Which car loan company to go for?

dilipkumar7278 · 11th October 2009, 15:27

Quote:

Originally Posted by driving_smartly

The sanctioned loan Amount has an validity of around 6 months from the date of sanction. The loan should be disbursed within 6 months, if you have received any loan amount sanction letter please check for pre disbursement conditions , other covenants and conditions, if not then please approach your bank to obtain details. If it has 6 months of approval period you can take the loan in january and your repayment will start from january.

Thanks brother...I will check the details with the bank as I have not yet recieved the letter.
Cheers

Bopanna19 · 20th October 2009, 13:54

Hello,
Members I was looking for a car Loan from Various Financial Institutions and I fumbled Upon HDFC's On Road Funding Scheme. They have a list of vehicles that they would fund fully till the Car is on road, could someone who is aware of this scheme tell me how good this is.
Could some one

also let me know what are the kind of approval process they follow on the same are there any hidden cost and if it worth to go in for a loan like this.

regards

kcnetid · 21st October 2009, 23:31

And I am self employed. This was a limited period offier which was valid till end of Sep. SBI is supposed to be cheapest but do check Axis before you finalise.

Loan amount was for 8.5 lacs out of 11 lacs for the on road price of cedia new sports

somebodystopme · 22nd October 2009, 11:05

HDFC's 9% have backed out sating new price list and minimum 10% now. Axis still fixed on 9.75% for PF of 1500 and 9.5% with PF of 3000. Anyone from delhi who can give me contact of any person from axis bank loan dept where i can get lower rates?

nairrk · 22nd October 2009, 11:19

The General impression is that taking a Loan from Bank's like SBI or SBT (nationalised) is safe and no hidden costs will be attached to the Loan. Check with them, they too have various loan schemes.
Thanks

somebodystopme · 22nd October 2009, 14:59

Quote:

Originally Posted by nairrk

The General impression is that taking a Loan from Bank's like SBI or SBT (nationalised) is safe and no hidden costs will be attached to the Loan. Check with them, they too have various loan schemes.
Thanks

What SBI is offering turns out to more than axis's 9.5 anyday, moreover i dont get the concept of hidden charge, as long as they are openly asking for PF and telling me EMI per lac which even EMI calculator is also confirming for the mentioned rate of interest, then from where can hidden charges come in? Moreover even if i pay few K's extra in form of PF to Private bank what i get is loan in period of 4 days, where SBI takes month or 20 days. 3K makes no sense when you are buying something in lacs.

Yes govt banks make sense if you want to keep depositing part payment or if you want to fully close the loan before complete tenure. In my case am very sure am never going to do that so, private suit me more.

kalpeshc · 22nd October 2009, 16:34

Vijaya Bank seems to be having a very attractive offer - no processing fees and rates are fixed for 5 years..

somebodystopme · 26th October 2009, 10:40

I had decided to go with Axis bank 9.5% loan but am not liking the service they are giving the guy i had been dealing with has no time to come and collect the file. So i am thinking of applying for loan at SBI. Is it possible to apply at two places at same time and then choose from the one you like better? Is it possible to not take a loan once approved from SBI or AXIS?

dilipkumar7278 · 3rd November 2009, 13:21

Quote:

Originally Posted by dilipkumar7278

Thanks brother...I will check the details with the bank as I have not yet recieved the letter.
Cheers

riginally Posted by driving_smartly
The sanctioned loan Amount has an validity of around 6 months from the date of sanction. The loan should be disbursed within 6 months, if you have received any loan amount sanction letter please check for pre disbursement conditions , other covenants and conditions, if not then please approach your bank to obtain details. If it has 6 months of approval period you can take the loan in january and your repayment will start from january.
Thanks brother...I will check the details with the bank as I have not yet recieved the letter.
Cheers

Guys
My car loan is already approved last month. Now the bank says its validity is only three months from the date of issue. Considering the uncertainty surrounding the availability of fortuner(latest being Jan 2010) what can I do to extend the validity?

Gilead · 4th November 2009, 20:51

It's unrealistic to expect a bank to keep extending the validity period. The interest rate quoted on the letter is based on the avg. cost of funds. Interest rates are bound to go up from now on (SBI has already stopped the 8% scheme) and a bank would be hard pressed to honor an older rate.

KRRaj · 9th November 2009, 18:42

I think this is the proper thread for my Query.

How long before an auto loan is approved? It has been 15 days now with SBI and they still are processing

carlosTHEjackal · 9th November 2009, 19:27

Quote:

Originally Posted by somebodystopme

Is it possible to apply at two places at same time and then choose from the one you like better? Is it possible to not take a loan once approved from SBI or AXIS?

