Which car loan company to go for?

kannan666 · 19th June 2009, 22:47

Congrats on your new acquisition ! When are you taking the delivery of the Alto ?

wildon · 20th June 2009, 08:05

Applied SBI as there is no Processing and other charges and mean time i got an offer from AXIS. After lot of bargain they have came down to 10.50% for 4 year and they yet to give me a formal mail for that. Is that ok from AXIS or i can i bargain more

Futher details like processing and pre-clossure are awaiting from them

pedrolourenco · 20th June 2009, 08:36

Quote:

Originally Posted by wildon

Applied SBI as there is no Processing and other charges and mean time i got an offer from AXIS. After lot of bargain they have came down to 10.50% for 4 year and they yet to give me a formal mail for that. Is that ok from AXIS or i can i bargain more

Futher details like processing and pre-clossure are awaiting from them

Even if the Axis offer looks more tempting, stick with SBI. You'll not regret it. SBI is 10% and even if Axis offers 9.5%, there will be some hidden charges and you'll end up paying more. Also SBI does nor require an advance EMI. Private banks take it. Advance EMI means you are paying interest on the full loan amount but they are actually giving you the full loan amount minus advance EMI.

Gansan · 22nd June 2009, 10:02

Quote:

Originally Posted by kannan666

Congrats on your new acquisition ! When are you taking the delivery of the Alto ?

Thank you very much! I have given them four different cheques on 19th and 20th. Due to intervening week-end I expect them to be collected by 23rd, so told the ABT people to keep the car ready for my inspection (prior to registration) on 24th and delivery is expected by 26th.

balajird · 10th July 2009, 19:59

Today a person from RNS motors, Bangalore gave me the following details on the SBI loan for Ritz VDI with ABS (loan amount 5.16 L), please advice if this is a better offer.

1st year - 8% interest - EMI 8107
2nd year - 10% interest - EMI 8699
from 3rd year till 7th year - 12% interest - EMI 9180

No pre closure charges if closed after 6 months.

Somehow I felt I should be able to close the loan in 2 years timeline. Is this a good deal?

HappyWheels · 10th July 2009, 22:17

For SBI, as per current promotion, 8% first year, 2nd & 3rd year 10%, and floating from 4th year onwards.

There is no charge on pre-closure, only if you have crossed 50% of the tenure, else there is a charge.

So, do check these details.

kuttapan · 10th July 2009, 22:23

Quote:

Originally Posted by balajird

Today a person from RNS motors, Bangalore gave me the following details on the SBI loan for Ritz VDI with ABS (loan amount 5.16 L), please advice if this is a better offer.

1st year - 8% interest - EMI 8107
2nd year - 10% interest - EMI 8699
from 3rd year till 7th year - 12% interest - EMI 9180

No pre closure charges if closed after 6 months.

Somehow I felt I should be able to close the loan in 2 years timeline. Is this a good deal?

This seems to be the best deal going around in the market presently. Axis bank is offering 9.75% for a 3 year loan for Hyundai Vehicles. Rest all are 10 or above AFAIK.

As you said, SBI does not charge you pre-closure charges if you close the loans with your own funds(read - from your account).

kannan666 · 11th July 2009, 09:31

Go with SBI, right now I do not know of any other banks offering only 8% on the first year for new auto loans !

travelwriter · 11th July 2009, 10:01

I got my loan for Alto from BoB. I took along all documents, photographs, etc. and it took exactly 17 minutes for all the documents to be prepared and signed. 3 days later, I got the cheque.

I was charged 11.25% in November, 08. Since then, it has come down further. I found thtis as the best deal after comparing SBI, BOB, HDFC Bank and ICICI Bank

pedrolourenco · 11th July 2009, 11:20

Most Nationalised banks offer good deals. Formalities are also smooth. Stay away from private banks unless you want to spend extra.

s3va · 16th July 2009, 22:58

Car loan rate varies across different car dealers !!! AXIS bank car loans are offered at 11.75% interests rate when availed through Concorde TATA while they are charged at 10.5% when availed through TRIDENT HYUNDAI..(i found this while speaking to both the dealers as I am presently contemplating on whether I should go for a FIAT or Hyundai car)

Is this the right process ? And the other surprising aspect is, when I checked with AXIS bank directly, the loan rates were at 12%

Its kind of confusing !!!

amanmalhotra · 17th July 2009, 02:05

Folks,

I have just applied for a car loan from SBI Bangalore 3 days back, I have been told by the car dealer and the bank guys that the processing would be done in 10 days.
Can you fill me in with details regarding how long it has taken for some of you.

