[meonbhp]

My dad is having really bad time with SBI. Its been a month since applying for loan. His car has already arrived at godown and is ready for delivery. SBI approved his loan but at last moment AGM put hold on the disbursement just because one of the total 120 cheques of housing loan (HDFC) had bounced back few years back due to some miscalculation on his part. But he sent new cheque within a week.

Yesterday he gave written explanation to AGM. Branch manager said it will take 8 more days to know the result. 8 days? and what if after 8 days loan is not approved? There is no guarantee. Dad is very upset and thinking of applying in some other private bank today.

[hrmanju1]

My car loan experience.

1) Booked my car : January 30th (Got the Pro Forma Invoice)
2) Loan Hunting: Feb 1st.

3 Banks near to my house. (SBI, Syndicate, Canara). Got offer from Axis from the dealer itself. Had some bad repayment clauses in my earlier Home loan from Axis. So i thought i will stick with other banks this time.

Syndicate: (10 meters from house) Loan officer "uncle" checked the healthy transactions in my account. Good interest rates. (Almost similar to SBI). Then he almost gives the application form to me. Asks me to talk to the manager. Manager is one irritating person.
He says Hello. Tells me "Sir, we are busy. Come in April, we will start processing the loan. We are busy as it is Year ending."
Me:"But this is Feb and year end for Banks is still far away. And why are you saying no to a business from a customer who has a bank account with you for 20 years."
He started giving vague answers. I walk out thanking him.

Canara Bank:
Manager doesnt even talk about interest rates or anything.
He asks "Where is your salaried account? Go there itself"
Me: "I know that. I want to take loan in this bank. I have a bank account here and it is nearer to my house"
He:"Sir, interest rates are same and competitive in ICICI and other banks. Please go there"
Man, wasnt i puzzled. Whats up with these banks? I could see myself dealing with AXIS bank all over again.

SBI:Feb 1st The main reason i wanted to avoid AXIS is that i usually pre close my loan amounts if i make some good money in the stocks. So it is unpredictable and i hate to give interests all the time. Hence avoiding AXIS.

SBI, i go to the mangers cube. My wife has an account here and i dont have. Manager gets up from his cube and walks me down to a young guy sitting with a Lappy. (I had all the documents required for the loan with me as i had checked on the SBI internet site). Guy explains the loan details.
The usual - 8% First year, 10% etc
Fill in the forms. Submit everything. He asks me to make my wifes account joint. I said fine and it is done in 5 minutes as i had all the documents ready.

Then he checks wifes account. Luckily she had good amount of transactions. When he senses that ALL IZZ WELL, he orders tea for us. Whew!

Then he starts asking questions on my office location, which company is next to it etc. I thought he was asking for a landmark so that folks can visit for background check. Same things he did for my house.

So overall, time spent in Bank was 90 minutes and we came out. He said it can take 10 Working days.

SBI Feb 6th:Nothing happened in this whole week. Work week is so busy that i hardly had time to think whats happening. Early morning dealer called and said car is ready and asked me whatsup with the bank loan. I called the SBI guy who processed my loan. Asked him whatever happened to the checking which was supposed to be done. He said "DOnt need that. We did it from the local bank only".

Dont really understand what he meant by that. So has he done the background checking sitting in the bank? Will that hold valid once it goes to the main branch? I asked him on the details of loan approval and he said it will take 2-3 days more.

Any ideas of how much time it takes once the papers have reached the main branch with background check done? (presumably)

And thanks SBI for not having online status checking.

[hrmanju1]

SBI Feb 8th Got a call in the afternoon from a lady.

Lady"Hello. I am calling from SBI. Is this a good time to talk?"

I am . Wow, what courtesy. Nice. Did not expect this from SBI. (Instead of jumping to the topic directly, lady asked if i was busy)

Lady asked some question on my PF and i told the same. She said
"Ok, i will approve it today."

That was on Monday late afternoon. I waited the whole Tuesday for the call/sms/email from RACPC for the appointment. Nada. Wednesday, i called my local branch guy in the morning briefing him about the call from RACPC. He said he will check and let me know. It seems he had some work in RACPC and he personally went to RACPC and called me back (yes, he called me back) and gave me the File Number and he phone number to fix an appointment.

This was on Feb 10th. Call this RACPC number 10 times. Busy. Finally some guy picked it and he was most disinterested to talk to me. Put on my best behavior to get the appointment date. He looked in dont know where but told me "Ok, come at 11AM on Feb 16th".

Feb 16th When the loan officer approved it on Monday, appointment took one more week. (Yes, it was a long weekend with Fri/Sat/Sun as Holiday).

So, anyways - Feb 16th it is.
Total Working Days from Application handover to Appointment: 11

Let me see what else happens with SBI Insurance during Loan time. I am not really interested in it. If Push becomes a shove - i will have to think about it.

Happy Banking!

[rkg]

if one is near by adugodi, go to Vijaya bank. the manager one Mr Shetty is damn good. he just asked me to fill form and give all documents and open SB a/c. once i did that he immediately wrote a sanction letter himself and gave to me for dealer purpose. he said he will prepare check once car arrival date is sure, so that i don't have to pay interest from the date of sanction. i took the check after 15 days as soon as the car is ready with dealer

[wildon]

Originally Posted by hrmanju1

Let me see what else happens with SBI Insurance during Loan time. I am not really interested in it. If Push becomes a shove - i will have to think about it.

Its a must. Call up the officer and tell him don't club the Insurance premium with the loan amount. You can pay the premium by separate cheque/cash/direct deduction from your SBI a/c.

