[Notyetgrey]

My experience with SBI has been awesome. Applied for the loan at SBI Kondapur branch for 7.5 Lakhs/7 Years/ 11.25 floating rate of interest. Visited their central processing office in Secunderabad and they have got their process down to perfection. Took me an hour or so to get all the paper work done and to get the cheque. I am glad that I preferred to do all this myself with no agents/DSAs. Saved a bunch and learnt quite a bit! Every single SBI staff that I interacted during this process has been friendly, courteous and professional. Highly recommended.

[indian21r]

Originally Posted by Notyetgrey

My experience with SBI has been awesome. Applied for the loan at SBI Kondapur branch for 7.5 Lakhs/7 Years/ 11.25 floating rate of interest. Visited their central processing office in Secunderabad and they have got their process down to perfection. Took me an hour or so to get all the paper work done and to get the cheque. I am glad that I preferred to do all this myself with no agents/DSAs. Saved a bunch and learnt quite a bit! Every single SBI staff that I interacted during this process has been friendly, courteous and professional. Highly recommended.

Hi man, That is quite fast to get a loan from SBI. I have SBI salary account and I am there in Hyd for just 3 days. Can you pm me some details of how you got the work done.

Thanks in advance

[Notyetgrey]

Originally Posted by indian21r

Hi man, That is quite fast to get a loan from SBI. I have SBI salary account and I am there in Hyd for just 3 days. Can you pm me some details of how you got the work done.

Thanks in advance

Hi - I'm a "newbie" and hence cant send you a PM. But the process was very simple. Visited the branch and got the list of documents that they need to process the loan (things like salary slip, form 16 for 3 years, bank statement for a year where your salary is getting credited, PAN card copy, address proof etc). Went back with the documents and filled up the loan application form. The application is forwarded to the RACPC in Secunderabad (which is a centralized office where all loans are processed). Someone came to office and home for verification. Once verification was complete, I went to the RACPC office to sign the documents and complete the formalities (took nearly 2 hours). The officer gave me the draft right away and also the ECS mandate forms, which need to returned after stamping by the bank where you have a salary account.

I know it might sound like a lengthy process, but it actually was pretty painless and involved a couple of trips to the branch and the RACPC. I got my loan processed through the very efficient loan officer in the SBI Kondapur branch. Let me know if you need more information.

[indian21r]

Originally Posted by Notyetgrey

Hi - I'm a "newbie" and hence cant send you a PM. But the process was very simple. Visited the branch and got the list of documents that they need to process the loan (things like salary slip, form 16 for 3 years, bank statement for a year where your salary is getting credited, PAN card copy, address proof etc). Went back with the documents and filled up the loan application form. The application is forwarded to the RACPC in Secunderabad (which is a centralized office where all loans are processed). Someone came to office and home for verification. Once verification was complete, I went to the RACPC office to sign the documents and complete the formalities (took nearly 2 hours). The officer gave me the draft right away and also the ECS mandate forms, which need to returned after stamping by the bank where you have a salary account.

I know it might sound like a lengthy process, but it actually was pretty painless and involved a couple of trips to the branch and the RACPC. I got my loan processed through the very efficient loan officer in the SBI Kondapur branch. Let me know if you need more information.

Thanks for the inputs. I have contacted the SBI. They are assuring that I can get within 3 days if all documents are correct. I will check with them if I can speed up further.

[indian21r]

I finally took the car loan from Kotak Mahindra. They are the only ones who were ready to process within the time frame of 2 working days. I work in Pune and the Car is purchased in Hyderabad, so a lot of banks were mentioning a time period of 5- 10 days.

[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?

[ghodlur]

Originally Posted by indian21r

I finally took the car loan from Kotak Mahindra. They are the only ones who were ready to process within the time frame of 2 working days. I work in Pune and the Car is purchased in Hyderabad, so a lot of banks were mentioning a time period of 5- 10 days.

I hope you must have read the fine print of the loan agreement. What ROI did they charge you and what was the processing charges? I heard SBI has the lowest of all the charges.

