Partial availment of car loan - possible ?

ece2k2 · 20th February 2008, 21:23

Hi guys,

I have booked a Swift diesel car and have submitted the documentation for getting a car loan from Citibank at 10.75% interest rate for 4 lakh rupees with an EMI of approx 12000 rupees for 3 years. This loan will probably get approved in the next 3 days.

Lets say I get the delivery of the car after one month (waiting period) and at that time if I had 1 lakh rupees, is it possible to avail only 3 lakh rupees as car loan. Or is it a must to avail the complete loan amount of 4 lakh rupees from Citibank, since I applied for 4 lakhs. Please clarify

Regards,
SKB.

jkdas · 20th February 2008, 21:41

Depends on the bank and the loan. Doubt if new age banks allow this though.

itwasntme · 20th February 2008, 21:58

Usually, loans are sanctioned by a centralised cell within the bank or the FI after due verification with CIBIL, employers, current bankers etc. If they sanction 4 lakhs for your car and you revert with a request that you need only 3 lakhs, there should be no problem at all except for a minor change in the paperwork.

I got a 3 lakh ICICI loan sanctioned through a Tata dealer (for an Xeta) but changed my mind and bought a Aveo instead. ICICI was willing to transfer and increase the sanction from 3 to 6 lakhs for the Aveo. If they can do THAT, I am sure they will accomodate your small request!

Let us know what happens.

NetfreakBombay · 21st February 2008, 12:50

This should not be a problem. HDFC was okay when I asked for increasing down payment amount for my car loan.

20th February 2008, 21:23	#1
ece2k2 BHPian Join Date: Jun 2005 Location: Coimbatore Posts: 524 Thanked: 349 Times	Partial availment of car loan - possible ? Hi guys, I have booked a Swift diesel car and have submitted the documentation for getting a car loan from Citibank at 10.75% interest rate for 4 lakh rupees with an EMI of approx 12000 rupees for 3 years. This loan will probably get approved in the next 3 days. Lets say I get the delivery of the car after one month (waiting period) and at that time if I had 1 lakh rupees, is it possible to avail only 3 lakh rupees as car loan. Or is it a must to avail the complete loan amount of 4 lakh rupees from Citibank, since I applied for 4 lakhs. Please clarify Regards, SKB.
	() Thanks

20th February 2008, 21:41	#2
jkdas Senior - BHPian Join Date: Sep 2005 Location: Thiruvananthapu Posts: 9,687 Thanked: 1,492 Times View My Garage	Depends on the bank and the loan. Doubt if new age banks allow this though.
	() Thanks

20th February 2008, 21:58	#3
itwasntme Distinguished - BHPian Join Date: May 2007 Location: BANGALORE Posts: 6,973 Thanked: 12,523 Times View My Garage	Usually, loans are sanctioned by a centralised cell within the bank or the FI after due verification with CIBIL, employers, current bankers etc. If they sanction 4 lakhs for your car and you revert with a request that you need only 3 lakhs, there should be no problem at all except for a minor change in the paperwork. I got a 3 lakh ICICI loan sanctioned through a Tata dealer (for an Xeta) but changed my mind and bought a Aveo instead. ICICI was willing to transfer and increase the sanction from 3 to 6 lakhs for the Aveo. If they can do THAT, I am sure they will accomodate your small request! Let us know what happens.
	() Thanks

21st February 2008, 12:50	#4
NetfreakBombay Senior - BHPian Join Date: Jan 2008 Location: Bombay Posts: 1,466 Thanked: 1,021 Times	This should not be a problem. HDFC was okay when I asked for increasing down payment amount for my car loan.
	() Thanks