Which car loan company to go for?

itsashishsharma · 18th June 2014, 13:03

How about taking loan for buying a second hand car? Can anyone please shed some light?

malgudi · 18th June 2014, 13:19

Quote:

Originally Posted by itsashishsharma

How about taking loan for buying a second hand car? Can anyone please shed some light?

I think it is better to take a personal loan (13-14%) then a second hand car loan (17-18%). Also the fact that you save on the RTO hassles of getting it hypothecated on the registration card and removing the same once loan is repaid.

itsashishsharma · 18th June 2014, 14:11

Quote:

Originally Posted by malgudi

I think it is better to take a personal loan (13-14%) then a second hand car loan (17-18%).

Thank you buddy. I didn't know used car loans had that high RoI.

drmohitg · 31st July 2014, 15:37

Hi, the EMI payments for my Altis are going to get over next month. I just wanted to know what all documents do I need from the bank or any changes that I need to make for this?

malgudi · 31st July 2014, 23:18

Quote:

Originally Posted by drmohitg

Hi, the EMI payments for my Altis are going to get over next month. I just wanted to know what all documents do I need from the bank or any changes that I need to make for this?

You just need the NOC(no objection certificate) document from bank post the loan closure. Post that you need to submit the bank noc along with hypothecation removal form to RTO to remove the bank hypothecation from your RC

searacer932 · 8th September 2014, 13:57

All, My wife is considering to buy a hatch-back for her city drives. Details are here.

http://www.team-bhp.com/forum/hatchb...-ritz-zxi.html

We were looking to get loan only from Nationalised banks. We enquired the IOB branch which is next to her home and we were told an interest of 10.75% and with no processing fee. Does this look like a reasonable car loan interest %?

searacer932 · 10th September 2014, 08:38

Folks,

SBI is offering us car loan at 10.45% and IOB is offering us car loan at 10.75%. We are also in need for bank locker facility urgently and the IOB branch,which is right next to our home, want us to to do a FD deposit for Rs 1 lacs for offering the locker facility. But they also say that they will waive-off the FD deposit of Rs 1 lacs if we go for the car loan with them.

I did the maths on the carwale site and I found a difference 4K between both the rates. SBI also will charge a processing fee, which is roughly 4k, for the car loan and we will not have processing fee in IOB.

http://www.carwale.com/finance/calcu...FVgXjgodKH4ARQ

Just wanted to get feedback if anybody has processed car loan with IOB. It's a nationalised bank and so I am quite comfortable.

glenmz · 10th September 2014, 09:05

I had taken 2 loans, First a used car loan from HDFC @ 16.5%. It was a 3 year loan. Never defaulted on payments, had my salary account with them. I was to sell my car with about 3 EMIs left, so went to preclose the loan. They still charged me a pre-closure penality, if I remember right somewhere between 2-4 %.
With SBI, I had a 7 year loan. I pre closed just after 2 years. No penalty, no drama. So, would prefer SBI in future.

nijelj · 18th September 2014, 18:30

Hi All, Just booked a Zest for which I needed a loan. I checked SBI,Canara bank and Bank of India. their interest rates are 10.45%. Since I have my salary account with ICICI, I checked out their pre-approved Vehicle Loan. After filling in their form, the website is quoting a 10.75% interest for me. Since I do not have an account at any of the PSU Banks,most probably, I will go ahead with the ICICI loan.

I think I have to pay 1 EMI in advance,someone let me know if there a catch here?

INJAXN · 18th September 2014, 18:38

Quote:

Originally Posted by nijelj

. Since I do not have an account at any of the PSU Banks,most probably, I will go ahead with the ICICI loan.

I am not sure about the advance emi but would like to tell you that even though you do not have an account in PSU, you can still go for loan from them and the process also is not so cumbersome these days.

And you will have a loan account with that PSU so next time when you want loan you can show them your car loan account.

devyaaniverma · 28th October 2014, 13:58

Hi guys,

A quick query, i checked with many banks the interest level differs and all, i guess SBI is quite good. What i need to know is, a loan is always given on the ex-showroom price, so the registration and every other charge will have to borne by you.

