Car loan SBI or Kotak ?

Zappo · 18th June 2007, 18:08

Quote:

Originally Posted by SX4_2007

Thanks omishra, I already checked with them, problem with them is they are not ready to give loan without guarantor with his 3 yrs IT returns and 3 months of paychecks. I don't want ask someone for all these details.

BOM is talking through its hat. Did you tell them that you are looking for a new car loan and not a personal loan or educational loan?

In the case of a new car the vehicle itself serves as the guarantee. The vehicle remains hypothecated to the bank and the details are accordingly noted down in the RC book. So where is the question of a guarantor here?

omishra · 18th June 2007, 18:23

Quote:

Originally Posted by Zappo

BOM is talking through its hat. Did you tell them that you are looking for a new car loan and not a personal loan or educational loan?

In the case of a new car the vehicle itself serves as the guarantee. The vehicle remains hypothecated to the bank and the details are accordingly noted down in the RC book. So where is the question of a guarantor here?

In my case, I did provide a guarantor, but only one months salary slip was required from him. BTW, he is very much wealthy person.

Any way golden rule is "To get a loan, you have to prove that you dont need it"

sithon · 19th June 2007, 08:49

Quote:

Originally Posted by Zappo

In the case of a new car the vehicle itself serves as the guarantee. The vehicle remains hypothecated to the bank and the details are accordingly noted down in the RC book. So where is the question of a guarantor here?

Hi Zappo, Slightly off topic :
but is this true only for car loans? i mean if you take a home loan woudnt the house itself serve as the gaurantee?
I know even ICICI required some kind of gaurantor for a home loan few years back.
Thanks

SX4_2007 · 19th June 2007, 11:40

Quote:

Originally Posted by omishra

Hi,
As you are from Pune you can look at bank of Maharashtra. Last week I took loan for my SX4 from them. It was Rs 2212/Lac (11.75%/anum) daily reducing w/o prepayment fees.
-Om

Om, could you please share your driving experience of SX4 in Pune's traffic, mileage in city, visibility/blind spots etc, may be in some other thread dedicated to SX4 like http://www.team-bhp.com/forum/new-in...ht-ripped.html or http://www.team-bhp.com/forum/new-in...ve-report.html?

Thanks

omishra · 19th June 2007, 13:09

Surely,
But Still I am waiting for my car. (Almost last 40 days of waiting). I am expecting delivery this week sometime before weekend.
Regards,

Zappo · 19th June 2007, 14:47

Quote:

Originally Posted by sithon

Hi Zappo, Slightly off topic :
but is this true only for car loans? i mean if you take a home loan woudnt the house itself serve as the gaurantee?
I know even ICICI required some kind of gaurantor for a home loan few years back.
Thanks

Yes... you are right. That is why when you apply for a house loan they normally do not ask for a guarantor. However I do know of certain cases wherein the loan was high and the real estate market was experiencing some turbulence. So the bank asked for a guarantor as well.

In case of a car a guarantor is not required simply because the rate of the new car's depreciation is known. Normally the EMIs more than take care of that depreciation. If you pay EMI for one year before you default you would have paid more amount than what the car would have depreciated by. That is why a guarantor is not required for a new car loan as long as your other papers are in order.

sithon · 19th June 2007, 15:34

Cool. That answers my question Zappo - Thanks !.
On a lighter side: So i guess only if i went for a very costly bmw or something they may want a gaurantor..

Nimz · 19th June 2007, 23:31

hi,
this is the first time am hearing of floating rates for car loans.

Well.. Given the current state of things is a floating loan advisable or is it safe to go with a fixed rate.

Thanks
Nimz

djay99 · 9th July 2007, 17:10

Hey Nimz,

You will get under category of floating rate but interest rate will not change for the whole tenor.

Ex. while opting for a loan, interest rate is 10% under floating category for 5years. After an year if int rate comes down to 9% or go up to 11%, you would be paying at a rate of 10%.

I heard this from nationalized bank employees.
I dont know abt private players.

triedeverything · 14th December 2009, 08:43

Couldn't find a better thread to post this. I wanted to take a loan from SBI. Now is it advisable to take it from the person in the car agency or go directly to the bank? I know insurance is far less if taken directly from the insurance agency than the car agency - thanks to these forums.

mjothi · 14th December 2009, 08:51

Quote:

Originally Posted by triedeverything

Couldn't find a better thread to post this. I wanted to take a loan from SBI. Now is it advisable to take it from the person in the car agency or go directly to the bank? I know insurance is far less if taken directly from the insurance agency than the car agency - thanks to these forums.

