State Bank Of India Ranked #1 of 1 Loan Companies

4.5 from 2 reviews

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  1. kr_vasudev

    kr_vasudev Superiore

    You are very lucky to get the speedy sanction.

    Received call from dealer that they have received the sanction letter, went and made the full and final payment.

    Went and checked the car at yard. Sorry to say it was way too dirty covered with full of dust. I saw the chrome beading having some gaps, showed and asked them to fix it. Rest of the things looked cool. To my surprise the KMPL read 18 for last 34 KMS (Nelamangala to Whitefield drive)

    The trick of threatening the dealer worked at last. It was too much of tension, I badly needed my car on Sunday thankfully all ended well.

    Sorry for not taking the snaps of the car. I was in hurry and forgot to carry my camera. I started loving my car, love at first sight :dance

  2. sankulamb


    After deciding to buy a punto emotion it was time to arrange for a loan and here goes my experience with SBI.

    I had enquired about SBI loan when i had visited the dealership and he had given me all the details. After finalizing on buying punto i called up the same guy asking for few more details and he told SBI would take time to process and as there are holidays around the corner (dasara and bakrid) he asked me to go with sbm which was charging 0.5% more with all other T&C remaining same as SBI. For obvious reasons he was pushing me to go for SBM and i wasn't ready for any other banks except SBI. Who's not in a hurry to buy a car ??

    With a dilemma in mind whether to go for SBM or SBI, I just searched online for experience with SBI and I got a SBI page for applying loan online and i just filled it up and submitted to see how it goes :) Immediately I got a confirmation email asking for the documents that needs to be kept ready. The next day i got a call from sbi agent asking for documents. As i was out of town that day i asked him to come over on Monday to collect the docs. As agreed he came on time and collected the docs. I asked him how long it would take to get the loan and he said in 3 days you will get a response whether its approved or not.

    After waiting for 3 days on thursday sbi loan processing officer called up and confirmed on the tenure and loan amount, he said he will get back on friday but I dint get any response. I asked the agent on the status of loan on Friday and he called me on saturday saying u need to visit residency road branch on Monday morning with originals of documents collected and also gave the sbi loan processing officer contact number to talk to him before going there.

    On monday morning i called up the officer and he asked me to get originals, stamping paper for agreement, receipt from dealer for the complete downpayment, original proforma invoice.
    I dint know where to get the stamping papers (searched google and came to know its a hassle to get one) and asked him if he could arrange for one and he said he will get back after sometime. I also hadn't paid complete down payment to dealer so thats one document missing. I told the same to the officer and he said i can anyway comeover sign the papers and can submit other documents later on. I went to the branch and the officer immediately attended. We signed the papers, he asked to provide address proof from employer, gave ECS forms to be signed from citibank and asked downpayment receipt and original proforma invoice. As the next 2 days were holidays he asked me to come on thursday. I got the ecs documents signed at citibank which took more time than time spent at sbi :). Next 2 days was holiday at dealer as well.
    On thursday i went to dealer paid the balance and got the receipts and original proforma invoice then went straight to sbi. Gave all the documents, officer verified all the docs and we waited for a guy to deliver the stamping papers. Meantime i asked about sbi loan processing reduced from 0.51% to 0.25%. He returned the cheque i had given towards processing fee and directly debited the money from my sbi savings account. After we got the stamping papers we signed it. I got form 20 papers signed from him and also gave rtgs details to transfer the money to dealer directly. He told he will do the transfer on same day. I called him in afternoon asking for reference id of transfer, he said after transfer he will provide the same to sales agent directly, he had got sales agent number from him before.

    I checked my sbi account online in the evening and the loan amount was reflected. So how long it really took to get the loan? 2 weeks in my case as there were holidays and the documents were not complete, otherwise it would have taken not more than 5 days (1 week) to get the loan.

    Pointers for people going for SBI loan on their own -

    1) SBI agent told since i had sbi savings account, loan processing would have been much faster if i had gone to my branch directly but since it was far from my place i hadnt given it a shot. He said if you have all the documents they might approve on same day, not really sure but sounds good
    2) Going with dealer for loan processing is better as you can get it right first time, they might crib or delay in case they are not interested in SBI, however in case you push they will not have a choice and might process SBI.
    3) Getting stamp paper in banglore is hassle so try arranging one from dealer before hand.
    4) Talk to agent to get the right documents i was giving itr-v instead of form-16 (as either of them were fine as per SBI) but he insisted on form-16 which i mailed him later on, also they need 3 months salary slip and not 1 month.
    5) Loan processing officer wanted an address proof from employer as sbi dint accept rental agreement or tata photon bill, they only accept bsnl landline.
    6) I got the loan amount wired through RTGS, its better to check the car and have the VIN number before making the transfer. Once done you might not have much options.
    7) I went for close to 85% loan with 7 years tenure as i wanted to have cash in hand and lesser EMI, remember that EMI is fixed even if you do prepayment your EMI will not be reduced but its the tenure that gets reduced. So in case you are planning for a home loan you may not be able to increase your loan eligibility by prepaying the car loan.
    8) SBI loan officer was very professional and helpful, very different from what i had anticipated with a national bank.
    9) Pre-closure in case of private banks is very costly (just check before you go for one) a major reason for going with SBI, on the other hand they might process in few days.