Regarding the interest rates from SBI (Starting July 1st)
First year is at 8%
2nd and 3rd year at 10%
4th and 5th year (or till the life of the loan) - *card* rate at the time of loan sanction.
The SBI guy who was doing the loan for me told me that card rate currently for a 5 year loan is 0.75% below PLR (12%) - so 4th and 5th year would be charged at 11.25%

Regarding preclosure/prepayment:
No charges if money paid from your own funds and there is a proof for it.
Else it is charged at 2%

HappyWheels · 17th July 2009, 09:59

Aman,

It will take close to 10 working days. Do not expect anyone to call and tell you if the approval has been given. And do not try calling on those numbers that they might have given to check the status - those lazy bones just do not pick up any calls!!!

Just call the person who is handling you case regularly and check for the approval and then get him to get an appointment for you.

kuttapan · 18th July 2009, 22:25

Quote:

Originally Posted by HappyWheels

Aman,

It will take close to 10 working days. Do not expect anyone to call and tell you if the approval has been given. And do not try calling on those numbers that they might have given to check the status - those lazy bones just do not pick up any calls!!!

Just call the person who is handling you case regularly and check for the approval and then get him to get an appointment for you.

Actually, they do call if your loan is approved. And then you have to take an appointment with RACPC Bangalore - usually, at their convenience, not yours - and believe me, they can be quite rude on phone as well. One of the reasons I did not consider SBI for a second car loan.

HappyWheels · 18th July 2009, 22:39

^^ Kuttapan,

What I meant was, regardless of the fact that the SOP (standard operating procedure) is for them to call-up and say that the approval has been done and then asking for the appointment timing, they never do; well, at least, they did not do for a colleague of mine and for me! Both of us had to call up and ask!

And the numbers that they might have given to call up and get the appointment, well, I tried continuosly for 1 week with NO LUCK!!! Finally had to call the agent and get the appointment thru him.

Hence, what I mention is not hear-say, but actual experience.

19th June 2009, 22:47	#16
kannan666 Senior - BHPian Join Date: Aug 2007 Location: KA-02 Posts: 1,002 Thanked: 128 Times View My Garage	Congrats on your new acquisition ! When are you taking the delivery of the Alto ?
	() Thanks

20th June 2009, 08:05	#17
wildon BANNED Join Date: Jul 2007 Location: Bangalore Posts: 2,440 Thanked: 1,235 Times View My Garage	Applied SBI as there is no Processing and other charges and mean time i got an offer from AXIS. After lot of bargain they have came down to 10.50% for 4 year and they yet to give me a formal mail for that. Is that ok from AXIS or i can i bargain more Futher details like processing and pre-clossure are awaiting from them Last edited by wildon : 20th June 2009 at 08:06.
	() Thanks

10th July 2009, 19:59	#20
balajird BHPian Join Date: Jul 2009 Location: Bangalore Posts: 460 Thanked: 63 Times	Today a person from RNS motors, Bangalore gave me the following details on the SBI loan for Ritz VDI with ABS (loan amount 5.16 L), please advice if this is a better offer. 1st year - 8% interest - EMI 8107 2nd year - 10% interest - EMI 8699 from 3rd year till 7th year - 12% interest - EMI 9180 No pre closure charges if closed after 6 months. Somehow I felt I should be able to close the loan in 2 years timeline. Is this a good deal?
	() Thanks

