Which car loan to go for BOI \ SBI \ HDFC ?

[wildon]

Good news is ,my verification at home and office are completed by SBI and the disbursement will happen in a weeks time. The branch manager confirmed this for me.

[amanmalhotra]

Originally Posted by amanmalhotra

Yeah, the verification and everything is behind me now
Have got an appointment on Monday when I have to go for documentation, Form20, invoice-loan amount payment receipt etc. I am told it should take a day from that time on.

Went to RACPC on Monday, finished the documentation. Today morning, the dealer went and picked up the cheque from the bank. Will have the car delivered tomorrow morning now

[wildon]

congrats buddy, i got a call today at 4pm from SBI RAPC and my meeting with them fixed on 13th August '09 at 4.00 P.M. They have asked the same things which is asked from you. I heard that RAPC is in Lavelle Road , can you confirm this. or is this at St:Mark's road.

The person called me today informed me to carry a max amoout of Rs.1000/- for Stamp Duty charges (it may come near 500-700) also 24 PDC's

[vinit.merchant]

One more small piece of info.
I went to BOI today for a two wheeler loan. They said its 9.25% but as its festive season, they have special rates of 8.5% with 50% waiver of processing fees.

[wildon]

BOI is realy pain, as guarantor is a must and he has to provide all the documents which applicant provides for the loan also you need to open an a/c with them if you don't have with them.

[amanmalhotra]

Originally Posted by wildon

congrats buddy, i got a call today at 4pm from SBI RAPC and my meeting with them fixed on 13th August '09 at 4.00 P.M. They have asked the same things which is asked from you. I heard that RAPC is in Lavelle Road , can you confirm this. or is this at St:Mark's road.

The person called me today informed me to carry a max amoout of Rs.1000/- for Stamp Duty charges (it may come near 500-700) also 24 PDC's

It is on Lavelle Road, next to Airlines hotel. There is a prestige building, SBI RACPC is in that building, it is a glass building, not something that you associate with a PSU bank. I am guessing you are asked to meet Mr. Vaidya there. (They all sit on the ground floor)
The Rs. 1000 is required for stamp charges, which will get debted from your SBI savings account (if you have one), or you will have to walk down to the branch on opposite side and pay the money and get a receipt from them. (Not a hassle but just an irritant).
Just for the record this is what I carried
1. DL copy
2. Form 20 (2 copies)
3. Salary account cheques (24)
4. Original down payment receipt (you need to submit the receipts, so take a photocopy for your reference before you submit it)
5. Rs 1000 cash

Also, when I had given the invoice of the car for loan processing, the invoice mentioned 11.10L, but finally I was making payment for 10.63L (rest was discounts/blah blah), so I had to carry an updated invoice for 10.63L to prove that whatever I have paid as downpayment + loan amount = Invoice amount.

Also, carry a photo-id proof copy, since SBI insists on taking a life insurance for the term of the loan (they insisted for me atleast), and that would require a photo-id proof.

[HappyWheels]

Few more information, adding to what Aman has said above:
You can give any number of checks that you want for those EMI's. But the minimum they as for are 24.

The date on the check can be as per your wish, even though the contract reads that the check should be dated on or before the 10th (or what is the 7th???) of the month. (Reckon this is for this period offer only).

The insurance is good to have, take it. Worth the few extra 100Rs that gets added to the EMI.

And a very interesting point about the initial invoice amount and the final paid amount. I had the same issue since there was almost a difference of 50k between the loan processing invoice and what I finally paid the dealer. But, when I got the check from the bank, none of this came up. Got the check issued based on the first invoice itself! Phew!

Originally Posted by amanmalhotra

It is on Lavelle Road, next to Airlines hotel. There is a prestige building, SBI RACPC is in that building, it is a glass building, not something that you associate with a PSU bank. I am guessing you are asked to meet Mr. Vaidya there. (They all sit on the ground floor)
The Rs. 1000 is required for stamp charges, which will get debted from your SBI savings account (if you have one), or you will have to walk down to the branch on opposite side and pay the money and get a receipt from them. (Not a hassle but just an irritant).
Just for the record this is what I carried
1. DL copy
2. Form 20 (2 copies)
3. Salary account cheques (24)
4. Original down payment receipt (you need to submit the receipts, so take a photocopy for your reference before you submit it)
5. Rs 1000 cash

Also, when I had given the invoice of the car for loan processing, the invoice mentioned 11.10L, but finally I was making payment for 10.63L (rest was discounts/blah blah), so I had to carry an updated invoice for 10.63L to prove that whatever I have paid as downpayment + loan amount = Invoice amount.

Also, carry a photo-id proof copy, since SBI insists on taking a life insurance for the term of the loan (they insisted for me atleast), and that would require a photo-id proof.

[wildon]

Originally Posted by amanmalhotra

I am guessing you are asked to meet Mr. Vaidya there.

Exactly. Also did you got the EMI schedule from them? or this will get from the bank? The reason i asked because of the SBI scheme 1st year-8%, 2nd &3rd Year -10% and 4 onwards as per market rate.

Originally Posted by HappyWheels

The insurance is good to have, take it. Worth the few extra 100Rs that gets added to the EMI.

will go for that.

[achinthg]

I booked my Linea on 11th July 09. Dealer applied for the loan on my behalf on the 14th. After one month I have got my appointment for 13th August 10 AM.

[MileCruncher]

The insurance is a must and SBI will deduct the insurance premium alongwith stamp duty in the loan disbursal amount. In my agreement it is written, to take 6 Cheques and Standaing instructions /ECS.

[achinthg]

I have been asked to carry:
1. DL copy
2. Original receipts
3. 24 cheques
4. Form 20 (2 copies)

[amanmalhotra]

Originally Posted by wildon

Exactly. Also did you got the EMI schedule from them? or this will get from the bank? The reason i asked because of the SBI scheme 1st year-8%, 2nd &3rd Year -10% and 4 onwards as per market rate.

Yes, that is correct, they gave me an EMI schedule where in the first year was particular EMI, 2-3 years was different, 4-5 years was again different.
One more point, in case loan is preclosed or prepaid, a penalty of 2% will be levied if the payment is made before 50% of loan tenure is complete (30 months). After that no charge will be applicable.

[wildon]

Also tell me, the Cheque should be favoring to whom, so i can finish up the writing now and give it to them easily. is any increase in EMI or something when we opt for a particular payment date? (c'se i m opting for 10th of every month)

[HappyWheels]

@Wildon,

Just make it a a/c payee check. They stamp the a/c number to it. You just need to write the date and amount (in numbers & words) in the check.

[amanmalhotra]

Originally Posted by wildon

Also tell me, the Cheque should be favoring to whom, so i can finish up the writing now and give it to them easily. is any increase in EMI or something when we opt for a particular payment date? (c'se i m opting for 10th of every month)

Yes, just cross the cheques and take them, and perhaps sign them before going (will save sometime). The amount will be told by them during documentation.
There is no increase due to opting for a particular date.
But, put the dates when you go to RACPC, since I am not sure if the outer limit for payment is 7th or 10th (just forgot).

Also, as HappyWheels stated, they will stamp the "Pay to" part