Is there any bank that offers loan for On road price ??

Regards,
Devyaani.

itsashishsharma · 28th October 2014, 14:25

Quote:

Originally Posted by devyaaniverma

Hi guys,

A quick query, i checked with many banks the interest level differs and all, i guess SBI is quite good. What i need to know is, a loan is always given on the ex-showroom price, so the registration and every other charge will have to borne by you.

Is there any bank that offers loan for On road price ??

Regards,
Devyaani.

SBI does. People take loan on the on road prices only. Just enquire.

dass · 28th October 2014, 14:27

Quote:

Originally Posted by devyaaniverma

Hi guys,

A quick query, i checked with many banks the interest level differs and all, i guess SBI is quite good. What i need to know is, a loan is always given on the ex-showroom price, so the registration and every other charge will have to borne by you.

Is there any bank that offers loan for On road price ??

Regards,
Devyaani.

I believe SBI, SBM and IDBI provide 100% funding, meaning complete funding on the on road price of the vehicle. I am sure some of the private banks also provide the same. Best thing is to check with the dealer and they should be able to help you.

ravinemala · 31st March 2015, 15:26

Here is my experience of getting a car loan from SBI.
I am buying a Honda City VX with on road price of ~13 lakhs. I opted to go for a 10L loan. The showroom offered loans from 5 different banks, but I chose SBI for their low interest rate(10.45% flexible - May go down soon as base rates are coming down), no pre-closure charges,part payments etc. Don't remember exactly, but processing, stamp duty etc. costed me Rs1800/-. They asked for a lot of documents: Address, Id, CompanyId proofs, 3 months payslips, 2 yrs Form-16, 6 months bank statement, permanent address proof.

The guy from the show room collected all the documents at my home at a convenient time in the evening. I got a verification call the next day. On 3rd day, I got the loan approval mail.
I went to the branch one time(at a pre-appointed time - strictly enforced) to sign the agreement. The car loan manager was a young guy and I can find his enthusiasm at work and the respect with which he dealt the deal. Did not find any of those sirkari airs:-) Way to go SBI.

I recommend going with SBI based on my satisfaction with this experience.

Mr. Nobody · 4th June 2015, 16:25

I wish to buy a car this sep or sooner. will take Loan between 2.5 lakhs to 3 lakhs for 2-3 years and rest down payment for wagon r/celerio cng. However by feb-march 16 i expect to get 1 lakh or two spare when a home gets sold. can i prepay loan and save all the interest that is going to bank ? or do banks first take interest and then the principal gets deducted ? basically i feel paying anything more than 20k interest is not good yet i want a car soon.

18th June 2014, 13:03	#331
itsashishsharma BHPian Join Date: Sep 2012 Location: Bangalore Posts: 888 Thanked: 981 Times	How about taking loan for buying a second hand car? Can anyone please shed some light?
	() Thanks

31st July 2014, 15:37	#334
drmohitg Distinguished - BHPian Join Date: Sep 2010 Location: Liverpool/Delhi Posts: 5,439 Thanked: 7,543 Times	Re: Which car loan company to go for? Hi, the EMI payments for my Altis are going to get over next month. I just wanted to know what all documents do I need from the bank or any changes that I need to make for this?
	() Thanks

8th September 2014, 13:57	#336
searacer932 BHPian Join Date: Jan 2014 Location: Chennai Posts: 449 Thanked: 935 Times	Re: Which car loan company to go for? All, My wife is considering to buy a hatch-back for her city drives. Details are here. http://www.team-bhp.com/forum/hatchb...-ritz-zxi.html We were looking to get loan only from Nationalised banks. We enquired the IOB branch which is next to her home and we were told an interest of 10.75% and with no processing fee. Does this look like a reasonable car loan interest %?
	() Thanks