    I am awaiting for car in couple of days and will see if i can write a review about my buying experience in a short while.
    Last edited: Oct 29, 2012
    1 person likes this.
  3. sands

    sands Timido

    Congrats on your booking! which dealer did you book the car at? Most dealers in Bangalore are having tie ups with SBI and do not crib for any reason if you ask for loan through SBI. AS you mentioned, it is easiest when it is through the dealer. In my case , in Jan this year, I had booked my punto through Aadya motors, my loan was processed through the dealer. I specifically asked for SBI and on a sunday, a dealer representative took me to RT nagar SBI branch, and my loan formalities were completed in around an hour. I had taken 3Lakh loan only and this much amount requires only CIBIL score verification, hence faster -near instant approval. But I was pleasantly surprised by the whole experience at SBI and would recommend them any day over some of the 'blood sucking' private banks!
    And regarding getting e-stamp papers , it is not difficult at all nowadays. There are lot of banks authorized by SHCL India who sells e-stamp papers. would not take more than 5 minutes from them.
  4. Rachit Bhatnagar

    Rachit Bhatnagar Amatore

    A personal experience & suggestion I am sharing to all prospective car buyers who are considering a car loan. When I purchased my Linea T-Jet+, I was also looking for car loan & contacted the dealer to help me find it out. Dealer advised me few private banks but they all were charging more than 12% & only SBI was 10.5%.

    Next day I went to my SBI branch to inquire about car loan. Bank manager saw my account details & suggested me to go for loan against Fixed Deposits (FD) that I deposited with SBI. He said Bank can fund me up to 85% of FD amount with just 0.5% more than the rate of interest bank was giving me on FDs i.e I was getting around 9.25% rate of return on my FDs, so bank will charge me 9.75% on loan. The said loan tenure is up to maturity date of my FDs & loan can be disbursed with in a day with no paper work required. Bank only need a Rs 100/- stamp paper to make a contract between bank & customer. I need to surrender my FD certificate with the bank & they will return the same when I will fully repay my loan amount with interest. Other good features of this loan is that I don't have to pay any EMIs & its totally flexible, I can pay any lump-sum amount (like any surplus bonus or incentives) at any time or in a monthly basis. No pre-closure penalty, no processing fee. Money will be deposited in my account instead of issuing DD to the dealer. its just like a personal loan that I can use for any purpose.

    In case I am not able to fully repay loan, bank will deduct unpaid loan amount charging 9.75% interest at the time of maturity & return the balance of my FD to me. so still I get cheaper loan than car loan. If I repay my loan in time, bank will return my FD & I will get full principle & interest on FD at the time of maturity so instead of money to be lying in the bank in the form of FD, one can make use of same for such purpose.
    3 people like this.
  5. I also took SBI car loan when I booked Punto Dynamic in month of Feb 2012. Gone for 85% of the On road price and 7 year tenure. It was told the interest rate is 12% floating. Part payment and pre closure of the loan was allowed with penalties.

    To get this SBI loan submitted all the documents to the dealer and the person from the dealer went to the Bank and submitted the documents. I was asked to visit the branch with the orginal and the dealer itself helped for stamp paper on the same day. Got the loan within 7 days after submitting documents and verification. I would recommend SBI car loan to any one comparing to the other private banks.
  6. sankulamb


    @sands - I booked at KHT motors, regarding the stamping papers there were lot of places its available as per SHCL but none of them had in stock near to my place. In a place like bangalore i dint want to loose couple of hours roaming around to find one, but then i got it arranged from SBI who had a contact with another dealer :)

    @Rachit - Dint really know this FD but surely sounds good and shows SBI is quite ahead in terms of choices to customers.

    Thanks guys for your feedback quite useful for prospective buyers.
  7. shams

    shams Esperto

    Although in the documents its mentioned that preclosure before half tenure will attract 2% penalty but all it takes is an application to get it waived. i have never heard of anyone paying preclosure charges to sbi.
  8. theblack

    theblack Esperto

    I closed my loan in 2011 july and mine was a preclosure.. I had loan from SBH and they didn't charge me any amount..
    Especially now no bank ,private or nationalized can charge any preclosure money.. The rule has come out .
    So nothing to worry at all..
    1 person likes this.
  9. Cubbie

    Cubbie Superiore

    Pre closure amount or penalty is rampant in non nationalised banks, its my own experience with hdfc last Dec !
  10. limraj

    limraj Esperto

    Linea 1.3
    I got the car loan from SBI hassle free in less than a week with overdraft facility.
    They are the best.

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