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Which car loan to go for?

Discussion in 'Insurance & Loan Reviews' started by dj.nish, Sep 12, 2011.

  1. Ferrariscdr

    Ferrariscdr Amatore

    Messages:
    82
    Karnataka
    yes agreed with dj.nish, even my loan was sanctioned so easily, for me why it took time is i didnt have any account with SBI so they have to open an account. if someone already has account with SBI it is pretty simple.
    Also I would like to tell one thing that when you reach to bank (rather bank comes to you for loan) it is more customized and I was able to hold money for dealer until I am fully satisfied with the vehicle.if you take a loan from HDFC or any other bank, it will be directly paid to dealer and you have no stop to it if anything goes wrong with the vehicle. I kept atleast 20K on hold even till the date of delivery so that everything gets perfect.

    Last edited by a moderator: Jan 19, 2013
  2. dj.nish

    dj.nish Superiore

    Messages:
    543
    Mumbai
    Haha Ferrariscdr, I've had the completely opposite experience with SBI. First I didn't have an account with them. But still my loan got processed very fast. Second, I had no control over the disbursement. Infact I was angry at SBI because they paid the dealer in full without even checking with me. I refused to take delivery and threatened the dealer and Bank with legal action. A lot of apologies later I was told that the loan agent sitting at the dealer office had got this done in order to achieve his sales targets.
  3. Relativity

    Relativity Superiore

    Messages:
    853
    Chennai
    Hi,

    I have recently taken Car Loan from SBI for 5 years and the document says there will be no pre-payment penalty. The Branch Manager asked me to open a Savings Account as well. However, I am finding it hard to get any information on this account. My issues are:

    • There is no SMS alert or email alert or any intimation by the bank whenever there is a transaction on the car loan. For Example, my first EMI was debited but I did not get any intimation and today my Father in Law deposited 50K into this Car Loan Account but again there is no intimation by the bank. I have a personal loan with HDFC and everytime there is a transaction, I get a SMS or an email.
    • I already had a PPF account with SBI in another branch and the Car Loan is at a different branch but the Branch Manager opened it under the same C.I.F. so they are all linked it seems (Car Loan, Savings and PPF). However, they are confusing me by saying the Car Loan account will be at this branch but they will transfer the Savings account to the other branch where the PPF account is maintained.
    • In order to get a Internet banking password, I need to go and apply at the branch where the Savings account and PPf account are maintained. They have assured me that once I login, I should be able to view all 3 accounts.
    • I have not received the passbook, chequebook, ATM card etc. Will this come by post?
    • How do they apply the lumpsum payments we make to the Car loan? Does the EMi get reduced or the tenure gets reduced?
  4. ramjn

    ramjn Staff Member Janitor

    Messages:
    5,245
    Chennai
    Linea 1.3
    I have my salary account, car loan account with SBI.
    • There is no SMS alert or email alert or any intimation by the bank whenever there is a transaction on the car loan. For Example, my first EMI was debited but I did not get any intimation and today my Father in Law deposited 50K into this Car Loan Account but again there is no intimation by the bank. I have a personal loan with HDFC and everytime there is a transaction, I get a SMS or an email. There is no SMS alert for the transactions on Loan with SBI. But, I do get SMS 2 or 3 days before the EMI is applied to my car loan account. This is sent as a reminder to me.

    • I already had a PPF account with SBI in another branch and the Car Loan is at a different branch but the Branch Manager opened it under the same C.I.F. so they are all linked it seems (Car Loan, Savings and PPF). However, they are confusing me by saying the Car Loan account will be at this branch but they will transfer the Savings account to the other branch where the PPF account is maintained. Most of the banks have now centralized the loan accounts. SBI also does the same. Any loan with SBI in Chennai will be opened in Mount Road branch only. Still, you have the option of opening SB account with any of their branch. Anyway, all accounts can be viewed in a single internet logon.
    • In order to get a Internet banking password, I need to go and apply at the branch where the Savings account and PPf account are maintained. They have assured me that once I login, I should be able to view all 3 accounts. This is true. What is the issue here?
    • I have not received the passbook, chequebook, ATM card etc. Will this come by post? Do you still need passbook? Cheque book and ATM card are sent by post.
    • How do they apply the lumpsum payments we make to the Car loan? Does the EMi get reduced or the tenure gets reduced? As far as I know, you will get to choose the option.

    Finally, the best option for you would be to contact the SBI customer care. :).
  5. Relativity

    Relativity Superiore

    Messages:
    853
    Chennai
    Thanks Ramjn. I am going to Mount road branch tomorrow to collect the Savings Account Passbook and to ensure they send my cheque book, ATM card by mail ASAP.

    Then, I will go to Anna Nagar branch on Friday to get the Netbanking password. Hopefully, I will have all 3 accounts under the same login. The pain is to drive down all the way to Anna Nagar.
  6. shams

    shams Esperto

    Messages:
    2,388
    Bangalore
    in the above scenario your EMIs will end sooner and the monthly amount deducted will remain same except for the last month. For reducing the monthly emi amount you need to give a request separately based on which it will be recalculated. Any payment over the emi will be directly deducted from the principal component.
  7. naveen2cool

    naveen2cool Superiore

    Messages:
    646
    Chennai
    Hi Guys,

    I got my loan from Axis bank at 11.5% Fixed and 1000 rs as processing fees. I got it from Loans India: Get Cheapest Loan Rate in India - BankBazaar.
    The process was totally hassle free and got the comfort of getting a loan sitting at home :)
    And they also gave me a 4000Rs bonus ;)

    The bad part, in a week I got my loan disbursed they are giving loans @ 11.25% fixed with no processing fees :O
    Last edited: May 16, 2012
    1 person likes this.
  8. Racing_2012

    Racing_2012 Amatore

    Messages:
    51
    Bangalore
    Bangalore
    Grande Punto 1.3
    Hi Guys

    I booked Punto Dynamic 1.3 MJD and applied for Car loan from Axis Bank..My Loan got processed @ the interest rate of 10.5% Fixed.
    1 person likes this.
  9. naveen2cool

    naveen2cool Superiore

    Messages:
    646
    Chennai
    Good deal. Congrats.

    tasting the Italian delight!
  10. nkrishnap

    nkrishnap Staff Member Janitor

    Messages:
    1,900
    Bangalore
    Bangalore
    Linea 1.3
    The best part about the SBI loan is that, you can close the loan account any time and you will get an NOC the same day. I am telling you this by past experience. No other private banks does this even if they have no preclose charges. Some fine print will be there, that you need to intimate the bank 21 days before or something like that.

    When you guys check for the loan, do check for these fine prints.

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