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Old 27th February 2013, 15:32   #316
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Default Re: Which car loan company to go for?

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I recently went to the the Fortuner Showroom and they gave me two options both were for either 36 months or 60 months. I'm really suprised that SBI goes till 7 Years. I'm sure you must have got the vehicle till now and if you could just share with me the overall nitty gritties of the loan as I'm considering buying a MT 4x2 version. Thanks in advance.
Go with SBI, I didn't find any issues. Gave all required doc in one go, they just did crosscheck at home and in office. It finishes in 24 hrs. Let me know if there are any specific questions.
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Old 27th February 2013, 16:03   #317
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Default Re: Which car loan company to go for?

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Go with SBI, I didn't find any issues. Gave all required doc in one go, they just did crosscheck at home and in office. It finishes in 24 hrs. Let me know if there are any specific questions.
Thanks appreciate your feedback. Is banking with SBI a per-requisite for this? Also do they entertain company bought vehicles for loan applications?
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Old 28th February 2013, 14:14   #318
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Default Re: Which car loan company to go for?

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Thanks appreciate your feedback. Is banking with SBI a per-requisite for this? Also do they entertain company bought vehicles for loan applications?
Prior relationship always ease out things for you. As I was having SB account 6 month old and PPF same period with them, manager told me if your account would have completed 1 yrs I can offer .5% discount too in rates. But not sure how true is this. Anywas SBI now a days charging Rs 500 as processing fee for any amount of loan. Regarding Company stuff would recommend you to check with your branch. As everyone has targets to achieve don't think they will mind.
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Old 28th February 2013, 14:49   #319
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Default Re: Which car loan company to go for?

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Originally Posted by sam003 View Post
Prior relationship always ease out things for you. As I was having SB account 6 month old and PPF same period with them, manager told me if your account would have completed 1 yrs I can offer .5% discount too in rates. But not sure how true is this. Anywas SBI now a days charging Rs 500 as processing fee for any amount of loan. Regarding Company stuff would recommend you to check with your branch. As everyone has targets to achieve don't think they will mind.
Thanks for your inputs. Will check it out with them as I really have no banking relationship with SBI what so ever. Either in personal banking nor in my corporate banking. Nevertheless I'll sure touch base with them. Thanks once again.
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Old 4th March 2013, 21:43   #320
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SBI gives 7 years 85% on road, somtimes 90, there is initial pain to process application. No other private bank matches the emi sbi gives. I got it in 10 days for my passat.
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Old 19th April 2013, 12:13   #321
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Default Re: Which car loan company to go for?

SBI is giving auto loan @ 1.45% Floating, but with benefits of zero fee on pre-closure and pre-payments.
Axis has a 10.5% fixed rate loan, with some restrictions to pre-closure and pre-payment.

Dear members please let me know if the floating rate is a good idea for a 5 year loan considering the current economic environment.
If the rates start climbing badly then i might end up paying a lot of money.
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Old 27th April 2013, 18:46   #322
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Default Re: Which car loan company to go for?

Dear all,

what is the stamp duty for car loan? HDFC Saying 0.5% on loan amount which is very high i guess.
Checked website but its showing on actuals.what does this mean?

Thanks in advance!
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Old 27th April 2013, 19:59   #323
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Quote:
Originally Posted by 4veel View Post
Dear all,

what is the stamp duty for car loan? HDFC Saying 0.5% on loan amount which is very high i guess.
Checked website but its showing on actuals.what does this mean?

Thanks in advance!
I was told 1% by ICICI, SBI and AXIS bank.
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Old 10th May 2013, 12:36   #324
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Default Re: Which car loan company to go for?

What is the current Interest I should pay for 8.5 lacs loan for 4 years. Kotak is financing since it belongs to a friend and we have had a pleasant experience in the past.
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Old 3rd August 2013, 19:17   #325
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Post Car loan transferable to another vehicle ?

Dear CarLoan Guru's,
I have been pondering over this for quite some time now. I have a question ... maybe it is stupid but I wanted to know if an existing car loan is transferable to another new car with same registration name or not ?
Thanks in advance.
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Old 4th January 2014, 15:45   #326
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Default Re: Which car loan company to go for?

Got my SBI car loan approved today!

