Loan not approved by AXIS bank

ram_hyundai · 17th February 2008, 19:47

see i had seen an advt werein a guy was questioning the electrician on his knowledgr of the job he was doing.end he leaves the job to expert and pushes off.you would have friends who would have past expierience of buying cars and please why dont you take the advice of an expert near you.you wont have to pay him anything for his consultancy.get the issue sorted fast and we would wish to see one more fiat in the t-bhp line upp.
ram

mahadev_kc · 25th February 2008, 17:59

On the other hand, why don't you check with TATA Motors Finance. They have best deals for TATA and FIAT vehicles..

I got mine one from TATA Motors Finance for very less interest rate as compared with any other bank at that time.

jkdas · 3rd March 2008, 10:45

Quote:

Originally Posted by mahadev_kc

On the other hand, why don't you check with TATA Motors Finance. They have best deals for TATA and FIAT vehicles..

I got mine one from TATA Motors Finance for very less interest rate as compared with any other bank at that time.

How much and for which model?

For Safari its

greenhorn · 3rd March 2008, 12:30

tata's interest rates are misleading. for the same amount, a loan from CSB turned out to have lesser EMI's than tata's , despite tata claiming lower interest rates.

mahadev_kc · 3rd March 2008, 15:37

Quote:

Originally Posted by jkdas

How much and for which model?

For Safari its

I got 1990/lac for 5 years. At that time, others were quoting at 2100/lac to 2200/lac for 5 years. Vehicle is FIAT Palio 1.6 Sports, APR-2006.

jkdas · 3rd March 2008, 16:40

For Innova its 8% ! Dnt ask me how much for Safari!

NetfreakBombay · 3rd March 2008, 18:55

Quote:

Originally Posted by greenhorn

tata's interest rates are misleading. for the same amount, a loan from CSB turned out to have lesser EMI's than tata's , despite tata claiming lower interest rates.

Thats because dealers and DSA don't quote "Operating Interest rate". Banks give some discount over actual rate and that discount reduces principal that has to be paid.

unknown · 25th February 2012, 20:03

Need help - how to get car loan approve without co-applicant ? really having problem to get finance.

PAVAN KADAM · 25th February 2012, 23:02

Quote:

Originally Posted by NetfreakBombay

Thats because dealers and DSA don't quote "Operating Interest rate". Banks give some discount over actual rate and that discount reduces principal that has to be paid.

You seem to have got confused.

Dealers / DSA's have no hold over the Rates or the Processing Fee, They are just puppets at the hands of the so called Bank.

Trust me, DSA's / Dealers's sometimes work real hard to get you the Best rate.

Quote:

Originally Posted by unknown

Need help - how to get car loan approve without co-applicant ? really having problem to get finance.

Car-Loan with a Co-applicant

Which Bank is asking that....???

Car loans are Secured loans, So a Co-applicant coming into picture is a rarity, only unless if the applicant's Financial Stability is Low, then the question of co-applicant arises.

unknown · 25th February 2012, 23:17

Quote:

Car-Loan with a Co-applicant

Which Bank is asking that....???

Car loans are Secured loans, So a Co-applicant coming into picture is a rarity, only unless if the applicant's Financial Stability is Low, then the question of co-applicant arises.

Yes, ICICI/HDFC.
Reason they're giving is under age, 25 years isn't enough for self employed

also it's my first car loan.

StarrySky · 25th February 2012, 23:18

Quote:

Originally Posted by unknown

Need help - how to get car loan approve without co-applicant ? really having problem to get finance.

One way is to reduce the loan amount. You could pledge some gold for the rest of the amount. Besides, I think gold loan would work out to be cheaper than vehicle loan.

unknown · 25th February 2012, 23:24

Quote:

Originally Posted by StarrySky

One way is to reduce the loan amount. You could pledge some gold for the rest of the amount. Besides, I think gold loan would work out to be cheaper than vehicle loan.

I'll check what they say if i reduced the loan amount, don't have other option though.
Thanks mate !

