[Kanasu]

Thanks all for the suggestions and especially for the Excel Calculator. I think the best one would be to save half in an FD and the remaining half to prepay EMI. Based, on the financial conditions at that time, I can increase/reduce the prepay amount.

[lazybrain]

Applied for a car loan on 19th April with SBI and just today 5 minutes back I got an SMS from SBI that "the loan is approved and sanctioned. The concerned official will call you to complete further formalities" - I am really amazed with the super fast service guys. This is becoming as fast as any Private bank, hardly 3 working days and the loan is sanctioned. One of the reason for this super fast approval might be because i hold a savings account, Credit card, Demat/Trading and FD account all with SBI. Does it make so much difference?

Guys, any idea how much time it should take from now on? This is my first experience applying loan from SBI and i am pretty impressed!

[pgupta]

Originally Posted by lazybrain

Applied for a car loan on 19th April with SBI and just today 5 minutes back I got an SMS from SBI that "the loan is approved and sanctioned. The concerned official will call you to complete further formalities" - I am really amazed with the super fast service guys. This is becoming as fast as any Private bank, hardly 3 working days and the loan is sanctioned. One of the reason for this super fast approval might be because i hold a savings account, Credit card, Demat/Trading and FD account all with SBI. Does it make so much difference?

Guys, any idea how much time it should take from now on? This is my first experience applying loan from SBI and i am pretty impressed!

By now you must have got the loan disbursed too. :-) It's true that SBI is now better than any private bank. I recently took car loan from SBI and the whole experience was simply amazing. 10 on 10 on customer centricity, this is what I felt with my experience.

[lazybrain]

Originally Posted by pgupta

By now you must have got the loan disbursed too. :-) It's true that SBI is now better than any private bank.

I got the sanction letter already on last thursday i.e 24 April

The loan amount is not yet released to prerana motors since the dealer is yet to confirm me on date of delivery and most importantly PDI of the vehicle. But the impressive thing about SBI is that the manager assured me that after i am done with the PDI i can call him and ask him to release the loan. Once he receives the confirmation from me within 1 hour he will disburse the amount to Prerana Motors

[Traveller Nayak]

Originally Posted by pgupta

By now you must have got the loan disbursed too. :-) It's true that SBI is now better than any private bank. I recently took car loan from SBI and the whole experience was simply amazing. 10 on 10 on customer centricity, this is what I felt with my experience.

I couldn't agree more. I also went with SBI for my loan. Initially I was skeptical. But the whole experience was an eye opener. I sent most of the verification documents over email. SBI took 3-4 days to confirm. Then I was called to the bank to sign the agreement. That was it. And, the best part - one can part pre pay without penalty.

[ILTDrive]

I closed my car loan last week from SBI and thought will share the pleasant experience here.
The loan disbursal happened in about 2 days, in March 2013. At that time, I did not have a SBI savings account and they did not provide me with a online account, which by far was the only grouse I had. To over come this, I opened a savings account at a branch near my house and though it took couple of visits to both the branches, I was able to get my car loan account linked to my savings account. This meant, I could transfer additional funds online to the car loan account. So, whenever I could save on some funds, I would immediately transfer to the car loan account. When I had sufficient funds to close the whole loan, I wrote to them asking for procedure. They asked me to visit the branch with a copy of the RC book and that's all. I had already transferred the balance amount online, -Rs.500 and they calculated the balance interest, asked me to pay cash at a counter and provided me with the closure letter. All in 10 mins. From there, I was asked to go to a different centralized branch which provides the NOC and form 35. This was around 1.5 kms from the branch where I took the loan, again not an issue but this could have been done in the same branch is what I thought. However, this was previously communicated to me, so no surprises. At the new branch, I met the concerned person, who took all of 10 minutes to provide me with the documents and with a word of advice to get the hypothication cancelled myself without going with a agent as it is a simple process. She then asked me how I paid the loan, and when I mentioned ECS she asked me to go to another person who will cancel the ECS and this was also done in 10 minutes.

