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-   -   Loan transfer (https://www.team-bhp.com/forum/indian-car-loans-insurance/26183-loan-transfer.html)

Keeping it short,I had taken a loan from SBI for buying a Maruti SX4,but they are not in a position to deliver it in the near future and I am paying EMI for a non existant car.

After cancelling the booking for sx4,I would like to know if SBI would allow me to transfer this loan for buying a car from another manufacturer[keeping the same loan amount] or do I have to go over the whole loan application process again.

AFAIK, the loan sanctioned to you works only for that car. You might have to pre-close your loan & apply fresh.

Esteem lover is absolutely correct.
Mean time visit any other bank branch and ask them.

Hi Rahul, Why did u go for disbursement of the loan before getting the car, if you were not prepared to wait? You should have just done the documentation and kept it approved. Now you have no options - other than to wait, or go for another loan.

SBI has just allowed me the same and we can switch over to the other manufacturer provided loan amount is the same.Thank you very much SBI,help's that dad is with the RBI.

Your dad is in RBI & you wanted to post a query like this ? Come on man, don't waste others' time. You should have known this better than most.

Now, you tell us is it normally possible for a normal person to transfer his loan to another car ? I know for sure that ICICI does not offer this.

Your dad is in RBI & you wanted to post a query like this ?:Shockked: Come on man, don't waste others' time. You should have known this better than most.agree:
Now, you tell us is it normally possible for a normal person to transfer his loan to another car ? :mad: I know for sure that ICICI does not offer this:p

Bank's are usually very transparent in their dealings and what is applicable to one person is applicable to another as well i.e. no vip treatment.

But anyway's I will check up the details at SBI, though they do say that I might as well check up with other maruti dealers if the sx4 is available there since that is much easier for them but they have given the go ahead to approach another manufacturer.

That said today I have received very good response from the highest possible authorities at maruti and will wait just a bit more to see if this actually translates into something fruitful.So not yet rushing for that cancellation just because of the fact that they have bothered to have a look in.