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Old 18th November 2017, 14:46   #136
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Default Re: SBI Car Loan - My Experience

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Originally Posted by Majumdarda View Post
"Dear sir,
Kindly visit SBI chinchwad branch today for inspection of your new vehicle. Please bring along the photo copy of vehicle insurance , tax invoice, RC, TC, delivery challan set of xerox copy of the documents. 10.30 to 4.00
Team Sbi"
Did you take loan yourself? i.e. not via showroom? If yes, that step is needed. I took my WagonR to them to show the car. This is applicable only if you take loan from bank bypassing the showroom. In case of home loans they come visit as houses can't be brought to them.

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Originally Posted by dailydriver View Post
I am assuming that yours is a recent purchase. They might be suspicious about you actually utilizing the loan to purchase the car .
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Old 18th November 2017, 19:55   #137
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Default Re: SBI Car Loan - My Experience

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Originally Posted by dailydriver View Post
They might be suspicious about you actually utilizing the loan to purchase the car
This is really draconian.
  1. SBI would have asked for proof of payment before disbursement (for customer's portion of payment to dealer)
  2. SBI would have disbursed the loan amount to dealer (and not to customer)
  3. SBI can authenticate registration / hypothecation details electronically via vahan
  4. Similarly, insurance details can be verified electronically
I have not dealt with SBI, but two other banks for car loans. They did not ask for physical verification. In case of HDFC, I managed the loan without any DSA.

As you mentioned in your post
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Old 18th November 2017, 20:44   #138
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Default Re: SBI Car Loan - My Experience

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Originally Posted by NetfreakBombay View Post
This is really draconian.
Having been a customer of State Bank group for the past ten years, I can guarantee you that the bank can surprise and shock you in ways that one can't even imagine. Suffice to say that they are the most sarkari of all sarkari banks.

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SBI would have asked for proof of payment before disbursement (for customer's portion of payment to dealer)
In my own case, I didn't have the margin money in my account. I took home the car with temporary registration and ran it as such for a month before paying the road tax (BAD example, please don't follow me!). Even after permanent registration, I didn't get the RC for about a month. So, in effect, for more than two months - until i handed over copies of the RC and other documents - the bank didn't know whether I had actually purchased the car .

The officers wouldn't verify the details even if they knew how to (many of them don't). Sarkari tendencies require them to summon the customer to their chambers where the latter would have an opportunity to thank the banking lords for condescending to disburse the loan to a common man.

Shouldn't a customer be grateful to the bank and more so to the banker for enabling a middle class chap to move up the social ladder by acquiring a four wheeler?

Too much sarcasm? Not really. Specially after the merger of associate banks, SBI is no better than a Taluk Office.

In a nutshell, it is in our own interest to provide all the relevant documents to the bank and ensure that they have been properly filed in our loan folder.
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Old 18th November 2017, 21:18   #139
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Default Re: SBI Car Loan - My Experience

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Originally Posted by dailydriver View Post
Too much sarcasm? Not really. Specially after the merger of associate banks, SBI is no better than a Taluk Office.
Maybe that explains it. They need to generate work to keep these people busy.

At other banks, all these checks are automated and employees need to only look at exceptions (E.g: Systems keep monitoring Vahan on its own for registration, hypothecation , no manual effort required).
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Old 20th November 2017, 10:14   #140
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Default Re: SBI Car Loan - My Experience

Thank you all for trying to assist me on this, but what I gather is these are all mere speculations and no concrete evidence from rule books.

First, if a car has to be inspected, then there should be official email from the SBI. Why would the bank send some SMS from someone's personal number? Since when is SMS considered to be an official statement of instruction?

Second, the place where the branch is located does not have any parking space of its own. Does the bank expect me to have the car parked on the road side? What if the RTO confiscates the car, as the location is very prone to car / bike pickups.

Third, from the little googling I did to gather more information, below is what I could extract.

Name:  SBI Auto Loan.JPG
Views: 864
Size:  17.4 KB

If this is indeed the case, then why would I pay for a visit. Let bank officials book a slot, and then come for a physical inspection of the said asset.

Fourth, What if the owner does not know how to drive a car or is out of town for long period?

