State Bank Of India Ranked #1 of 1 Loan Companies

4.5 from 2 reviews

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  1. ghodlur

    ghodlur Esperto

    Messages:
    2,542
    Thane
    This is basically the franking charges as rightly said by Aseem @asimpleson .

    Every agreement be it home or car does require to be franked by scheduled (nominated) banks and the charges are nominal. Used to be 0.1% of the loan amount, if it has been increased then unaware of that. For eg for my home loan of 19L I paid a charge of Rs 1900/-.
    asimpleson likes this.
  2. Torkue

    Torkue Timido

    Messages:
    16
    Hyderabad
    Hyderabad
    Linea T-Jet
    Thanks all for the inputs.

    I confirmed with SBI that stamp duty is mandatory and it goes to the RBI. Presently the stamp duty for car loan is 0.5% of the loan amount.
    Dr. Fixated likes this.
  3. Dr. Fixated

    Dr. Fixated Novizio

    Messages:
    40
    Hyderabad
    Linea 1.3
    ^ Hey Torkue. I was also told about the stamp duty at 0.5% of loan amount and that it goes to RBI. By the way, I also applied for a car loan with SBI through Ankitha Motors, Hyderabad. The documents reached SBI yesterday.
  4. Torkue

    Torkue Timido

    Messages:
    16
    Hyderabad
    Hyderabad
    Linea T-Jet
    @Dr. Fixated, I too have booked Linea Tjet at Ankitha. Documents were already submitted on last Monday and paid the stamp duty along with agent fees of 500. Spoke to bank person and the lady told me to visit the bank with pan card one time before handing over of the cheque. Expecting all to be done by tomorrow. Hopefully will get the car before new year.
    Dr. Fixated likes this.
  5. Sheldor

    Sheldor Novizio

    Messages:
    25
    hyderabad
    Fiat Enthusiast
    @Torkue @Dr. Fixated

    How was your experience with SBI? Could you please share them?
    I'm also planning to take my Punto from Ankitha motors, so any pointers would be helpful.
  6. Torkue

    Torkue Timido

    Messages:
    16
    Hyderabad
    Hyderabad
    Linea T-Jet
    @Sheldor

    SBI experience was nothing less than that from any private bank these days. One piece of advise - on the day of agreement specifically mention to the bank person that the amount should be released only upon your consent. From my experience, My loan amount got disbursed before even i had my car and the bank hadnt informed me of the disbursement.
  7. Dr. Fixated

    Dr. Fixated Novizio

    Messages:
    40
    Hyderabad
    Linea 1.3
    @Sheldor

    In brief, it was effortless. I provided the soft copies of the required documents to Mr. Vijay from FIAT and he coordinated with SBI. We had to pay one visit to the Yellareddyguda branch for the formalities.

    There was one hiccup related to the mode of payment for the EMIs. The usual process is to submit some blank cheques and they couldn't accept mine as the branch for my active savings account was not in Hyderabad and it was also not with SBI. So I wanted to open a savings account with SBI and integrate the loan account to it. But they could not open a new account as I already had an inactive SBI savings account from a distant past with a Mumbai branch. I had to contact the Mumbai branch for the transfer of my account to Yellareddyguda branch. However, the SBI personnel were cooperative. The verification of address etc. for the loan process took place a few weeks later.

    One peculiar thing was that I had to contact them over the phone to get to know the loan account number. I have not received any documents as such, till date. I mean, if they could do address verification, I wonder why they couldn't send the documents. The first EMI was paid at an SBI branch through a deposit slip. I still do not have any online account for that loan. They asked me to visit their branch to apply for internet banking, ATM etc. for that savings account. Hopefully, I will then be able to integrate that loan account with the SBI saving account and make EMI payments online instead of visiting an SBI branch every month.

    SBI charges floating interest rate and the interest rate for my loan was a fixed 10.5% p.a. (not very sure if it was 10.45% or 10.5%; as mentioned, not received the documents) for the first two years and base rate+0.5% for the rest of the period. Others charge more, AFAIK.
  8. pabhishek

    pabhishek Esperto

    Messages:
    1,520
    Oslo
    Pune
    Linea T-Jet
    My experience with Sbi was great. I opted loan from SB road branch, Pune in December 13 . Even during foreclosure of loan last year, their professionalism was overwhelming, even without me telling that my father is staff. :p

    Full 5 star.
  9. Saurabh Gharat

    Saurabh Gharat Novizio

    Messages:
    37
    Mumbai
    Mumbai
    Linea T-Jet
    SBI car loan rates revised to 10.15% from 8 June 2015:dead:
  10. Revv

    Revv Amatore

    Messages:
    110
    Chinchwad, Pune
    Chinchwadgaon Pune
    Linea 1.4
    Did anyone check SBI car loan rate after yesterday's rate cut ? I was being offered 10% before rate cut took place. I am guessing ROI must be around 9.75% now ?
    Saurabh Gharat likes this.

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