Team-BHP - The Cheap Loan or the Smart Loan

I have recently (as in just few days back) taken car loan from SBI. It is a combo loan. So car and bike are charged at same ROI and hence no OD facility. All branches of SBI offers the same product. So you should get the OD facility for the car loan irrespective of branch. The easiest way to get a SBI car loan is to reach to "out sourced" representatives. There should be someone for each branch. The get all documents needed through mail, put in your loan application and tell you when it is approved / sanctioned. They will also fix you an appointment. So you just have to visit the branch once to just sign on the dots.

PS: If you need I can pass on the rep who helped me with my car loan in Chennai. Also your dealers might be able to give details about reps working for the nearest branch to their showroom.

Quote:

Originally Posted by hyper-VTEC (Post 3584482)

After lot of calls here and there i was able to get a SBI Loan with OD. Thanks keyur and others. I applied in Shollinganalur Branch in Chennai.

Amount: 6L
ROI: 10.45%
Duration: 60 months
No Processing fees
Stamp Fees of INR 520.

Sorry for not replying earlier. Have been busy with stuff.
Congrats on getting a good product. Plan well and enjoy!

Quote:

Originally Posted by adi_gt (Post 3590344)

This is my first ever post on T-BHP. I just wanted to know that which SBI branch in Bangalore is offering the SBI Advantage car loan ? I am looking to buy GT TSI soon.

Any and every branch will give you that facility. Just ask for an original loan application form (not photo copied). On the 3rd or 5th page (or somewhere on the whole form), there will be an option to select OD account. Thats Overdraft.
Argue with them till they accept.

Quote:

Originally Posted by pdma (Post 3605666)

Hello All ,

Kindly let me know if anybody from Hyderabad has availed this facility, if yes please let me know the branch details.

I would be applying for a loan end of Jan or early Feb next year and to be on the safe end have started doing my homework from now on.

The SBI website definitely mentions about this facility , however as quoted by many members here the staff seems to be ignorant on the same.

Also I see a mention of overdraft car loan option on the website of Axis Bank as well , please let me know if anyone checked other options apart from SBI.

Kindly help.

Cheers,
pdma.

Pick your nearest branch in Hyderabad and go there and argue till they agree ;)

Hi, I am from Hyderabad, and have taken both my car loans from SBI. The Main branch, they call it the Administrative Building -II and it is near Patny Center and it is the circle office. The staff is extremely helpful and polite. Infact they processed my second loan in 2 hours straight, having had a good track record on the first loan. I took the loan 3 years ago so don't know who is the car loans division manager now though. clap:

There are 3 benefits that I thought were there with SBI Car loan:
1. 7 year loan - helped me go for a bigger loan as the EMI was lower
2. 0 prepayment charges- this allowed me to pre pay partial principal whenever I could - As I had taken a higher loan, this allowed me to reduce my interest burden as I was aggressively paying off my car loan principal. Closed my loan in 3.5 years for first car and 2.5 for the second car.
3. They charged me Rs. 32 with every EMI in addition to EMI to give insurance coverage on this loan. In case of an unforeseen event, my family would not have had to repay the loan. At Rs. 384 per annum, I thought its a really a great option to opt for, and didn't see this option with other car loan schemes.

Quote:

Originally Posted by keyur (Post 3615904)

Congrats on getting a good product. Plan well and enjoy!

Hi Keyur, i wanted to ask you a question regarding my SBI OD loan, but have to ask you here since the PM option didn't allow me to attach a file. I have attached an image below. If you notice i have transferred 1000 rs. just to test how the system works. I was expecting that the available balance would also show around that amount, but it shows INR 8738.xx. Request your help to make me understand, how the available balance increased to 8738, when i have only transferred 1000 to my OD account? Is SBI now calculating something correctly?

Quote:

Originally Posted by hyper-VTEC (Post 3650307)

Dont look at the available balance.

Take your initial principal and add all the EMIs + deposits and subtract interest. So here, 600000 +12882*3 + 1000 - (sum of interests) = 572851. This is your book balance.

Limit + Book balance (it is negative now) is your Available balance.

Calculations seem OK. No issues there.

Just got a Car Loan closed. Was with the SBI Kumara Park Branch. Super efficient, extremely polite and friendly officer. Walked out with the NOC, Form-35 in 15 minutes. Even when I had gone for the signing formalities, I was very impressed with the efficiency and the nice set up of the office. Would recommend this branch to anyone looking for a loan even if it means a little bit of travel.

Quote:

Originally Posted by ravinemala (Post 3658321)

Does the SBI advantage loan with OD facility impact my CIBIL score? I don't want to affect my future credibility due to this.

Nope. You are not doing anything wrong. Your CIBIL score will get affected only if you have a history of unpaid installments, credit card fees etc, or if you have a lot of loans. Also, don't worry too much about the score as long as you have justifications.

Quote:

Originally Posted by keyur (Post 3658862)

Thanks for confirming. I had a bad experience with Cibil rating when I went for a home loan. I had an unused standard chartered credit card on which annual fee was charged and later marked as unpaid credit. I had to run behind the bank to clear this entry and get approval on my home loan. For this reason I wanted to be doubly surestupid:

Quote:

Originally Posted by wildsdi5530 (Post 3730716)

I have also taken an SBI Advantage car loan with overdraft facility. But I've not been able to figure out how to withdraw excess funds from the loan account. Is there an ATM card? There is no option to transfer from loan account in my net banking.

Go to the bank branch and ask them to link and enable internet banking on your OD account. Once it is done it shows in your net banking. Then you can transfer between the accounts. I am doing the same. created a standing instruction to transfer the EMI amount from OD account o savings account.

Quote:

Originally Posted by wildsdi5530 (Post 3731365)

Loan account shows in my net banking. I have no trouble transferring money from SB to OD. My question is how to transfer excess funds from OD account into savings bank or for paying at shops, etc..

Concerned SBI branch can enable the OD account for internet transactions. Then it will show under money transfer section along with your savings account. Then you can choose either OD or savings a/c to transfer the money. Ask your branch guys to enable this.

Quote:

Originally Posted by wildsdi5530 (Post 3734331)

Today the idiots at SBI tell me they opened an ordinary loan account instead of an overdraft account. Is there any way it can be converted? Or should I go for a fresh loan and all the paperwork and expense again?

Which branch ? I took my loan from JC Road branch. I think it can coneverted. But iam not sure.