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Old 14th September 2009, 19:54   #151
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Here is my story of applying for loan

I have an account with HDFC, was informed few months earlier about a pre-approved loan (I am not sure if it means anything)
Anyway, i filled an online form for auto loan from their website last Wednesday (Sep 9).
Got a call on Friday (Sep 11) confirming the loan request, asked them to call the next day for complete details.
Got a call on Saturday (Sep 12) and gave the details, also told that I haven't booked the car yet and am going to book after the loan is approved.
Got a verification call today (Sep 14)

Got an SMS from bank sometime back
"auto loan a/c no. XXXX for a Fiat Punto Emotion Pk is approved"
I am going to book my car this saturday

Having an HDFC account clearly helped in reducing the time/effort.

Last edited by SilentEngine : 14th September 2009 at 19:55.
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Old 14th September 2009, 19:58   #152
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Quote:
Originally Posted by SilentEngine View Post
Here is my story of applying for loan

I have an account with HDFC, was informed few months earlier about a pre-approved loan (I am not sure if it means anything)
Anyway, i filled an online form for auto loan from their website last Wednesday (Sep 9).
Got a call on Friday (Sep 11) confirming the loan request, asked them to call the next day for complete details.
Got a call on Saturday (Sep 12) and gave the details, also told that I haven't booked the car yet and am going to book after the loan is approved.
Got a verification call today (Sep 14)

Got an SMS from bank sometime back
"auto loan a/c no. XXXX for a Fiat Punto Emotion Pk is approved"
I am going to book my car this saturday

Having an HDFC account clearly helped in reducing the time/effort.


which dealer are you going to?
i would recommend Prerana motors sarjapur road,i got my car from them recently
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Old 14th September 2009, 20:16   #153
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Quote:
Originally Posted by ms001 View Post


which dealer are you going to?
i would recommend Prerana motors sarjapur road,i got my car from them recently
I am thinking of going with Prerana, lalbagh road. Sarjapur road is too far from my place.
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Old 15th September 2009, 10:25   #154
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Congrats on getting the loan approved .

Even i have booked my car from SJP road Pre-Rana on 8th sep waiting for my car to be delivered sometime next week [15 days waiting period] .

What is the interest rate HDFC is offering for the existing cutomer ?
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Old 15th September 2009, 17:20   #155
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Default Insurance not mandatory with SBI CAR Loans !!!

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Originally Posted by achinthg View Post
Today I went to SBI to sign the loan agreement. Here is my experience:...................


Next was the life insurance to cover my loan for Rs.4350 for which I had to contact another person and fill another form. Taking insurance is mandatory. When I asked for an acknowledgement I was informed there will be none and I will get the policy papers only after 2 months !!!

........................................
The entire process took 2 hours 20 minutes !!!

Insurance is not mandatory. It is just that, they are making use of the opportunity to sell the SBI insurance product as part of the Car Loan as most of the customers accept the deal as it would appear negligible in front of the loan amount.

I have rejected the insurance offer. (after speaking to Vaidyanathan AGM RACPC BLR). Initially they mentioned about the mandate that the SBI Life insurance is compulsory with SBI Car loan. I was adamant and stuck to thhe statement, infact even requested them to furnish a written document stating the mandate, and finally they accepted my decision for not opting for the insurance.

Why should we waste money on such an insurance product that doesnt do any good ? Either we should go for an insurance product which is worth the reason or reject such insurance product that is clubbed alongside other products which has very nominal coverage & equivalent of not having the same.

Regards
Siva
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Old 15th September 2009, 20:27   #156
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Quote:
Originally Posted by balajeshi View Post
Congrats on getting the loan approved .

Even i have booked my car from SJP road Pre-Rana on 8th sep waiting for my car to be delivered sometime next week [15 days waiting period] .

What is the interest rate HDFC is offering for the existing cutomer ?
Thanks!
Congrats for you booking!
They have offered me 10.25%, i am trying to get it down to 10%.

They are also trying to sell me insurance, I will check the dealer quote and then decide. Also I am going to check with bajaj insurance separately.

Last edited by SilentEngine : 15th September 2009 at 20:30.
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Old 22nd September 2009, 12:13   #157
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Exclamation Used Car Loan...WHich bank at Blore??

Hi All,
Which is the best bank in terms of interest rates and proccessing for a used car loan in the forum's opinion at Bangalore? I can forego 2-3% in order to speed up some proccessing if required.
Views, contacts and opinions looked forward to.
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Old 22nd September 2009, 18:20   #158
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I have a question.
What exactly is Form 20? When is this supposed to be filled? When will the bank need this for updating hypothecation information?
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Old 22nd September 2009, 20:59   #159
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form 20 is nothing but Application for Registration of a Motor Vehicle
the bank needs to put a signature and seal on the form before the car goes for registration.
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Old 23rd September 2009, 12:57   #160
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Folks - I had put up a car loan total cost of ownership calculator while deciding for my Punto MJD E+. I think it might come in handy for others deciding on car loans and evaluating which one makes the most sense at the end of the loan tenure. Its call total cost of ownership in the following thread. Hope others find it useful.

http://www.team-bhp.com/forum/test-d...very-soon.html (Punto MJD Emotion Pack is due for delivery soon)

Mods - if it is better to upload the attachment here itself, please delete this post and I shall re-upload the document here.

Thanks
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Old 23rd September 2009, 13:28   #161
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Default Form or function?

Quote:
Originally Posted by SilentEngine View Post
I have a question.
What exactly is Form 20? When is this supposed to be filled? When will the bank need this for updating hypothecation information?
Hi, I had put up a list of what each form means sometime back on this very thread. Here's the link.

http://www.team-bhp.com/forum/indian...ml#post1403601
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Old 23rd September 2009, 20:42   #162
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Thanks ms001 and predatorwheelz!
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Old 28th September 2009, 12:46   #163
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Quote:
Originally Posted by n.devdath View Post
Hi All,
Which is the best bank in terms of interest rates and proccessing for a used car loan in the forum's opinion at Bangalore? I can forego 2-3% in order to speed up some proccessing if required.
Views, contacts and opinions looked forward to.

The private banks like HDFC, Axis bank are quicker in terms of processing but very costly with interest rates upto 16-17% or higher for used cars. However the public sector banks though slower are much cost effective with interest rates of 12-14%. Again you will have higher procesing & pre-payment charges in case of private sector banks.
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Old 1st October 2009, 16:46   #164
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Interest rate for BOI has dropped to 8.5% reducing for 3 years. But they are denying me a loan as am not their account holder? Does this make any sense? I offered to open an account still to no avail. Any other bank offering same interest rate? SBI first year 8% then 10% for two years is expensive than this.
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Old 1st October 2009, 18:10   #165
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Quote:
Originally Posted by somebodystopme View Post
Interest rate for BOI has dropped to 8.5% reducing for 3 years. But they are denying me a loan as am not their account holder? Does this make any sense? I offered to open an account still to no avail. Any other bank offering same interest rate? SBI first year 8% then 10% for two years is expensive than this.
canara bank 8.5,9.5,10 but u need to open account and need a gauranter too
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