Loan transfer

rahul_intlad · 10th July 2007, 13:05

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.

esteem_lover · 10th July 2007, 13:16

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

djay99 · 10th July 2007, 16:48

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

kuttapan · 10th July 2007, 21:50

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.

rahul_intlad · 11th July 2007, 11:25

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.

esteem_lover · 11th July 2007, 13:33

Quote:

Originally Posted by rahul_intlad

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.

dockap · 11th July 2007, 14:02

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

rahul_intlad · 11th July 2007, 15:01

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.

10th July 2007, 13:05	#1
rahul_intlad Senior - BHPian Join Date: Aug 2006 Location: Pune Posts: 1,579 Thanked: 4 Times	Loan transfer 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. Last edited by rahul_intlad : 10th July 2007 at 13:06.
	() Thanks

10th July 2007, 13:16	#2
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras/Py Posts: 7,556 Thanked: 502 Times View My Garage	AFAIK, the loan sanctioned to you works only for that car. You might have to pre-close your loan & apply fresh.
	() Thanks

10th July 2007, 16:48	#3
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,475 Thanked: 544 Times View My Garage	Esteem lover is absolutely correct. Mean time visit any other bank branch and ask them.
	() Thanks

10th July 2007, 21:50	#4
kuttapan Senior - BHPian Join Date: May 2007 Location: Melbourne Posts: 1,155 Thanked: 22 Times View My Garage	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.
	() Thanks

11th July 2007, 11:25	#5
rahul_intlad Senior - BHPian Join Date: Aug 2006 Location: Pune Posts: 1,579 Thanked: 4 Times	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.
	() Thanks

11th July 2007, 14:02	#7
dockap BHPian Join Date: Jun 2007 Location: Mangalore Posts: 868 Thanked: 478 Times View My Garage	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
	() Thanks

11th July 2007, 15:01	#8
rahul_intlad Senior - BHPian Join Date: Aug 2006 Location: Pune Posts: 1,579 Thanked: 4 Times	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.
	() Thanks