[indian21r]

Originally Posted by ghodlur

I hope you must have read the fine print of the loan agreement. What ROI did they charge you and what was the processing charges? I heard SBI has the lowest of all the charges.

Processing Charges were 5k. Loan rate is 11.25%. The rate I got from Kotak was the lowest per Lakh along with fastest processing time. It is fixed rate over 3 year period. I was keen on SBI but getting the loan was painful for me as I work in Pune and the car was purchased in Hyderabad. My Salary account is from SBI

[KarthikK]

Originally Posted by Thilak29

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

Nope. You don't need any existing account in SBI to be eligible for a car loan, but it would certainly help in reducing some documentation requirements if you already have a salary account with them. Go ahead and apply, but be prepared for delays . They are not the fastest of the options available among the banks, but they do offer some attractive options like lower interest % (although floating), no pre-closure penalties and a 7-year tenure, among many other things

[Thilak29]

Note from Mod: There are several spelling & grammatical errors in your posts. This negatively affects the board experience for other readers.

Kindly ensure that you proof-read your posts prior to submission. Also, it would be a good idea to use spell-checkers.

[rohit0103]

Right now, SBI is having a processing charge of Rs 500, irrespective of Loan Amount and interest rate of 10.45.

[rohittk]

I have a SBI car loan for a period of 7 years. I would want to prepay my loan and have actually transferring money from my savings ac in SBI to the loan a/c. Apart from the ECS debit, whenever I transfer additional funds the total outstanding reduces.

So my question is on the formalities required while closing the loan. Say for e.g. if I pay all the outstanding amount online, would the loan account automatically get closed? Or would I have to visit the branch for some paperwork.

[vgsr]

Originally Posted by rohittk

I have a SBI car loan for a period of 7 years. I would want to prepay my loan and have actually transferring money from my savings ac in SBI to the loan a/c. Apart from the ECS debit, whenever I transfer additional funds the total outstanding reduces.

So my question is on the formalities required while closing the loan. Say for e.g. if I pay all the outstanding amount online, would the loan account automatically get closed? Or would I have to visit the branch for some paperwork.

Even if you repay the loan online, you will have to visit the branch to get their lien noted on your RC book to be deleted. Besides, the bank applies interest on the loan once a month and the balance in your loan account will not reflect the actual amount to be paid as accrued interest may not be reflected in the account.
My advice, keep the last Rs 1000 live in the account and , go to the branch, pay off all the interest accrued and get the paper for the RTO signed by them, releasing your car from the bank lien.

[rohan_iitr]

Originally Posted by rohittk

I have a SBI car loan for a period of 7 years. I would want to prepay my loan...
...if I pay all the outstanding amount online, would the loan account automatically get closed? Or would I have to visit the branch for some paperwork.

1. You will need to visit your bank branch to close the loan and stop the EMIs.The bank branch will issue NOC to you.

2. Take this bank branch NOC to the RACPC branch, they will keep this NOC and issue another final NOC along with form 34 in duplicate.

3. Take this final NOC and form 34 in duplicate to RTO along with RC book, insurance and PUC to get bank hypothecation removed from RC book.

Rohan

[mints21]

Originally Posted by rohittk

I have a SBI car loan for a period of 7 years. I would want to prepay my loan and have actually transferring money from my savings ac in SBI to the loan a/c. Apart from the ECS debit, whenever I transfer additional funds the total outstanding reduces.

So my question is on the formalities required while closing the loan. Say for e.g. if I pay all the outstanding amount online, would the loan account automatically get closed? Or would I have to visit the branch for some paperwork.

Dear rohittk, you will not be able to transfer the entire fund online. Therefore you cannot bring the account to zero online. For example, if your outstanding is ₹10000/- you can transfer a maximum of ₹9999/- to your loan account. For that one ₹ you will have to visit the branch. Moreover to close the loan account you will have to visit the branch only. These days are loans are closed from the branch and not RASSMEC centres.

The branch manager will check your account, see the balance interest, transfer money to your loan account and give you an NOC along with the signed form-34. The entire process will take not more than ten minutes and is hassle free.