[Thilak29]

Is it necessary to have an existing a/c in a SBI branch to get a car loan?
I do not wish to take loan from Karnataka branch where my a/c is present but from Kerala where my car is getting registered.
How hard it would be?

[mayuresh]

Originally Posted by Thilak29

Is it necessary to have an existing a/c in a SBI
branch to get a car loan?

Do not know about SBI, though I had horrible experience with HDFC. Till the day
of disbursement they kept telling that I do not need savings a/c with them. In
fact they also processed the mandate to deduct installments from some other
bank account. Just on the day car was to be delivered, they said I must open an
account with them which I had no option but to comply. My car was waiting 2/3
days after being ready for delivery with the dealer because of this mess.

[avingodb]

Originally Posted by Thilak29

Is it necessary to have an existing a/c in a SBI branch to get a car loan?

Not at all. I have taken loan from another SBI branch (closer to the dealership). With network banking things should be easier. Since it is going to be interstate in your case, I am sure you have sufficient documents to link you with the town from where you are applying for the loan. If that is the case then there should be no issues in my opinion.

[Thilak29]

Originally Posted by avingodb

Not at all.

Originally Posted by mayuresh

Do not know about SBI,

Thanks for your inputs, I managed to get my car loan cleared from SBI Kasargod.

[avingodb]

After today's experience with SBI, I give them 5 Stars.
I pre-closed my loan and completed the formalities with the branch. Actual work was done in less than 20 minutes. All I had to do was sign a cheque for the remaining amount, give a copy of the RC, sign a few papers. NOC and Form 35 were issued right away. Also, no penalties for preclosing!
Now next week to the RTO for removing bank's name from the RC.

[aspire]

Hi,

I am not sure, whether this is the right thread.

I am currently in Singapore, and maybe moving to India By Middle of Next year, have planned to book a Swift Diesel now, so that by the time I return I can get the delivery.

Problem is, I would have stayed in Bangalore, for hardly a month or so, when the car delivery will happen.

How to seek a loan in this case, I was earlier staying in a rented acco in Bangalore, prior to moving here.

My previous loan was taken with this address.

Please do help out

Regards
Shailesh

[nma83]

I am looking at a Skoda Rapid TDI in Bangalore. Vinayaka cars is offering the following loan options, loan amount is 6 lakhs.
1. 7.14% interest rate for a tenure of 3 years
2. 8.43% interest rate for a tenure of 4 years
3. 9.08% interest rate for a tenure of 5 years

The above schemes are from VW finance. Has someone taken a loan from VW finance? Any reviews?
Processing charges quoted as around 5K and no pre-closure charges after 2 years (5% of outstanding if pre-closing within 2 years).

[sam003]

Hi I am looking for finance for my fortuner, 2 banks are in race and got approvals in 1 day from SBI as well as HDFC for 7 yr loan.

SBI +
1. Low processing fee
2. Part Payment without any charges, this will reduce tenure in case I do.
3. Pre closure no charges
4. 10.5% flexible (most worried part).
5. High loan amt. 85% on On road price

HDFC
1. Part Payment not allowed
2. Pre closure after 2 yrs without any charges
3. 10% fixed.
4. 85% on ex showroom price.

Kindly suggest, I had good experience with my earlier car loan with HDFC. Never visited any branch for any work. Only worry is lesser loan amt and no part payment allowed.

[byomjeet]

Originally Posted by sam003

Hi I am looking for finance for my fortuner, 2 banks are in race and got approvals in 1 day from SBI as well as HDFC for 7 yr loan.

SBI +
1. Low processing fee
2. Part Payment without any charges, this will reduce tenure in case I do.
3. Pre closure no charges
4. 10.5% flexible (most worried part).
5. High loan amt. 85% on On road price

HDFC
1. Part Payment not allowed
2. Pre closure after 2 yrs without any charges
3. 10% fixed.
4. 85% on ex showroom price.

Kindly suggest, I had good experience with my earlier car loan with HDFC. Never visited any branch for any work. Only worry is lesser loan amt and no part payment allowed.

You should go for a nationalised bank. They will never have the hidden cost and all that. If your loan has already been approved by SBI the you should turn blind eye to all other banks. Other private banks may give you the service at your doorstep but the extract that money also from you through some hidden costs.

All the best to you and happy driving my passion the Fortuner.

[F150]

Originally Posted by byomjeet

You should go for a nationalised bank. They will never have the hidden cost and all that. If your loan has already been approved by SBI the you should turn blind eye to all other banks. Other private banks may give you the service at your doorstep but the extract that money also from you through some hidden costs.

All the best to you and happy driving my passion the Fortuner.

I too have a pretty good experience with HDFC. No branch visit. Applied on Net banking in the morning. Received call by 1215 PM. Loan approved by 430PM. This was a pre-approved loan. 9.25 % Fixed for 5 years. This was back in 2010.

Experience at SBI at least here in PUNE was very bad.

[DieselDelight]

My experience
Private sector banks like ICICI - very flexible and doorstep service
Public sector - I had very good experience with union bank
SBI - Seems like they have changed their process a lot, still a lot of hassle. You would get best deals.

Nowadays all banks use credit history provided by CIBIL, to process loans. I had bad experience with banks not updating credit history.

[Rohit Manohar]

Had to decide between SBI and Tata Finance when booking the Nano LX speciial Edition. Initially thought of going for the Ford Figo but decided Nano would be way more easier on the wallet and was very impressed with the TD. Anyway, SBI said they have to open a savings account for me since I dont have a A/C with them. But said they require 7-8 working days to approve the loan. Is that normal ? Tata Finance said they will approve in 2 days flat. But the interest was 16.6% for them.

[reignofchaos]

I applied to SBI on a monday, I had the car in my hand on friday of the same week. 7-8 days seems way too long.

Also if I were you, I'd rather buy an alto/eon/estillo over a nano anyday.

[Rohit Manohar]

Originally Posted by reignofchaos

I applied to SBI on a monday, I had the car in my hand on friday of the same week. 7-8 days seems way too long.

Also if I were you, I'd rather buy an alto/eon/estillo over a nano anyday.

I had a feeling there was something fishy when they mentioned it could take so long. If the old alto was still available, I would've gone for it, but the new one looks really bad and the space of the alto is one more factor which really disappointed me. But yes, power steering.

[abs182]

Originally Posted by sam003

Hi I am looking for finance for my fortuner, 2 banks are in race and got approvals in 1 day from SBI as well as HDFC for 7 yr loan.

SBI +
1. Low processing fee
2. Part Payment without any charges, this will reduce tenure in case I do.
3. Pre closure no charges
4. 10.5% flexible (most worried part).
5. High loan amt. 85% on On road price

HDFC
1. Part Payment not allowed
2. Pre closure after 2 yrs without any charges
3. 10% fixed.
4. 85% on ex showroom price.

Kindly suggest, I had good experience with my earlier car loan with HDFC. Never visited any branch for any work. Only worry is lesser loan amt and no part payment allowed.

I recently went to the the Fortuner Showroom and they gave me two options both were for either 36 months or 60 months. I'm really suprised that SBI goes till 7 Years. I'm sure you must have got the vehicle till now and if you could just share with me the overall nitty gritties of the loan as I'm considering buying a MT 4x2 version. Thanks in advance.