Time taken was 7 days. Great service & zero glitches. Interest rate is 10,75 floating.

We may have to go to the bank for signing the documents. I think we could live with it.
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Old 29th January 2014, 21:16   #327
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Default Re: Which car loan company to go for?

Hello folks

I had a query for which i request help from experts here.

This is 8th year driving my Wagon R. The time has really come that i will be upgrading my car. If all goes on well will be laying my hands on the Beast "Safari Storme" in May this year.

Before i do so couple of things i would like to inform you guys:

1. We will be applying to SBI for car loan
2. My wife is a tata employee so she will get a corporate discount of 4% if she buys car in her name.

Now for my queries:

1. My wife does not have an SBI savings account. Is it hassle free to apply for an SBI car loan? PS: She is willing to open a new savings account if bank people insist. I have a savings account with SBI. Is it also possible if my wife includes her name as a joint savings account holder at the same time when she applies for car loan? Will the bank guys accept it?

2. For the sake of discount the car will be booked on my wife's name but may be after 6 months to 1 year we are planning to transfer ownership to my name along with transfer of car loan from her name to my name. Is the entire process hassle free and what is the process involved in transferring the ownership along with transfer of loan?

Thanks in advance for helping me out

Mods: Not sure if this is the correct thread to post this query, if not, request you to move this post to the relevant thread and regret for any inconvenience
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Old 29th January 2014, 22:28   #328
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Default Re: Which car loan company to go for?

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Hello folks

I had a query for which i request help from experts here.

This is 8th year driving my Wagon R. The time has really come that i will be upgrading my car. If all goes on well will be laying my hands on the Beast "Safari Storme" in May this year.



Now for my queries:

1. My wife does not have an SBI savings account. Is it hassle free to apply for an SBI car loan? PS: She is willing to open a new savings account if bank people insist. I have a savings account with SBI. Is it also possible if my wife includes her name as a joint savings account holder at the same time when she applies for car loan? Will the bank guys accept it?
I recently got a car loan from SBI. I did not have an account. They did say I needed to open an account and it was a hassle free process. The Loan account and the SB account were done together. I walked out of the bank with the passbook, ATM card and Internet Banking details. I think the 2nd option you mentioned also should not be a problem.

Last edited by Rajeevraj : 29th January 2014 at 22:29.
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Old 29th January 2014, 22:29   #329
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Default Re: Which car loan company to go for?

Quote:
My wife does not have an SBI savings account. Is it hassle free to apply for an SBI car loan? PS: She is willing to open a new savings account if bank people insist. I have a savings account with SBI. Is it also possible if my wife includes her name as a joint savings account holder at the same time when she applies for car loan? Will the bank guys accept it?
You can include the name of your wife in your existing account anytime. They will accept this. However, if you want to save on some time, please do it a month or two before applying for a loan. This is just to avoid any loss of time. I feel, you still have enough time with you. Why don't you do this right away.

Quote:
For the sake of discount the car will be booked on my wife's name but may be after 6 months to 1 year we are planning to transfer ownership to my name along with transfer of car loan from her name to my name. Is the entire process hassle free and what is the process involved in transferring the ownership along with transfer of loan?
I do not understand why do you want to change the ownership in your name? What advantage will you get? The process involves hassles. First and foremost the bank will not transfer the loan. Secondly they will ask you to close the first loan and re apply for a second loan. If you take a second loan the car becomes a used car and the rate of interest goes up substancially. This step will involve a lot of time and then you will have to get the registration certificate amendment from RTO.

Either, buy a car in your wife's name or yours. Do not get into the hassles of transfer of loan. SBI is too good for new customers but such queries to them will make you feel ignored at their doorstep.
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Old 8th March 2014, 09:47   #330
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Default How good is IDBI Bank?

I find the IDBI rates are the lowest right now with processing fee being zero and zero penalty for prepayment (which is an important criteria for me). However, their systems seemed a little unprofessional as they took very long to respond to the simple question of what is your EMI on a loan amount of X for a tenure of Y months on car Z. Anyway, when they did respond it was way below that of SBI, the nearest competitor.
Just wanted to know what is the general opinion about the bank as a car loan provider? I don't mind a bit of unprofessionalism as long as it is the cheapest deal and there is no catch anywhere.
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