[n.devdath]

Hi All,
I strongly recommend Canara Mobile, the Canara Bank Car loan as the best of the bunch here. The interest rates for new and used cars as follows:
8.5% for the first year
9.5% for the second year
10% for second year and onwards.

The loan process too is not that complicated and the only reason I was running from pillar to post is because I had to close the deal within a week's time, and I did manage to do it.
I have also had the fortune of meeting some very courteous and helpful staff at my branch and the GM Office/EDs Office/Loan Hub.

More details about my loan process at:
http://www.team-bhp.com/forum/test-d...y-life-11.html

Please feel free to contact me in case of any questions/queries

[Atul13]

Originally Posted by Fighter_82

I had applied only with SBI and then for safety I had applied with Axis too, as it was the cheapest private bank available. I went with SBI cause they don't charge pre payment / foreclosure penalties, more over they allow part prepayment, without penalties !! Only PSU banks allow this. But there is a trade off between convenice and service as compared with private banks.

Hi Fighter,

Did you pay any processing fee to SBI?
What's the interest rate that you got?

Regards,

Atul

[joecherian]

Finally, my car loan is approved. Took 3 days with Axis bank. Got 8.85% for 4 years, with no processing fees ( since my wife has salary account with them).

[ikoneer]

I have made an enquiry with Axis bank as well for my car loan.

ROI is 10.06% Diminishing for 3 years
Loan Amount is 4 lacs
Int Per lac is Rs 2200+

EMI for 36 months is RS 8500+

Is this a good deal? Any nationalized banks in chennai that does a quick processing. going through the posts, seems nationalized banks delay very much

[rjvora_2000]

Originally Posted by ikoneer

I have made an enquiry with Axis bank as well for my car loan.

ROI is 10.06% Diminishing for 3 years
Loan Amount is 4 lacs
Int Per lac is Rs 2200+

EMI for 36 months is RS 8500+

Is this a good deal? Any nationalized banks in chennai that does a quick processing. going through the posts, seems nationalized banks delay very much

Have you checked with SBI? they are offering loan on 8% first year and 10% on second and third year on reducing balance.

[sunil8089]

I plan to go for a car loan with State Bank of Mysore. They had extended the Ezee car loan scheme till Mar 2010.

Those already dealt with SBM for car loans, please share your experience, especially the processing, sanctioning, repayment and closing experiences.

[rohan_iitr]

I took my car loan from SBM in Bengaluru. They asked for the regular documents - address proof, ID proof, salary certificate, photographs etc.

In addition to this, they ask for a guarantor and the above documents of the guarantor as well.

I had to open a saving account in their bank, and EMI is deducted from this account.

Loan processing takes more than 2 weeks (if there is no holiday in between). Then I had to go to the RACPC branch for loan processing. The RACPC branch staff were not customer friendly, gave me an appointment on a weekday at 3 PM. My guarantor and I have to miss our office half-day for the appointment.

Worst part is that they asked me to submit 2 SIGNED BLANK CHEQUES with them for security purpose. The loan would be rejected if I refused to provide the 2 SIGNED BLANK CHEQUES. That was enough for me, I threatened the branch manager that I would complain to the Banking Ombudsman. That scared the living daylights out of him and he returned my cheques immediately.

All in all, the whole experience was not good.

In contrast, my friend took a car loan from SBI. No guarantor required, no need to open saving account (EMI is paid through PDC's) and banf staff were much more courteous and professional.

No closing experiences, loan still not paid.

Rohan,
Bangalore

[Rocky_Balboa]

My experience with SBT was/is good.

I was the guarantor as the loan was taken by my wife. I wasnt happy when asked to sign a paper (not an agreement) which said bank has control to seize the vehicle anytime. When questioned, I was given a choice to back-out of the loan but I went ahead with it and have had no issues whatsoever in the 2 yrs duration until now.

No savings account and only a couple of visits to their branch. They even gave us polite reminders (the Manager calls up) when our cheques were exhausted.

And when I had a query and the Manager was on vacation, the Senior Manager patiently heard me out and clarified my queries. It helps when the Manager is from the fairer sex and especially with a Mallu accent

Edit: The loan initiation was done by the dealer itself and our visits to the bank were only for signatures.

[rjstyles69]

There is already an open discussion on this thread. Maybe you could post there and get more responses.

[rohan_iitr]

Originally Posted by Rocky_Balboa

My experience with SBT was/is good.

I was the guarantor as the loan was taken by my wife. I wasnt happy when asked to sign a paper (not an agreement) which said bank has control to seize the vehicle anytime. When questioned, I was given a choice to back-out of the loan but I went ahead with it and have had no issues whatsoever in the 2 yrs duration until now.

These are illegal practices of the bank and we should not fall for these. In the excitement of buying a car, we tend to sign unnecessary papers. We should be more careful and not fall for their tactics.

This whole 2 week loan processing time is nothing but a drama. After 2 weeks, the loan applicant becomes so impatient that he is willing to sign even on his own death certificate.

And how can you say that you had a good experience even when they made you sign such a nonsense piece of paper ? They make you wait for 2 weeks and after that give you the option to back out if you refuse to sign that paper, this is outright blackmailing.

Rohan,
Bangalore

[theexperthand]

Reading through this thread make me wonder whether I am one among the minority to get fast approval and disbursement from a bank for my car loan.

Of course, the process was initiated by the dealer, and bank (SBT) informed me what all documents I should carry, and I gave them a form with some basic details and required documents on a Wednesday. The manager gave me an appointment for Saturday morning (since he was on leave on Friday), and I got the cheque with in an hour, after signing the papers.
The Showroom guys (Tata / Hyson Motors), bank staff/manager were super courteous and customer friendly.

[sunil8089]

Thanks Rohan, Rocky and theexperthad for the inputs.

Initially I tried with SBT. But the staff in that branch (Eldoms Road, Chennai) is not at all customer friendly.On the way back I visited SBM, (Alwarpet, Chennai) which I felt the response was good. That's why I posted the question. Any way I am trying another SBT branch who has some tie up with the dealer.

[TheBeastFieast]

I have got following offer from both HDFC / ICICI please can someone confirm if its ok.

Loan Amount = 7 Lakh
ROI = 9%
EMI / Lakh = 2076
Tenure = 5 years

[ashthedivx]

Hello Guys,

I have finalized a Pre-owned car and looking for a loan of around 3 Lakhs from a National Bank. Why National Banks ?? Because there Interest rates are lower and are much more user friendlier when pre-closing the loans.

I was mostly finalized with Punjab National Bank with the same but things got struck up where-in I got to know that the Loan-DD will be issued in the name of Seller only.

In my case Car is in the name "Lease Plan Pvt. Ltd." (A Company) and picked up by a Dealer from them with a blank transfer note. Now If I'll get the Loan-DD in company's name then it would be impossible to get money transferred from "Lease Plan Pvt Ltd." to my account in any manner.

Any Clues and directions what can be done to tackle the situation ??


Cheers

[ashthedivx]

Well, after speaking with various people looks like the loan check can be issued onto my name only if the car is purchased by full payment to dealer, car is transferred to my name.

Need to confirm the same with bank's manager tomorrow.