I went there with an expectation of spending the whole day getting this over with, but the complete process took less than an hour. So, pleasantly surprised with the time and also the helpful nature of the staff there.

My earlier car loan was with ICICI, no prepayment option and I did not visit the branch even once. Once the loan was completely paid off, all documents were sent home.

[jaisonjose]

Hello,

I have taken a car loan from SBI. I wanted to transfer some money ( for part payment) from my Citibank account to the SBI car loan account. When I am trying to set up the car loan account as a payee in my citibank, I also need to mention the Type of Account. There are only 2 options to select "Saving/Debit" / "Current". Any idea which one should I select for a car loan account? I checked with SBI, and they asked me to get in touch with Citibank. I check with citibank and they said SBI has to confirm this :-( If anybody knows about this from their experience, please let me know which account type to select.

Thanks,
Jaison

MOD NOTE: Please don't type... like... this...

[babhishek]

Originally Posted by jaisonjose

Hello,

I have taken a car loan from SBI. I wanted to transfer some money ( for part payment) from my Citibank account to the SBI car loan account. When I am trying to set up the car loan account as a payee in my citibank, I also need to mention the Type of Account. There are only 2 options to select "Saving/Debit" / "Current". Any idea which one should I select for a car loan account? I checked with SBI, and they asked me to get in touch with Citibank. I check with citibank and they said SBI has to confirm this :-( If anybody knows about this from their experience, please let me know which account type to select.

Thanks,
Jaison

MOD NOTE: Please don't type... like... this...

Selecting it as a Savings account will be fine. This is based on transfers i do to similar loan accounts with SBI.

[nareshov]

Originally Posted by jaisonjose

Hello,

I have taken a car loan from SBI. I wanted to transfer some money ( for part payment)
...

When the loan account at SBI was opened for you, wasn't a savings account not opened along with it? You could, alternatively, transfer to this SBI savings account and then transfer 'within SBI' to the loan account via SBI's netbanking.

[jaisonjose]

Thanks babhishek and nareshov for the inputs. Putting the account type as Saving Account , it worked. Thanks again.

-JJ

Mod Note : Please avoid typing with excessive dots.........like................this.

Thanks

[rohanak1]

Even I opted for a car loan from SBI. I think they are better than most private banks. It is simple to deal with them as their schemes are not complex. Interest rate was 10.45% at that the time of sanction in September 2014 which is now down to 10.15%. All loan formalities were completed in 3 days and the loan account was linked to my savings account. The loan officer was a nice man to deal with. They might ask you to give 9 cheques as security but you can work that out with the loan officer. I got it reduced to only 3 cheques.

[itwasntme]

Got my loan sanctioned in 3 days flat from SBI @ 9.85% from the SPP branch on St. Marks. Hassle-free and totally professional experience without any greasy 'agents' in between. Documentation requirements very reasonable too and very amenable to receiving scanned documents / communicating via SBI email.

Highly recommended!

[ethanhunt123]

Quick Question - Is it possible to get a loan pre-approved without finalizing on the model/variant/dealership ?

[JohnyBoy]

Originally Posted by ethanhunt123

Quick Question - Is it possible to get a loan pre-approved without finalizing on the model/variant/dealership ?

It is, especially if you are already a customer of the bank.
The bank needs the madel, variant only to find out the ex-showroom price and to decide the maximum amount to be disbursed (80%, 90% or even 100% etc).

[ethanhunt123]

Originally Posted by JohnyBoy

It is, especially if you are already a customer of the bank.
The bank needs the madel, variant only to find out the ex-showroom price and to decide the maximum amount to be disbursed (80%, 90% or even 100% etc).

The thing is - i am still not decide between Jetta, Octavia or Vento. So if i get the loan approved for the car with highest Ex-Showroom - can i later go and ask them to change the disbursal amount to a lower one if i buy the lower priced car ?