[shankar.balan]

check HDFC and AXIS- both are quite aggressive in the market right now.
Also try SBI themselves you may get a better deal as an existing consumer

Originally Posted by MileCruncher

My present car is financed by SBI but I'm selling my car andbuying a new vehicle.

Can someone tell me which bank is offering the best Rate of Interest?

[ghodlur]

Originally Posted by MileCruncher

My present car is financed by SBI but I'm selling my car andbuying a new vehicle.

Can someone tell me which bank is offering the best Rate of Interest?

Does that mean you are closing the loan account from SBI through pre closure option? If so then you might have to pay pre closure charges. You may then start scouting for a better loan option for your new car.

If you planning to close the present loan from SBI and get a new loan from them itself, then also you will have to pay some charges. Since SBI does not allow the car loan to be transferred. Also will it give NOC for selling the car without their approval? You need to check with SBI ASAP.

[MileCruncher]

Originally Posted by ghodlur

Does that mean you are closing the loan account from SBI through pre closure option? If so then you might have to pay pre closure charges. You may then start scouting for a better loan option for your new car.

SBI doesn't charge pre-closure charges if you are repaying from your own funds. So you can close the loan anytime after 1 year.

Originally Posted by ghodlur

If you planning to close the present loan from SBI and get a new loan from them itself, then also you will have to pay some charges.

Why? One loan gets closed and a new one gets opened. As simple as that.

Originally Posted by ghodlur

Since SBI does not allow the car loan to be transferred. Also will it give NOC for selling the car without their approval? You need to check with SBI ASAP.

As a matter of fact no bank allows that. I don't understand what is the confusion here. My simple question is "Who is giving the best car loan rates these days?"

I have already spoken to SBI regarding this. I'll repay the entire outstanding and they will close the loan account. And they will sanction a new loan. Actually I'm buying 2 cars so under special approval they will sanction 2 loans together. Their present scheme is
9% for 1st Year
10% for 2nd & 3 rd Year
Standard Rate thereafter which is a floating 0.25% below SBAR.

Is there anyone giving a better rate than this andwill sanction 2 loans together.

[GTO]

Originally Posted by MileCruncher

My present car is financed by SBI but I'm selling my car andbuying a new vehicle.

Can someone tell me which bank is offering the best Rate of Interest?

Got a Fixed Deposit? Take a loan against it! Usually at +1 %, minimal paperwork, maximum repayment flexibility and no hypothecation. It's thanks to Team-BHP that I got to know of this option and will never consider another way of financing.

[MileCruncher]

Originally Posted by GTO

Got a Fixed Deposit? Take a loan against it! Usually at +1 %, minimal paperwork, maximum repayment flexibility and no hypothecation. It's thanks to Team-BHP that I got to know of this option and will never consider another way of financing.

No Chief! No such luck! Just some pension plans, insurances and equities! A really good candidate for "Living on the Edge!"

So need to take a loan. But hopefully will go debt free in 2013!

Cheers

[smrtdvl]

Got an offer from HDFC as follows

Loan Amount: 350000

EMI: 7500

Duration: 5 Years

Pro.Fee : 620

I felt this was a good deal as it was a no documents needed privilege customer loan . I was having trouble in getting a good finance option as SBI was making me run helter skelter for documents and stuff. Had been a customer with HDFC for 4+ years now. I got this offer from HDFC after i called up their Cust care and asked them to check if at all i had any pre-approved loan.

But the best part was the processing fee part which was quoted Rs.3485 and the EMI also was initially 7695 p.m. Trick: When the lady from HDFC called up and informed me of the above deal i said am going with XYZ bank as they are offering me a better deal, she said she'll call up again after a few checks then she calls up the next day and says its 7600 & pro fee would be 1750(50% waiver) so i thought let me give it a try to see how far this goes. Asked the HDFC lady to send in somebody in person with the loan application form. Once this person Ravi comes from HDFC I told him that person from XYZ bank is coming in another 30mins with the loan application form. I switch my mobile to silent mode, pretend as if i call somebody from XYZ bank and tell him the details regarding HDFC offer and then note down the reply (as if) in a piece of paper. Now Mr.Ravi calls up somebody in the meantime and he says "sir we can get the processing fee to be the lowest Rs.620" but i didn't show any sign of interest and still pretend with the call and note down Rs.7520 on the piece of paper and upon seeing this Ravi calls somebody again and comes up with an EMI of Rs.7500 p.m.

Voila my plan worked and am getting my loan with the EMI I had in mind. Signed those papers and got an sms the next day from HDFC that my loan has been approved.