For easy doing they used to club this amount with the original loan amount and you will end with paying interest for that amount too for the loan period although its small.

[hrmanju1]

Originally Posted by wildon

For easy doing they used to club this amount with the original loan amount and you will end with paying interest for that amount too for the loan period although its small.

Thanks Wildon.
What is the Insurance Premium per Lakh? (Just so that i take the required cash)

[NetfreakBombay]

Originally Posted by wildon

Its a must. Call up the officer and tell him don't club the Insurance premium with the loan amount. You can pay the premium by separate cheque/cash/direct deduction from your SBI a/c.

For easy doing they used to club this amount with the original loan amount and you will end with paying interest for that amount too for the loan period although its small.

Though its not a must, it is a good idea to pay for it in case/cheque.

This way you can call up insurance company within 15 days and get full refund of policy. ALL life policies have "free look" period of 15 days.

[vasoo]

Booked my car on Valentine's day
Applied for loan on 17th Feb
Car arrived at dealer on 3rd March
Loan disbursed on 4th March
Took delivery on 8th March

[Revy]

I am planning 3L loan for my new Figo Titanium. Dealer suggested Axis bank and they approved my loan within 2 days. For 5 year tenure, they are offering Rs. 2096 per lakh. In this thread, somebody mentioned of 2048 that was offered in Feb and I bargained for this with Axis people. ( Initially they told 2132 and I told no way). The final offer was for 2096 and I managed to get half the processing fee waived. Is it a decent deal in current market situation ?

Meanwhile, I approached HDFC on my own. My previous car loan was with them and despite that, the best they offered was 2084 per lakh for 5 years. And no waiving of processing fee ! Compared that with Axis and found both of them almost equal when I add up processing fee etc. So decided to stick with Axis who already approved my loan. Now the big question is, when will I get my new Figo ??!!

[atrisarkar]

Originally Posted by Revy

I am planning 3L loan for my new Figo Titanium. Dealer suggested Axis bank and they approved my loan within 2 days. For 5 year tenure, they are offering Rs. 2096 per lakh. In this thread, somebody mentioned of 2048 that was offered in Feb and I bargained for this with Axis people. ( Initially they told 2132 and I told no way). The final offer was for 2096 and I managed to get half the processing fee waived. Is it a decent deal in current market situation ?

Meanwhile, I approached HDFC on my own. My previous car loan was with them and despite that, the best they offered was 2084 per lakh for 5 years. And no waiving of processing fee ! Compared that with Axis and found both of them almost equal when I add up processing fee etc. So decided to stick with Axis who already approved my loan. Now the big question is, when will I get my new Figo ??!!

I think you are getting a good deal from Axis given the ongoing interest rates. I applied and got my loan for Figo 1.2 Exi from ICICI bank. My EMI per lac is coming out to be 2141. I had to go for ICICI over SBI mainly due to an ongoing dispute with CIBIL records. I checked that I'll be paying around 15k more as interest with ICICI for a 5 year tenure.

[classicselva]

Dear Friends,
I am looking for 5L loan for my Dzire
(have been waiting for 2 months, i assume should get it by early June)

Got the following offer from SBI for 5L 3 years
1 st year EMI - 15,669
2 nd year EMI - 15,986
3 rd year EMI - 15,987

This is under 1st yr 8% and 2nd and 3rd year 10% option.

Need suggestions on the below
1. Is this a better offer to go with?
2. I have gone through the threads, and afraid that SBI might delay the process. So can i get the loan pre-approved before the car arrives? Implications because of this?

help

[rjvora_2000]

Originally Posted by classicselva

SBI for 5L 3 years
This is under 1st yr 8% and 2nd and 3rd year 10% option.

I got the same offer last month.

Got an loan approval in 23 (or 20) day's time. Remember you will be working with a Government bank, they might not be as good as Icici or Hdfc or Kotak in services but I can tell you one thing for sure that, there will not be any service or hidden charges in feature.

[classicselva]

Originally Posted by rjvora_2000

I got the same offer last month.

Got an loan approval in 23 (or 20) day's time. Remember you will be working with a Government bank, they might not be as good as Icici or Hdfc or Kotak in services but I can tell you one thing for sure that, there will not be any service or hidden charges in feature.

Thanks rjvora_2000.
Should i start the process then, even it is going be 1 month for the car to be available?

[mobike008]

Originally Posted by classicselva

Thanks rjvora_2000.
Should i start the process then, even it is going be 1 month for the car to be available?

Hope you went ahead with the loan with SBI. Being their car loan customer, i can tell you there would be no hidden charges and they provide day diminishing rate whereas private banks do it on monthly diminishing.

Best feature, no foreclosure charges if you close it after 6 months.

[Dieseling]

I have been offered a rate of 9.75% for a 5 year tenure on a loan of Rs.3L, along with half waiver of processing fee (which makes it equal to SBI's 0.5% for loan of 3L).

For a 3L loan, this works out to be marginally cheaper than SBI's 8%,10%,10%,11.25%, 11.25% scheme, but if I want to pre-pay the loan after 2 or 3 yrs, it works out to be about 8-10k expensive.

My questions:
1. Hows the deal being offered by HDFC (at emi/ lakh coming to be 2095) - good, bad or ugly? HDFC arent willing to budge beyond this.
2. Would like to try out SBI, but the mixed mag of experiences on tbhp confuses me. Also, I have an education loan from SBI still to be paid (not a defaulter there though), so would it effect my chances of loan getting stuck at SBI/ any other state bank. Dont think that will be an issue with HDFC.

Thanks