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Old 29th March 2017, 07:21   #121
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Default Re: SBI Car Loan - My Experience

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Originally Posted by Majumdarda View Post
Got the correct loan details updated with the bank end. Interest rate is now at 8.75% p.a. for the first year.
WTH!!
I thought the EMI doesn't change for the entire tenure & if the EMI doesn't change then how come the interest rate change after first year?
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Old 29th March 2017, 07:28   #122
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Default Re: SBI Car Loan - My Experience

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WTH!!
I thought the EMI doesn't change for the entire tenure & if the EMI doesn't change then how come the interest rate change after first year?
The emi absolutely won't change. When the interest rate changes, what goes up or down is the tenure (the time / number of instalments required to pay off the loan)
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Old 29th March 2017, 07:47   #123
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Default Re: SBI Car Loan - My Experience

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I am interested in taking an SBI car loan and my car is booked but has a long waiting period and I was told that once they allot it I have 7 days to arrange the payment (could be just posturing/pressure from the sales guys, but let's assume that we take their statement at face value).

Is there any way that I can get the loan amount pre-sanctioned or pre-approved, so that I only have to do the specific car purchase related paperwork after the car is allotted, and not the entire approval process?
The answer is yes. I've a car loan from SBI that i took 3yrs ago and i had submitted all relevant quotation papers of the car to get full clarity on how much loan amount was i eligible for and get some kind of pre-approval for it. The idea behind providing a quotation being that they have a real life scenario to work out your eligibility and not just a statement that i want to buy a 10lac car and i want 8lacs of loan. But it in no way ties you up to that specific car. As far as i understand, this also helps you in case you decide to move to a different car later since maybe the waiting period gets to you.
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Old 29th March 2017, 19:30   #124
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Default Re: SBI Car Loan - My Experience

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Originally Posted by aargee View Post
WTH!!
I thought the EMI doesn't change for the entire tenure & if the EMI doesn't change then how come the interest rate change after first year?
Did you check for the loan account details? Is it visible now? For me, its visible at the online portal.
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Old 29th March 2017, 19:51   #125
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Default Re: SBI Car Loan - My Experience

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Did you check for the loan account details? Is it visible now? For me, its visible at the online portal.
No it's not linked to our SBI A/C; I'll better visit the loan branch & ask the manager about this or ask over the phone. Thanks
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Old 29th March 2017, 19:56   #126
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Default Re: SBI Car Loan - My Experience

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No it's not linked to our SBI A/C; I'll better visit the loan branch & ask the manager about this or ask over the phone. Thanks
It would be a good idea to get it linked as well, this is technically possible. However phone support (via a call center) seems to be non-existant with SBI loans.
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Old 29th March 2017, 20:28   #127
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It would be a good idea to get it linked as well, this is technically possible. However phone support (via a call center) seems to be non-existant with SBI loans.
The manager already confirmed to me that the loan A/C number will be linked to SBI S/B account; so I'm only walking to the branch office, no way going to call center.
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Old 2nd April 2017, 09:09   #128
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Default Re: SBI Car Loan - My Experience

Any body any specific ideas as to what is PART PERIOD INTER.
I see an entry made on the 31st March 2017, into the Debit column (2432/-), which has effectively brought up the loan amount from 440581 to 443013.
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Old 2nd April 2017, 09:13   #129
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Default Re: SBI Car Loan - My Experience

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Any body any specific ideas as to what is PART PERIOD INTER.
I see an entry made on the 31st March 2017, into the Debit column (2432/-), which has effectively brought up the loan amount from 440581 to 443013.
"Interest". Banks routinely charge that when they give a loan, you know .. it is debited monthly from your account.
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Old 2nd April 2017, 09:18   #130
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Default Re: SBI Car Loan - My Experience

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Any body any specific ideas as to what is PART PERIOD INTER
Does this help - https://www.quora.com/What-is-part-p...it-implemented
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Old 2nd April 2017, 09:20   #131
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Default Re: SBI Car Loan - My Experience

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"Interest". Banks routinely charge that when they give a loan, you know .. it is debited monthly from your account.
First time loan experience sir. I hope the pre equated EMI amount is not getting affected because of this.
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Old 2nd April 2017, 09:24   #132
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First time loan experience sir. I hope the pre equated EMI amount is not getting affected because of this.
EMI is split into principal + interest. As you keep paying off the loan the interest component will reduce and you pay off much more of the principal.

If you have spare cash available I would suggest paying it into this loan (and into any other high cost loans you have such as credit card / personal loan etc - not that such are recommended to take unless absolutely necessary).

That way - prepaying loans ensures that more of the principal is paid off and your loan gets cleared much earlier.
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