[rajeshsundaram]

@smrtdvl

Is this a new car loan or used-car loan? Whatever it is.. I must say,you have got some very-good deal there.

[smrtdvl]

Originally Posted by rajeshsundaram

@smrtdvl

Is this a new car loan or used-car loan? Whatever it is.. I must say,you have got some very-good deal there.

Its for a brand new vista rajesh. In fact i should Thank TBHP for all those info i gathered on buying a new car.

Btw my processing fee was further reduced to Rs.120 instead of Rs.620 as mentioned in my old post.

[aghosht]

Ridiculous is the word that comes to mind!

Just got off the phone with SBI from whom I had a loan sanctioned for a Toyota ALTIS. Informed them that the dealer has mentioned about the car getting delayed due to problems in Japan and that I am looking for options other than the ALTIS. As per SBI they would require a fresh application with processing fees and everything once again. Told them that the loan amount is not changing so presumably there should be no minimal changes that are required but keeping in with the "usual clarity" that these people have they have informed me that this is a different "project" and hence a new application requirement

[e-katz]

Originally Posted by smrtdvl

Got an offer from HDFC as follows

Loan Amount: 350000

EMI: 7500

Duration: 5 Years

Pro.Fee : 620

Thats a nice deal smrtdvl! Pulled a good one over the loan company.

Originally Posted by aghosht

Ridiculous is the word that comes to mind!

Just got off the phone with SBI from whom I had a loan sanctioned for a Toyota ALTIS. Informed them that the dealer has mentioned about the car getting delayed due to problems in Japan and that I am looking for options other than the ALTIS. As per SBI they would require a fresh application with processing fees and everything once again. Told them that the loan amount is not changing so presumably there should be no minimal changes that are required but keeping in with the "usual clarity" that these people have they have informed me that this is a different "project" and hence a new application requirement

Thats exactly why the private banks score over the government banks - sometimes there are too much of a stickler for policy and procedures!!

[rishie]

As a privileged customer, I had got a pre-approved loan from HDFC for 100% of ex-showroom price, and initially before submitting the application they told me, the interest rate would be 11.25%, but after getting the loan approved, they increased it to 12%

So I am going with Axis bank, @11% interest rate, but they are not ready to give loan for more than 85% of ex-showroom price (I am not ready for making a huge down-payment). So, made my wife as co-applicant, and trying for 95% of the ex-showroom price. As per the showroom finance guy, the loan is approved for 90% of ex-showroom price, but they are waiting for an approval for 95%.

This is for a i20 Asta diesel.

[e-katz]

Originally Posted by rishie

So I am going with Axis bank, @11% interest rate, but they are not ready to give loan for more than 85% of ex-showroom price (I am not ready for making a huge down-payment). So, made my wife as co-applicant, and trying for 95% of the ex-showroom price. As per the showroom finance guy, the loan is approved for 90% of ex-showroom price, but they are waiting for an approval for 95%.

This is for a i20 Asta diesel.

Is this for five years? What is the processing fee?

[rishie]

Originally Posted by e-katz

Is this for five years? What is the processing fee?

After being told by Axis bank Manager that the loan had been approved for 6.7Lakhs, during the agreement, I saw the figure for 6.07Lakhs , and on calling the manager again, he was telling that he mentioned only 6.07L, not 6.7L. and all this took around 15-18 days to conclude.

So I decided to go with HDFC alone with 100% ex-showroom price, at 12% interest rate, for 5 years. Processing fee was around 3912/- + 910/- stamping charges + 1 advance EMI (15632/- ). Just went ahead with the higher interest rate, for the peace if mind, instead of trying with others and wasting more time.

Had a good experience with HDFC, except for the interest rate ( initially was told 11.25%, but later said, its not possible and told around 12.25%, finally settled at 12% after speaking to the credit manager), the amount was disbursed the next day after making the agreement, and overall process took around 4-5 days from the time of applying the loan.

[MileCruncher]

There are many cases of Pvt banks taking you for a ridefor the loan. Based on that, my simple suggestion to all you out there who are looking for a loan for their dream vehicles, please see if you can/avail loan from PSU banks! Yes you do need to read the fine print but believe me, SBI is much better in Customer Care than Citi/HDFC/ICICI

P.S:I have taken my 2nd and 3rd loan from SBI simultaneously and they were very courteous to grant me that.

[nileshch]

Wonder why such high interest rates are being quoted. I got 2 quotes from 2 banks - Axis bank 10.59% and Bharat cooperative 10.5%. Last I checked with SBI, 2 months ago, it was 9.25% for the first year. I'd never go with any of the private banks with 11 and 12%!