NetfreakBombay · 25th February 2012, 23:28

Quote:

Originally Posted by PAVAN KADAM

Trust me, DSA's / Dealers's sometimes work real hard to get you the Best rate.

Dealers (and associated DSAs) they do not disclose the commission that bank is going to provide. This commission is a cost that is ultimately passed on to customer in terms of rates.

If the same customer approaches banks directly, he/she can cut a better deal.

Ultimately, they do provide a service I.e. single point of contact for car financing and car purchase. However, they do not disclose actual additional cost of this service.

This is just like RTO registration done by dealers. Customer gets convenience, but i charged 5 - 20k extra on top of actual RTO charges (even after accounting for 1k of "bribes").

Quote:

Originally Posted by unknown

Need help - how to get car loan approve without co-applicant ? really having problem to get finance.

Pls check your CIBIL score. Because of that score or some other criteria (like your employer or your address) bank does not want to take full risk.

Can you provide additional security? Like FDs that you might have to some NSC or any other long savings with a govt institution.

unknown · 25th February 2012, 23:38

Quote:

Pls check your CIBIL score. Because of that score or some other criteria (like your employer or your address) bank does not want to take full risk.

Can you provide additional security? Like FDs that you might have to some NSC or any other long savings with a govt institution.

Cibil score should be default cibil score i guess (maybe blank) as I have never taken any loan before, it's first time i've applied & it didn't approve.
I can't as I don't have any.

NetfreakBombay · 26th February 2012, 00:32

Your Credit card(s) also contribute to credit score. And since last few months, even payments for Internet/Telephone.

So, do check CIBIL score. Based on good repayment record and good score bank might reconsider.

Next couple of days is a good time to talk to bank since most sales departments would have a monthly quota to meet.

17th February 2008, 19:47	#46
ram_hyundai Senior - BHPian Join Date: Jun 2006 Location: Calicut ,trisur Posts: 2,019 Thanked: 53 Times View My Garage	see i had seen an advt werein a guy was questioning the electrician on his knowledgr of the job he was doing.end he leaves the job to expert and pushes off.you would have friends who would have past expierience of buying cars and please why dont you take the advice of an expert near you.you wont have to pay him anything for his consultancy.get the issue sorted fast and we would wish to see one more fiat in the t-bhp line upp. ram
	() Thanks

25th February 2008, 17:59	#47
mahadev_kc BHPian Join Date: Apr 2006 Location: Bengaluru Posts: 328 Thanked: 48 Times View My Garage	On the other hand, why don't you check with TATA Motors Finance. They have best deals for TATA and FIAT vehicles.. I got mine one from TATA Motors Finance for very less interest rate as compared with any other bank at that time.
	() Thanks

3rd March 2008, 12:30	#49
greenhorn BANNED Join Date: Apr 2007 Location: KL-01 Posts: 7,878 Thanked: 4,909 Times View My Garage	tata's interest rates are misleading. for the same amount, a loan from CSB turned out to have lesser EMI's than tata's , despite tata claiming lower interest rates.
	() Thanks

3rd March 2008, 16:40	#51
jkdas Senior - BHPian Join Date: Sep 2005 Location: Thiruvananthapu Posts: 9,687 Thanked: 1,496 Times View My Garage	For Innova its 8% ! Dnt ask me how much for Safari!
	() Thanks

25th February 2012, 20:03	#53
unknown BANNED Join Date: Sep 2005 Location: Earth Posts: 439 Thanked: 23 Times	Re: Loan not approved by AXIS bank Need help - how to get car loan approve without co-applicant ? really having problem to get finance. Last edited by unknown : 25th February 2012 at 20:16.
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26th February 2012, 00:32	#60
NetfreakBombay Senior - BHPian Join Date: Jan 2008 Location: Bombay Posts: 1,481 Thanked: 1,128 Times	Re: Loan not approved by AXIS bank Your Credit card(s) also contribute to credit score. And since last few months, even payments for Internet/Telephone. So, do check CIBIL score. Based on good repayment record and good score bank might reconsider. Next couple of days is a good time to talk to bank since most sales departments would have a monthly quota to meet.
	(1) Thanks