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Old 11th November 2017, 20:55   #376
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Default Re: Which car loan company to go for?

Hi Friends,
Please help me in deciding whether SBI car loan is good?

Today, I visited Ford Dealership and inquired there for car loan too. There was a person who told me about SBI car loan.

1. Applicable interest rate based on CRISIL rating
For 7 Years
>750 => 8.7%
700 to 749 => 8.9%
<700 => 9.2%

2. No processing fee

3. No pre closure fee

4. I am not sure if there will be any part payment fee. I will check this.

5. Stamp fee - Rs. 2400

6. I was told that I can get 85% of the OTR. Can someone please share your experience on this?

7. Benefit of Max Gain (Similar scheme as Home loan by SBI).


I am looking for your experience with SBI car loan. Should I go for this?
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Old 12th November 2017, 09:32   #377
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Default Re: Which car loan company to go for?

The stamp fee can be waived off with a bit of discussion. Rest all looks standard. SBI any day!
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Old 12th November 2017, 10:40   #378
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Default Re: Which car loan company to go for?

Quote:
Originally Posted by avingodb View Post
The stamp fee can be waived off with a bit of discussion. Rest all looks standard. SBI any day!
Thanks avingodb. I will try if stamp fee also can be waived off.
Is there anything else to keep in mind when i go for carloan to any loan provider?
Thanks in advance.
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Old 12th November 2017, 11:14   #379
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The stamp duty will depend on the loan amount you wish to take. I was told by HDFC representative that the stamp duty is fixed at 1200 for a loan amount of less than 10 lakhs post which it increases to 2000 Rs..
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Old 22nd October 2018, 00:00   #380
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Default Re: Which car loan company to go for?

How do luxury car dealers offer interest rates much lower than SBIs rate ? I never understood how that works. Sundaram Honda financed a jazz for me via Kotak at 10% after my best efforts. Volvo got me 7% via HDFC without any bargaining. I just never understand this.
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Old 6th November 2018, 13:30   #381
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Default Re: Which car loan company to go for?

I am in the market for a car loan to purchase Skoda Rapid. My CIBIL score is 812. My cousin working in SBI has told the best rate is 9.25% if CIBIL score above 750. Dealer quoted 9.75% and 10.25% with SBI and Skoda finance respectively.

I checked with my neighbourhood Bank of Baroda. BoB offered 90% of the On Road price @ 9.05% if CIBIL score is >800. I am opting for a 3 year loan and BOB offers free Foreclosure after One year.

Should I shop/check more? Is this deal good enough ? I am ok with it as long the difference is not huge like the dealer quoted.
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Old 6th November 2018, 13:47   #382
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Quote:
Originally Posted by aadya View Post
Should I shop/check more? Is this deal good enough ? I am ok with it as long the difference is not huge like the dealer quoted.
Why don't you enquire with HDFC? I had a CIBIL score in your vicinity as well. I got a 90% finance at 8.77% ROI. I am a long time customer, with a salary account with them as well, so not sure if that played a role.
Btw, VW was offering a similar rate IIRC.
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Old 6th November 2018, 14:02   #383
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Quote:
Originally Posted by GrandTourer View Post
Why don't you enquire with HDFC? I had a CIBIL score in your vicinity as well. I got a 90% finance at 8.77% ROI. I am a long time customer, with a salary account with them as well, so not sure if that played a role.
Btw, VW was offering a similar rate IIRC.

HDFC quoted 9% as best rate after some negotiation. I think there has been a slight increase in interest rates in the past few months. When was your loan processed?
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Old 6th November 2018, 14:06   #384
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Quote:
Originally Posted by aadya View Post
HDFC quoted 9% as best rate after some negotiation. I think there has been a slight increase in interest rates in the past few months.
Could be the reason.

Quote:
When was your loan processed?
I purchased the car in Feb this year in Bangalore.
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Old 6th November 2018, 14:23   #385
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Default Re: Which car loan company to go for?

Quote:
Originally Posted by aadya View Post
HDFC quoted 9% as best rate after some negotiation. I think there has been a slight increase in interest rates in the past few months. When was your loan processed?

My current Car loan with HDFC is at 8% interest rate. It is on my wife's name and they easily gave that without much efforts. In case you hold a salary account with them speak to your personal banker. You can even check the offers page in Net-banking site it will show the pre-approved new car loan amount with EMI.
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