Car loan disbursal in another city. - Team-BHP

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.

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?

18th May 2008, 12:36	#1 (permalink)
superamerica Newbie Join Date: Jun 2006 Location: Bangalore Posts: 42	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. __________________ Red Maruti Swift 2006 VXI-ABS, Silver Hyundai Santro 2003 XG

18th May 2008, 15:09	#2 (permalink)
eclectix 1st BHPian Join Date: Oct 2007 Location: BANGALORE Posts: 359 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. __________________ PALIO STILE 1.6 SPORT 2007 PULSAR 180 - 1st edition It's the thought, if any, that counts!

19th May 2008, 15:29	#5 (permalink)
superamerica Newbie Join Date: Jun 2006 Location: Bangalore Posts: 42	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? __________________ Red Maruti Swift 2006 VXI-ABS, Silver Hyundai Santro 2003 XG

23rd May 2008, 14:42	#6 (permalink)
kingshan BHPian Join Date: Dec 2007 Location: Bangalore Posts: 66	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 and Regards Shan __________________________________ Swift Vxi \|Indica V2

23rd May 2008, 15:27	#7 (permalink)
tsk1979 Team-BHP Moderator Join Date: Feb 2005 Location: Noida, New Delhi Posts: 8,452 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? __________________ Reclaiming.....!

19th May 2008, 15:15	#3 (permalink)
GTO - Touring BHPian Join Date: Aug 2004 Location: Mumbai Posts: 437	As long as the bank has a branch in both cities, it is not a problem at all.

27th June 2008, 13:39	#10 (permalink)
tsk1979 Team-BHP Moderator Join Date: Feb 2005 Location: Noida, New Delhi Posts: 8,452 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? __________________ Reclaiming.....!

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