bangalore? 2. Has anyone out there done something like this of late? If so, can you point me to contacts in banks/agents in chennai.
	() Thanks

18th May 2008, 15:09	#2
eclectix 1st BHPian Join Date: Oct 2007 Location: BANGALORE Posts: 381 Thanked: 5 Times View My Garage	Am not aware of Car loan. I've done a similar thing for House loan. So it could be possible for a car loan also. cheers:
	() Thanks

19th May 2008, 15:15	#3
GTO - Touring BHPian Join Date: Aug 2004 Location: Mumbai Posts: 710 Thanked: 56 Times	As long as the bank has a branch in both cities, it is not a problem at all.
	() Thanks

19th May 2008, 15:29	#5
superamerica BHPian Join Date: Jun 2006 Location: Bangalore Posts: 59 Thanked: 0 Times	Shankar, on a related note. The car is registered on your name in chennai right? That is my next problem. I dont have a address proof at the city (bangalore) where my dad lives. What do we in such a case?
	() Thanks

23rd May 2008, 14:42	#6
kingshan BHPian Join Date: Dec 2007 Location: Bangalore Posts: 68 Thanked: Once	I guess the car can be registered in Bangalore using your dad's residence address, be it a rented house he can show the rental agreement to register it, there is an affidavit which needs to be written where the dealer will take care of it at the time of registration, if you can go to the dealer he can clearly explain it to you.
	() Thanks

23rd May 2008, 15:27	#7
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,725 Thanked: 23,046 Times View My Garage	Similar problem here. I work in Noida, but my driving license etc., gives address proof as Ludhiana, since I belong there. Now is it possible for me to take a loan from Noida, and purchase and register car from dealer in Ludhiana?
	() Thanks

27th June 2008, 13:39	#10
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,725 Thanked: 23,046 Times View My Garage	Pinging this thread again. I am going to register the car in Ludhiana, no other way to it since my permanent address is in Ludhiana. However I may purchase from anywhere. Till date only ICICI bank DSA has told me that I can choose to buy from anywhere and register anywhere. In other banks I am not too sure if they will accept the performa inovice from Delhi. anybody gone through this?
	() Thanks

5th November 2008, 18:47	#11
CorsaLove BHPian Join Date: Nov 2007 Location: Bangalore Posts: 392 Thanked: 18 Times View My Garage	Car delivery in another city!! Same Issue with me Guys. I need help pretty fast. Me and my wife want to take a loan here in bangalore and gift an Alto to her parents in Bhopal. I have got an Invoice from a bhopal dealer also but astonishingly ICICI and also any other bank states that they cannot disburse the loan here and the delivery there. We are going to Bhopal in the first week of December and would like to take the delivery then, but till date I'm not able to find a solution for this. Can you guys help me with this please...!!!!
	() Thanks

6th November 2008, 18:43	#12
CorsaLove BHPian Join Date: Nov 2007 Location: Bangalore Posts: 392 Thanked: 18 Times View My Garage	Can anyone give me some tips about this please...??? I have only a few days left before I have to go to Bhopal and take the delivery.
	() Thanks

8th November 2008, 10:14	#15
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,725 Thanked: 23,046 Times View My Garage	I bought the vehicle from Ludhiana, and registered it there, however loan was disbursed from HDFC office. All banks gave me the option of purchasing from Delhi, and registering at another state
	() Thanks