About SBI loans: Loan agents @ the dealership : "Yes they are giving the very best rates, but it will take 15-20 days to get everything done" Random Comments : "They make you run from pillar to post to get things done" "Very tedious" "Not at all professional" etcetra etcetra Now My experience: On monday 8th of November 2010 I walk in to the Concorde motors dairy circle showroom along with the sales executives after the TD. First I paid the booking amount and then started talking to the guys in the loan department. I asked them to process my loan through SBI. Warning "10-20 days. lots of documents required. you will have to go to their office. one day will be gone........ we have T*** finance which will be approved in one day, else we have tie up with XYZ, QWE,ASD banks" My reply : Forget them and process my loan with SBI only. I am ready to take the pain. But boy it was indeed a pain. Had to sit there and fill in a 5 page application all by myself. Lost count of signatures I put. Finally by around 8 PM all papers were filled and application handed over to the loan dept executive. He asked for my salary certificate, address proof, form 16, latest 6 months bank statement. It was around 7 pm that time when he asked for those. I decided to try my luck and called my office. Luckily our HR was still in his seat and I asked him to send my sal.cert and form 16 copies to my email which he promptly did. He is a friend indeed. I logged in to my online bank account from the executive's system and downloaded 6 months statement and gave him the prints. I gave them all the documents they asked for and completed the booking as well as loan process request. Tuesday 9th November I received a call from Mr. Manjunath of SBI - "We have received your loan request. I am coming to your office for verification. Please keep you original PAN for verification and a cheque for the processing fee and one photograph" Wednesday 10th Nov: Manjunath comes as promised. he came to my office. I handed over all required documents he asked for. Thursday 11th Nov: No calls from anywhere Friday 12th Nov: Around post lunch time one gentle man from SBI called me. I was in a lunch outing with staff. This gentleman says you have requested for 2 years tenure. You need 80 points for that but you have only 77 points. I cant approve the loan unless you change it to 4 years. Without any option left I agreed for it. I asked him when is it going to be approved. he replied "I will approve it as soon as you agree for 4 years term" Ok go ahead. Saturday 13th Nov: I received an SMS @ 12:55 PM from the dealership loan department saying that your loan appointment with the bank is on 16th November at 2:30 PM. Received another SMS from SBI @ 2:21 PM "Your Loan is sanctioned. Sanction ref:No.......call these numbers to fix appointment ........." Come with the Original receipt of Balance amount paid to the dealer plus cheque leaves, PAN, DL copies etcetra. Woaaah now thats something. I could not believe it. I got a confirmation from SBI in just 5th day that my loan is sanctioned. Hmmm again there is one big hurdle, the appointment. I read in some forum how horrible the appointment experience was for some one, how they made them run here n there etcetra etcetra. It started haunting me..... Sunday 14th Nov: Holiday Monday 15th Nov: I was off in my native away from Bangalore. Tuesday 16th Nov: Appointment day. I called up the SA @ concorde to find out whether the car has reached. He said "No sir, it is in transit. The record shows today is 8th day. It may take another 2-3 days. I didnt want to make the balance payment to the dealer until or unless I see the car. So I called up the bank (SBI loan department) and spoke to the gentleman there. I told him that since the car has not arrived at the dealership and since I havent seen the car yet I dont want to make the balance downpayment, I will not be able to produce the balance down payment receipt. Can you please cancel the appointment today? "Why not. You make the balance payment to the dealer once you see the car and satisfied. After that give me a call and fix for another appointment. Your loan have 3 months validity. Before that anytime you can come and collect the cheque" I was relieved. I called up the SA and told him that I have cancelled the appointment with the bank and will make the balance payment only after I see the car. Wednesday 17th Nov: No news from dealer Thursday 18th Nov: No news from dealer. An anxious me called up the SA. He told "Sir it is showing 10th day in transit. Hopefully the car will reach tomorrow. I have a gut feeling that the car will reach tonight. In any case I will call you as soon as I have the latest update for you" I was in no hurry. I hung up. Friday 19th Nov: SA calls me early in the morning around 9. "Sir the car reached the yard last night. I will arrange for a visit to the yard for you to see the car. I will call you and update you sir" He hung up. He calls me again around lunch break and told me that they have brought the car into the showroom, I can visit the showroom and have a look at the car. I was very excited. I went to the showroom and the car was parked in the basement. She was looking pretty, but not very clean. Lot of dust n dirt. Anyways I was convinced. I told the SA that I will make the balance payment on Saturday and left. I called SBI loan department and requested for an appointment on Saturday, but the gentleman told that Saturday is half day and all slots are full. I asked for Monday. Monday also full he gave me tuesday (23rd) 10:30 AM. I readily agreed since I didnt want to lose more days coz Wednesday is going to be a bank holiday. Later I found out that Satuday is not an auspicious day so I decided to make the payment on Friday itself. I called the SA and asked him to wait for me at the showroom as I am coming in for making the balance payment from my side. Ok I went there and made the balance payment by cheque. Came back home with the balance amount paid receipt. Saturday 20th Nov: Called the SA at dealership and asked him to arrange for a PDI. I wanted to check the car properly in day light before I go for the appointment. He