It should be good in terms of terms and conditions or hidden text if you directly go with the bank. If its through the agent, then it would be good in terms of logistics

Anyway, you can still go for insurance with anyone, even one outside these two. Get a quote with other insurance people and negotiate with these agency if they charge more.

And don't just see the premium amount. Look for the standard deductions, cashless options, IDV and other terms to select the Insurance.

triedeverything · 14th December 2009, 09:01

From what I heard SBI charges 8% in the first year, 9% in the second and 10% in the third. The next two years is the fluctuating market rate. So as far as the interest is concerned, I think it is the same. I'm not sure what you mean by hidden text?

triedeverything · 20th December 2009, 08:39

According to India Garage, SBH(State Bank of Hyderabad) has the best deal. No processing charges, same rates of interest as SBI, faster processing (within 8 days)and no foreclosure charges.

triedeverything · 23rd December 2009, 22:15

I've applied for a loan in SBH and I'm having second thoughts on the dealer. If I change the dealer, how long does it normally take for the bank to change the beneficiary? They are currently taking 4 working days to grant the loan. I hope this is something that won't take so much time as I need to invoice the vehicle in this year itself. Anyone on this forum changed dealers after applying for a loan?

mrkanitkar · 28th December 2009, 14:26

why you want to change the dealer?

19th June 2007, 13:09	#20
omishra BHPian Join Date: Jun 2007 Location: Pune Posts: 279 Thanked: 45 Times	Surely, But Still I am waiting for my car. (Almost last 40 days of waiting). I am expecting delivery this week sometime before weekend. Regards,
	() Thanks

19th June 2007, 15:34	#22
sithon BHPian Join Date: May 2007 Location: Bangalore Posts: 70 Thanked: 0 Times	Cool. That answers my question Zappo - Thanks !. On a lighter side: So i guess only if i went for a very costly bmw or something they may want a gaurantor..
	() Thanks

19th June 2007, 23:31	#23
Nimz BHPian Join Date: May 2007 Location: Bangalore Posts: 593 Thanked: 200 Times View My Garage	hi, this is the first time am hearing of floating rates for car loans. Well.. Given the current state of things is a floating loan advisable or is it safe to go with a fixed rate. Thanks Nimz
	() Thanks

9th July 2007, 17:10	#24
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,480 Thanked: 553 Times View My Garage	Hey Nimz, You will get under category of floating rate but interest rate will not change for the whole tenor. Ex. while opting for a loan, interest rate is 10% under floating category for 5years. After an year if int rate comes down to 9% or go up to 11%, you would be paying at a rate of 10%. I heard this from nationalized bank employees. I dont know abt private players.
	() Thanks

14th December 2009, 08:43	#25
triedeverything BHPian Join Date: Jun 2007 Location: Bangalore Posts: 503 Thanked: 247 Times View My Garage	Couldn't find a better thread to post this. I wanted to take a loan from SBI. Now is it advisable to take it from the person in the car agency or go directly to the bank? I know insurance is far less if taken directly from the insurance agency than the car agency - thanks to these forums.
	() Thanks

14th December 2009, 09:01	#27
triedeverything BHPian Join Date: Jun 2007 Location: Bangalore Posts: 503 Thanked: 247 Times View My Garage	From what I heard SBI charges 8% in the first year, 9% in the second and 10% in the third. The next two years is the fluctuating market rate. So as far as the interest is concerned, I think it is the same. I'm not sure what you mean by hidden text?
	() Thanks

20th December 2009, 08:39	#28
triedeverything BHPian Join Date: Jun 2007 Location: Bangalore Posts: 503 Thanked: 247 Times View My Garage	According to India Garage, SBH(State Bank of Hyderabad) has the best deal. No processing charges, same rates of interest as SBI, faster processing (within 8 days)and no foreclosure charges.
	() Thanks

23rd December 2009, 22:15	#29
triedeverything BHPian Join Date: Jun 2007 Location: Bangalore Posts: 503 Thanked: 247 Times View My Garage	I've applied for a loan in SBH and I'm having second thoughts on the dealer. If I change the dealer, how long does it normally take for the bank to change the beneficiary? They are currently taking 4 working days to grant the loan. I hope this is something that won't take so much time as I need to invoice the vehicle in this year itself. Anyone on this forum changed dealers after applying for a loan?
	() Thanks

28th December 2009, 14:26	#30
mrkanitkar BHPian Join Date: Aug 2007 Location: Pune Posts: 224 Thanked: 13 Times	why you want to change the dealer?
	() Thanks