Yes you can apply to as many banks you like at the same time. And then choose the bank you are satisfied. The only issue is for some banks you need to let go of the processing fees, assuming that you have applied for multiple banks and the bank has collected processing fees and you are not taking the loan from that banks.
It is the customer's choice weather to go for the loan or not once the loan is approved from the bank. Also you need not go for the complete amount approved from the bank. Example: If you apply for a loan in Axis bank for Rs. 8 Lakhs, and Axis approves your loan application of Rs.8 Lakhs. You will be provided the sanction letter. You can get disbursal of only Rs. 5 Lakhs and not take the remaining Rs. 3 Lakhs sanctioned. Here the interest is calculated for Rs. 5 Lakhs only and not for full Rs. 8 Lakhs.

amanmalhotra · 9th November 2009, 20:16

Read through the posts KRRaj... SBI is known to take their own sweet time, but it is perhaps the safest deals available (no hidden charges etc). Just that they will test your patience.

joecherian · 1st December 2009, 12:08

I got this offer from Magnum honda. They have free insurance offer on City S during december. For finance (from reliance), emi per lac for a 5 year loan is as follows

first 36 months - 2838 per lac
remaining 24 months - 755 per lac

Can anyone convert this to a understandable interest rate and then tell me whether this is a good offer ? ( They have processing fee of 7000 (very high acc to me) and pre closure charges of 3%

srikanthpotluri · 1st December 2009, 12:21

I had taken from HDFC for my Punto aka Shine recently at 9% and pretty easy. They have charged processing fees of 1800.

20th October 2009, 13:54	#182
Bopanna19 BHPian Join Date: Jul 2008 Location: Bangalore Posts: 38 Thanked: Once	HDFC BANK - 100% ON Road Funding Loan Scheme? Hello, Members I was looking for a car Loan from Various Financial Institutions and I fumbled Upon HDFC's On Road Funding Scheme. They have a list of vehicles that they would fund fully till the Car is on road, could someone who is aware of this scheme tell me how good this is. Could some one also let me know what are the kind of approval process they follow on the same are there any hidden cost and if it worth to go in for a loan like this. regards
	() Thanks

21st October 2009, 23:31	#183
kcnetid BHPian Join Date: Sep 2009 Location: Hyderabad Posts: 89 Thanked: 11 Times	Axis gave me 8% fixed for 3 yrs And I am self employed. This was a limited period offier which was valid till end of Sep. SBI is supposed to be cheapest but do check Axis before you finalise. Loan amount was for 8.5 lacs out of 11 lacs for the on road price of cedia new sports
	() Thanks

22nd October 2009, 11:05	#184
somebodystopme BHPian Join Date: Nov 2005 Location: Delhi Posts: 519 Thanked: 43 Times View My Garage	HDFC's 9% have backed out sating new price list and minimum 10% now. Axis still fixed on 9.75% for PF of 1500 and 9.5% with PF of 3000. Anyone from delhi who can give me contact of any person from axis bank loan dept where i can get lower rates?
	() Thanks

22nd October 2009, 11:19	#185
nairrk Senior - BHPian Join Date: Sep 2009 Location: Kannur Posts: 2,441 Thanked: 674 Times View My Garage	The General impression is that taking a Loan from Bank's like SBI or SBT (nationalised) is safe and no hidden costs will be attached to the Loan. Check with them, they too have various loan schemes. Thanks
	() Thanks

22nd October 2009, 16:34	#187
kalpeshc BHPian Join Date: Dec 2006 Location: Mumbai Posts: 535 Thanked: 137 Times	Vijaya Bank seems to be having a very attractive offer - no processing fees and rates are fixed for 5 years..
	() Thanks

26th October 2009, 10:40	#188
somebodystopme BHPian Join Date: Nov 2005 Location: Delhi Posts: 519 Thanked: 43 Times View My Garage	I had decided to go with Axis bank 9.5% loan but am not liking the service they are giving the guy i had been dealing with has no time to come and collect the file. So i am thinking of applying for loan at SBI. Is it possible to apply at two places at same time and then choose from the one you like better? Is it possible to not take a loan once approved from SBI or AXIS?
	() Thanks

4th November 2009, 20:51	#190
Gilead Senior - BHPian Join Date: May 2009 Location: Chennai Posts: 2,142 Thanked: 60 Times	It's unrealistic to expect a bank to keep extending the validity period. The interest rate quoted on the letter is based on the avg. cost of funds. Interest rates are bound to go up from now on (SBI has already stopped the 8% scheme) and a bank would be hard pressed to honor an older rate.
	() Thanks

9th November 2009, 18:42	#191
KRRaj BHPian Join Date: Sep 2009 Location: Bangalore Posts: 514 Thanked: 35 Times View My Garage	I think this is the proper thread for my Query. How long before an auto loan is approved? It has been 15 days now with SBI and they still are processing
	() Thanks

9th November 2009, 20:16	#193
amanmalhotra BHPian Join Date: Jun 2009 Location: Bangalore Posts: 60 Thanked: 0 Times View My Garage	Read through the posts KRRaj... SBI is known to take their own sweet time, but it is perhaps the safest deals available (no hidden charges etc). Just that they will test your patience.
	() Thanks

1st December 2009, 12:08	#194
joecherian BHPian Join Date: Aug 2007 Location: Almhult,Sweden Posts: 550 Thanked: 80 Times View My Garage	I got this offer from Magnum honda. They have free insurance offer on City S during december. For finance (from reliance), emi per lac for a 5 year loan is as follows first 36 months - 2838 per lac remaining 24 months - 755 per lac Can anyone convert this to a understandable interest rate and then tell me whether this is a good offer ? ( They have processing fee of 7000 (very high acc to me) and pre closure charges of 3%
	() Thanks

1st December 2009, 12:21	#195
srikanthpotluri BHPian Join Date: Nov 2009 Location: Bangalore Posts: 472 Thanked: 769 Times View My Garage	I had taken from HDFC for my Punto aka Shine recently at 9% and pretty easy. They have charged processing fees of 1800.
	() Thanks