Fifth, I really fail to understand their logic. To me, it seems that this is just easy money minting by the bank representatives and again I have to draft an email to the concerned senior officials to set the proper expectations.
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Old 20th November 2017, 10:21   #141
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Default Re: SBI Car Loan - My Experience

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Originally Posted by blackwasp View Post
Did you take loan yourself? i.e. not via showroom? If yes, that step is needed. I took my WagonR to them to show the car. This is applicable only if you take loan from bank bypassing the showroom. In case of home loans they come visit as houses can't be brought to them.
I had to take my car to the bank for inspection, even when the loan was taken via Nexa.
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Old 20th November 2017, 13:06   #142
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Default Re: SBI Car Loan - My Experience

I have taken SBI car loans for two vehicles. They never wanted a physical verification of the vehicles. In the first case, the Maruti dealer arranged the car loan and in the second case I did it myself. In both cases I prepaid the loan and it was a very pleasant experience. The Personal Banking Branches (PBB) are very pleasant to work with. Also do not trust SMS sent to you, there seems to be some fraud going on. Visit the branch when you have time.
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Old 21st November 2017, 14:45   #143
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Default Re: SBI Car Loan - My Experience

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Originally Posted by SajiNSalin View Post
I have taken SBI car loans for two vehicles. They never wanted a physical verification of the vehicles. In the first case, the Maruti dealer arranged the car loan and in the second case I did it myself. In both cases I prepaid the loan and it was a very pleasant experience. The Personal Banking Branches (PBB) are very pleasant to work with. Also do not trust SMS sent to you, there seems to be some fraud going on. Visit the branch when you have time.
I called up one of the SBI branches where I own an account and he said that physical verification is required. I asked him if that be the case then why I have not received an official email, to which the response was "SMS aya na!" As if that's the official means of communication. I responded back to the SMS asking to call me, and no response till now. Will wait for response.

I checked with a colleague and he informed that for his vehicle inspection was waived off since he knew the guys working. Great then
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Old 21st November 2017, 14:54   #144
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Default Re: SBI Car Loan - My Experience

My first loan was taken in November 2009 in Ahmedabad and the second from Trivandrum in 2015. I don't know if they have changed the rules and need to see the vehicle now. When you go to the branch, you can always show them the vehicle and get it cleared.
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Old 5th April 2018, 09:06   #145
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Default Re: SBI Car Loan - My Experience

Anyone has recent experience in closing loan in sbi?

My usual EMI is 23xxx and this month, i had only 5xxx balance. Today is the EMI day, they debited only the balance amount from the linked savings account and closed the loan account automatically(now loan account is shown under closed accounts list with zero balance).

Now what next? Do I still need to go to branch(Whitefield to St. Marks road :( )? Or will they send the required documents to my address automatically as like in ICICI bank?
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Old 5th April 2018, 09:40   #146
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Default Re: SBI Car Loan - My Experience

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Originally Posted by smnrock View Post
Now what next? Do I still need to go to branch(Whitefield to St. Marks road :( )? Or will they send the required documents to my address automatically as like in ICICI bank?
You will need to visit the RACPC where your house documents are stored by SBI. They will return it with a stamped and signed letter of loan closure.

You will then need to hand that in at the local corporation ward / town panchayat etc office for your house, and get the removal of hypothecation to SBI registered with them. The RACPC guy will usually recommend an agent who will get this done for you.

If you didnít do that with your ICICI loan get that done ASAP too.
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Old 5th April 2018, 09:48   #147
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Default Re: SBI Car Loan - My Experience

^ this loan which I was talking is car loan. I thought this specific thread is about auto loan only, sorry my bad.
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Old 5th April 2018, 10:41   #148
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Default Re: SBI Car Loan - My Experience

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Originally Posted by smnrock View Post
^ this loan which I was talking is car loan. I thought this specific thread is about auto loan only, sorry my bad.
Loan against any retail asset will have hypothecation docs stored at RACPC.

You will need the paperwork they give you to remove the bank hypothecation endorsed on your RC, only at the RTO not the Panchayat or Corporation.
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Old 5th April 2018, 14:03   #149
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Default Re: SBI Car Loan - My Experience

I've taken a 3L loan for the Celerio. The process was smooth. However, the only issue I see is that even though my payments (ECS) are going out in time, I keep receiving SMS saying that the payment is not done and to pay immediately, else charges will be applied. Checked with my branch who asked me to ignore these messages. He sent me a screenshot of the statement showing that no charges had been applied and the account is in order.

Still skeptical though.
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Old 5th April 2018, 15:25   #150
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Default Re: SBI Car Loan - My Experience

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Originally Posted by Gordon View Post
I've taken a 3L loan for the Celerio. The process was smooth. However, the only issue I see is that even though my payments (ECS) are going out in time, I keep receiving SMS saying that the payment is not done and to pay immediately, else charges will be applied. Checked with my branch who asked me to ignore these messages. He sent me a screenshot of the statement showing that no charges had been applied and the account is in order.

Still skeptical though.
Get net banking access for your loan account.

You can see all credits to it just fine.

That may involve opening an sb account with sbi under the same CIF (customer ID)

My guess is youíre scheduling the transfer for just when it is due and their sms reminder system hasnít caught onto the fact that transfer is done. So they anyway add a disclaimer in the sms like please ignore if already paid.
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