10th July 2009, 22:17	#21
HappyWheels Senior - BHPian Join Date: Dec 2007 Location: Bangalore Posts: 4,106 Thanked: 537 Times	For SBI, as per current promotion, 8% first year, 2nd & 3rd year 10%, and floating from 4th year onwards. There is no charge on pre-closure, only if you have crossed 50% of the tenure, else there is a charge. So, do check these details.
	() Thanks

11th July 2009, 09:31	#23
kannan666 Senior - BHPian Join Date: Aug 2007 Location: KA-02 Posts: 1,002 Thanked: 128 Times View My Garage	Go with SBI, right now I do not know of any other banks offering only 8% on the first year for new auto loans !
	() Thanks

11th July 2009, 10:01	#24
travelwriter BHPian Join Date: Feb 2009 Location: Hyderabad Posts: 294 Thanked: 115 Times	Try Bank of Baroda I got my loan for Alto from BoB. I took along all documents, photographs, etc. and it took exactly 17 minutes for all the documents to be prepared and signed. 3 days later, I got the cheque. I was charged 11.25% in November, 08. Since then, it has come down further. I found thtis as the best deal after comparing SBI, BOB, HDFC Bank and ICICI Bank
	() Thanks

11th July 2009, 11:20	#25
pedrolourenco Senior - BHPian Join Date: Apr 2009 Location: Margao, Goa Posts: 1,268 Thanked: 1,527 Times View My Garage	Most Nationalised banks offer good deals. Formalities are also smooth. Stay away from private banks unless you want to spend extra.
	() Thanks

16th July 2009, 22:58	#26
s3va BHPian Join Date: Jun 2009 Location: Dubai Posts: 646 Thanked: 5 Times View My Garage	Car loan rate varies across different car dealers !!! AXIS bank car loans are offered at 11.75% interests rate when availed through Concorde TATA while they are charged at 10.5% when availed through TRIDENT HYUNDAI..(i found this while speaking to both the dealers as I am presently contemplating on whether I should go for a FIAT or Hyundai car) Is this the right process ? And the other surprising aspect is, when I checked with AXIS bank directly, the loan rates were at 12% Its kind of confusing !!!
	() Thanks

17th July 2009, 02:05	#27
amanmalhotra BHPian Join Date: Jun 2009 Location: Bangalore Posts: 60 Thanked: 0 Times View My Garage	Folks, I have just applied for a car loan from SBI Bangalore 3 days back, I have been told by the car dealer and the bank guys that the processing would be done in 10 days. Can you fill me in with details regarding how long it has taken for some of you. Regarding the interest rates from SBI (Starting July 1st) First year is at 8% 2nd and 3rd year at 10% 4th and 5th year (or till the life of the loan) - card rate at the time of loan sanction. The SBI guy who was doing the loan for me told me that card rate currently for a 5 year loan is 0.75% below PLR (12%) - so 4th and 5th year would be charged at 11.25% Regarding preclosure/prepayment: No charges if money paid from your own funds and there is a proof for it. Else it is charged at 2%
	() Thanks

17th July 2009, 09:59	#28
HappyWheels Senior - BHPian Join Date: Dec 2007 Location: Bangalore Posts: 4,106 Thanked: 537 Times	Aman, It will take close to 10 working days. Do not expect anyone to call and tell you if the approval has been given. And do not try calling on those numbers that they might have given to check the status - those lazy bones just do not pick up any calls!!! Just call the person who is handling you case regularly and check for the approval and then get him to get an appointment for you.
	() Thanks

18th July 2009, 22:39	#30
HappyWheels Senior - BHPian Join Date: Dec 2007 Location: Bangalore Posts: 4,106 Thanked: 537 Times	^^ Kuttapan, What I meant was, regardless of the fact that the SOP (standard operating procedure) is for them to call-up and say that the approval has been done and then asking for the appointment timing, they never do; well, at least, they did not do for a colleague of mine and for me! Both of us had to call up and ask! And the numbers that they might have given to call up and get the appointment, well, I tried continuosly for 1 week with NO LUCK!!! Finally had to call the agent and get the appointment thru him. Hence, what I mention is not hear-say, but actual experience.
	() Thanks