10th September 2014, 08:38	#337
searacer932 BHPian Join Date: Jan 2014 Location: Chennai Posts: 449 Thanked: 935 Times	Re: Which car loan company to go for? Folks, SBI is offering us car loan at 10.45% and IOB is offering us car loan at 10.75%. We are also in need for bank locker facility urgently and the IOB branch,which is right next to our home, want us to to do a FD deposit for Rs 1 lacs for offering the locker facility. But they also say that they will waive-off the FD deposit of Rs 1 lacs if we go for the car loan with them. I did the maths on the carwale site and I found a difference 4K between both the rates. SBI also will charge a processing fee, which is roughly 4k, for the car loan and we will not have processing fee in IOB. http://www.carwale.com/finance/calcu...FVgXjgodKH4ARQ Just wanted to get feedback if anybody has processed car loan with IOB. It's a nationalised bank and so I am quite comfortable.
	() Thanks

10th September 2014, 09:05	#338
glenmz BHPian Join Date: Aug 2014 Location: Utrecht Posts: 369 Thanked: 327 Times	Re: Which car loan company to go for? I had taken 2 loans, First a used car loan from HDFC @ 16.5%. It was a 3 year loan. Never defaulted on payments, had my salary account with them. I was to sell my car with about 3 EMIs left, so went to preclose the loan. They still charged me a pre-closure penality, if I remember right somewhere between 2-4 %. With SBI, I had a 7 year loan. I pre closed just after 2 years. No penalty, no drama. So, would prefer SBI in future.
	() Thanks

18th September 2014, 18:30	#339
nijelj BHPian Join Date: Aug 2010 Location: Ottawa, Canada Posts: 384 Thanked: 412 Times View My Garage	Re: Which car loan company to go for? Hi All, Just booked a Zest for which I needed a loan. I checked SBI,Canara bank and Bank of India. their interest rates are 10.45%. Since I have my salary account with ICICI, I checked out their pre-approved Vehicle Loan. After filling in their form, the website is quoting a 10.75% interest for me. Since I do not have an account at any of the PSU Banks,most probably, I will go ahead with the ICICI loan. I think I have to pay 1 EMI in advance,someone let me know if there a catch here?
	() Thanks

28th October 2014, 13:58	#341
devyaaniverma BHPian Join Date: Dec 2013 Location: Delhi,Mumbai Posts: 65 Thanked: 46 Times	Re: Which car loan company to go for? Hi guys, A quick query, i checked with many banks the interest level differs and all, i guess SBI is quite good. What i need to know is, a loan is always given on the ex-showroom price, so the registration and every other charge will have to borne by you. Is there any bank that offers loan for On road price ?? Regards, Devyaani.
	() Thanks

31st March 2015, 15:26	#344
ravinemala BHPian Join Date: Jan 2013 Location: Bangalore Posts: 34 Thanked: 5 Times	Re: Which car loan company to go for? Here is my experience of getting a car loan from SBI. I am buying a Honda City VX with on road price of ~13 lakhs. I opted to go for a 10L loan. The showroom offered loans from 5 different banks, but I chose SBI for their low interest rate(10.45% flexible - May go down soon as base rates are coming down), no pre-closure charges,part payments etc. Don't remember exactly, but processing, stamp duty etc. costed me Rs1800/-. They asked for a lot of documents: Address, Id, CompanyId proofs, 3 months payslips, 2 yrs Form-16, 6 months bank statement, permanent address proof. The guy from the show room collected all the documents at my home at a convenient time in the evening. I got a verification call the next day. On 3rd day, I got the loan approval mail. I went to the branch one time(at a pre-appointed time - strictly enforced) to sign the agreement. The car loan manager was a young guy and I can find his enthusiasm at work and the respect with which he dealt the deal. Did not find any of those sirkari airs:-) Way to go SBI. I recommend going with SBI based on my satisfaction with this experience.
	() Thanks

4th June 2015, 16:25	#345
Mr. Nobody BHPian Join Date: Feb 2010 Location: Gurgaon Posts: 517 Thanked: 614 Times	Re: Which car loan company to go for? I wish to buy a car this sep or sooner. will take Loan between 2.5 lakhs to 3 lakhs for 2-3 years and rest down payment for wagon r/celerio cng. However by feb-march 16 i expect to get 1 lakh or two spare when a home gets sold. can i prepay loan and save all the interest that is going to bank ? or do banks first take interest and then the principal gets deducted ? basically i feel paying anything more than 20k interest is not good yet i want a car soon.
	() Thanks