said it being a saturday there is going to be heavy rush. I will arrange for the PDI on Sunday. I was pretty much ok with that. Sunday 21st Nov : Holiday. Waited for SA's call. Then he smsed me saying that unfortunately no driver is available so he cant take the car out from the basement for PDI. Monday 22nd Nov: @ work. Called SA asking for an update on my PDI request. He changed his version all of a sudden "Sir the car was taken back to the yard as it was not safe to park the car in the basement. Manager says its not safe to drive the car to n from everyday. I cant bring the car for PDI sir. I am very sorry" Disappointed I hung up. Brain worked. I had been so soft with the SA all this while. He is a soft guy, but I cant let him take me for granted. Called him up and told him cut n right, I want to do the PDI at any cost, else am gonna reconsider my decision. "Ok sir, please sir, I will try sir, I will talk to my manager and get back to you" SA " Sir I talked to my manager. They have agreed to bring the car to the showroom. You can come and do a PDI tomorro (tuesday) after noon. that is after the appointment with the bank. Phew!!! what the heck. Come what may am going for the appointment. will hold the payment if i find anything serious in the PDI. Tuesday 23rd Nov: The D day with bank. With a huge amount of apprehension I started for the bank. I have read in some forum how the bank forced some one to buy SBI Life insurance along with the Loan. When i checked my loan account online there was an additional 3k added to my loan amount. I was all set to have a fight with the guys in the bank if they are gonna argue with me on the unwanted insurance thats forced on me. I anticipated a very rough day ahead. SBI Car loans department is situated in Prestige Sterling Square on Lavelle Road in Bangalore. I reached SBI main building @ lavelle road. As soon as I entered their campus I asked the security guy where is Car loan department. He said, sir you go park your bike and come I will show you. The main office is housed in an enormous multi storied, multi blocked building in an enormous campus. Very good landscaping and buildings. The security guy told me that the car loan department is not in this campus, you have to cross the road and go to the Prestige Sterling Square. Which was just a stone's throw distance from the main campus. Woaaah boy what a structure. I was confused. SBI in such a posh building. Did he give me the wrong address? It looked like an MNC software company building. Car loan department was very much on the ground floor and I walked into the office exactly @ 10:30. The helpdesk was empty so I walked towards Appointments section. The gentleman asked for my File No. He checked my number in his PC and directed me to counter 11. Wow am impressed. Very very professional. No hassles so far. When I reached counter 11 Mr.Mohan was at the desk immersed in work. I greeted him and told him that I have an appointment. He took my file number, checked his files "Aah Mr.Menon, please take a seat. I will give you some forms to fill" Lost count on the number of papers I signed. Filling in was less, but signing was tedious. Around 20 or more? No idea. After all documentation was done he gave me three sets of documents. One for AC payee cheque approval (dunno what the heck that is), another one for Franking (e stamping stuff) and another set for the Disbursment dept. where I will be issued the cheque. I was supposed to submit the Franked ( i guess thats the right term) document to him, but the lady @ Franking told it will take atleast 30 mints for the system to get ready. She was very pleasing, not all arrogant. Again am impressed. I guess people in that particular office had undergone some serious training. I had to give him xerox copies of my PAN,DL etc. I told him that I will go out and get copies and come back. When I went out to get the copies I remembered that I didnt eat anything from morning. It was around 11:10 or something, so I decided to have something before I go back to the bank. Then suddenly i remembered that my cousin worked very close to that place. I called him up. He is the Regional Head of an MNC bank which is housed very next to the same SBI bank loan building. He came down and we had some break fast and then I headed back to the bank. I straight went to Franking and she was ready with my documents. I took it back to Mr. Mohan. he took all documents and filed them and asked me to wait. He told me casually that you will get it by 5 - 5.30 whattttt? 5???? Brain worked "I have taken half day leave only for this purpose, please dont put me in trouble. I need it by lunch time" (there is no half day leave concept in our office ) "Ok ok, you will get it by 1. tell the people at disbursement" Went back to disbursement dept and queried. She searched thru all cheques and declared your cheque is not ready. please wait. I repeated the same half day leave thing. I went to the customer lounge, sat there for few minutes, then came back to disbursement. Voila, she found the cheque and it was ready. Collected it and rushed to mr. Mohan's desk he is missing. It was 12:50 PM now. Hmmmm waited there for about 10 mints, Mr. Mohan came back from the rest room. He was polio affected and he could walk slowly only. As soon as he spotted me "aah mr. menon, you got the cheque? come with me" Then again signing few more places. He handed over the cheque to me along with the bank approval form. Wow, i can go now? Yea you can. Phew....that was so easy. Where is 15-20 days threat and 5 days approval. The loan application was submitted to the bank by dealer on 9th and the loan was approved on 12th and got a confirmation on 13th. Just 5 days. One extra day for appointment. In a nutshell : Banking with SBI car loan department is very easy now. They are very professional. No hassles if all your documents are perfect. Atleast that was my experience. SBI rocks. 100 marks to their professionalism and service minded approach. So if anyone wants to go for a bank loan with SBI, dont think twice, go for it. Golden words: YOU NEED TO HAVE ALL REQUIRED DOCUMENTS PROPER AND GENUINE. All the best to all of you.