[chocoguy4u]

Originally Posted by Majumdarda

SBI does have a pretty lengthy process but to the extent I have been informed by colleagues, if one has all documents ready and organised, then getting a loan is just a matter of days (3-5). Plus with the added benefit of nil foreclosure charges post one year!

Completely wrong if you're thinking SBI has a lengthy procedure.
For a salaried individual, just the basic required documents and the loan will be approved the next day.

Recently, I took a car loan with SBI. Submitted docs, received a message next day morning stating request for loan received and approval message was received the same day in the evening.

Even better, next day I received a call stating that interest rates have been reduced and they processed another request along with the reduced interest rates.

Also, HDFC quoted the stamp duty as INR 3,600 whereas the stamp duty I paid at SBI was around INR 2150.

[Altocumulus]

I took a loan for my new City from Axis Bank. Loan approved in a day and processing fees was 0.5% IIRC. The interest rate is 9.1%. The biggest advantage with Axis is that part prepayments foreclosures are allowed with 0% penalty.

[RS_DEL]

@Mods: Please place post as you feel appropriate . Thanks .

Would anyone care to recommend any financial intermediaries arranging funding for purchase of pre-owned vehicles in the Delhi area?

[GTO]

Originally Posted by RS_DEL

Would anyone care to recommend any financial intermediaries arranging funding for purchase of pre-owned vehicles in the Delhi area?

Why do you want an intermediary? Approach your bank (or a couple of banks, including nationalised ones) yourself. They're eager to hand out loans to those with good credit.

Be sure to pit one against the other for the best rates. For a used car, also consider taking a loan against your fixed deposit - link.

The only time I'd approach a DSA is if they can arrange delivery of a new car faster (a lot of them do).

[RS_DEL]

Originally Posted by GTO

Why do you want an intermediary? Approach your bank (or a couple of banks, including nationalised ones) yourself.
Be sure to pit one against the other for the best rates. For a used car, also consider taking a loan against your fixed deposit - link.

The only time I'd approach a DSA is if they can arrange delivery of a new car faster (a lot of them do).

I have been a customer of an Indian private bank for a while. My query with the 'relationship manager ' re funding for a used car brought forth a response that is ridiculous to put it mildly . The response in essence was that irrespective of [1] the conduct of your banking relationship , & [2] tax returns, certain categories of income e.g rental income etc are deemed too risky to be considered credit worthy.

Further enquiry has elicited information which alleges repeat alleges that refusal is meant to drive customers to financial intermediaries , who then 'convince' the bank of your credit worthiness.

[pandey.jai]

Apologies if this is not the right thread.

I'm trying to get a car financed from SBI and I heard that any pre-payment of loan after the 1st installment is paid comes with zero penalty. Can anyone help me understand how their experience with SBI has been? Is it a hassle to close out the loan before the term?

[longhorn]

I did not have any problem in foreclosing my car loan from SBI. If you have an SBI account they will map your loan account to it and you can see your outstanding balance online. You can opt for ECS so hassles for monitoring every month. You can prepay even 1 Re. Whatever excess you pay will be adjusted against your outstanding principal. Only thing you might have to ask them to apply the new interest rate whenever the rate dips. Otherwise it was smooth sailing all through.

[aargee]

I'm sure no one here will be lured for such tactics, but still, in the outlook towards finding cheaper alternatives, please beware of such scams that can possibly be copied (or presently ongoing) in your city as well.

Since the target is middle class, its quite possible govt may sit on the issue as they're in no pressure from the rich class & politicians.

And most importantly - Please exercise caution when sharing personal credentials

An organised racket has to come to light where a network was employing 300 people and running nine fake call centers, cheating hundreds of crores from thousands of unsuspecting citizens after promising to arrange bank loans.

Seven people have been arrested in connection to this mega crime. Cellphones, hundreds of bank passbooks, ATM cards and duplicate PAN cards have been recovered from the gang.

More than 500 complaints have been received at the bank frauds section functioning under the Central Crime Branch of the Chennai Police Commissioner’s Office. These complaints speak of being cheated by false promises to get bank loans and to obtain loans at reduced rates of interest.

The police then formed a separate team to investigate these complaints and they were on the lookout for the fraudsters. This team zeroed in on the culprits and arrested seven people. Upon further questioning, some startling details have come out.

The gang has been operating seven BPO centers with Vadapalani as their head office and had registered nine different entities as companies to conduct ‘business’. They had recruited around 300 people and even trained them on how to approach the customers. These employees were being paid salaries ranging from Rs 8,000 to Rs 10,000, besides issuing a mobile phone each with a SIM connection.

They would collect the contact numbers of people looking for bank loans and then engage them to find out if they wanted to borrow loans at reduced rates and minimal verification. If the customer said yes, they collected their ATM cards, bank passbooks, PAN cards etc and made duplicate ATM cards for the same bank accounts.

If someone wants a loan of Rs 3 lakh, they collected Rs 70,000 as ‘processing fee’. Moreover, the fraudsters took the OTPs from some customers and made transfers of large amounts. Most of these people fell for the lure of a lower interest loan and got cheated.

The mastermind behind this network has vanished with the loot and the police have launched a manhunt for him. Based on the details provided by those arrested, more than 50 bank accounts have been frozen.

Many of those who worked in these call centers are engineers and they had ‘no idea’ about how these things worked. Police claim the frauds committed by the gang may run into hundreds of crores and that they will capture the main culprit soon.

Source - https://www.timesnownews.com/mirror-...itizens/369256

[fhdowntheline]

Bumping up an old thread all over again. There was a query from within the family- whether one can "transfer" an existing car loan over to a new car within the same Bank whilst simultaneously selling off the old car ? Essentially, can the bank close off the old loan by topping up a new one for a new car ? Before I go to a bank -wanted to know if this can actually happen.

[inder]

Is the car loan interest offered by Private banks like HDFC fixed or floating ?

[shahbaz63]

Originally Posted by inder

Is the car loan interest offered by Private banks like HDFC fixed or floating ?

HDFC offer both the options.