Which car loan company to go for?

IndrojitSircar · 5th September 2009, 15:30

Quote:

Originally Posted by MileCruncher

Don't agree to this one. Atleast for Car Loan SBI doesn't ask for collateral because the car is the collateral and loan protection is there through the Insurance.

Well my mother had applied for one and it got rejected for this reason though they wanted the loan amount to be there in some other form other then the car.

NetfreakBombay · 5th September 2009, 15:42

That is usually the case if there is some negative remark in credit history of borrower or if EMI is more than 30% of income.

In that case, bank would ask for additional collateral. That would be the case with both Govt and Private banks.

IndrojitSircar · 5th September 2009, 22:14

I didn't face that probelm with a a private bank it got cleared in 2 days.

MileCruncher · 5th September 2009, 22:50

Quote:

Originally Posted by IndrojitSircar

Well my mother had applied for one and it got rejected for this reason though they wanted the loan amount to be there in some other form other then the car.

Which bank was it and when did it happen? it could be some bank with a limited loans portfolio

IndrojitSircar · 5th September 2009, 22:59

Quote:

Originally Posted by MileCruncher

Which bank was it and when did it happen? it could be some bank with a limited loans portfolio

Its HDFC and it happend in june this year.

frequentflyer · 6th September 2009, 00:01

Till 30 sep SBI has the best car loan. 8% first year fixed and 10% year 2 and 3 fixed. No guaranteer. Looks good.

IndrojitSircar · 6th September 2009, 00:25

Quote:

Originally Posted by frequentflyer

Till 30 sep SBI has the best car loan. 8% first year fixed and 10% year 2 and 3 fixed. No guaranteer. Looks good.

Yes i had gone for this scheme but it didn't get cleared.

kumar7 · 6th September 2009, 01:08

On 27th Aug I submitted papers for car loan & saving a/c with SBI.
On 31st Aug got call from RACPC for original Invoice papers.
On 1st Sept verification completed.
On 4th Sept I called RACPC & they agreed to complete agreement on 5th Sept (I preferred weekends rather than wasting whole weekday)
On 5th Sept signed agreement & gave 12 PDC's (After wait of 1.5hours)
On 7th Sept they going to disburse payment to dealer!

This all completed in 9 days! (But I was also following it up personally to ensure every thing goes smoothly)

I know insurance is good but I said no for it & they didn't forced me to buy!

Not sure how they calculated registration amount. They asked me to pay Rs 1400/- for registration!!

Didn't got any receipt receipt of it & SBI staff said for loan amount of > 5L the registration amount is Rs 1400/-

balajeshi · 6th September 2009, 20:59

I think even i have to follow up with them [RACPC] there was no calls from them in the past 3 days apart from the SMS and mail i got about the amount sanctioned.

I called up the branch clerk through whom i submitted he told me wait till monday and said that i'll be getting mail with all the details [loan account no and documents required] , then i need to call them up quoting the details to fix up the appointment.

I'll wait till tuesday as i have to go for my license on tuesday [as it is also needed when we for signing the agreement].

MileCruncher · 6th September 2009, 21:15

Quote:

Originally Posted by balajeshi

I'll wait till tuesday as i have to go for my license on tuesday [as it is also needed when we for signing the agreement].

No Licence is not required for signing the agreement. In India there is no restriction on non - licence holders from buying a car.

amanmalhotra · 7th September 2009, 00:02

Quote:

Originally Posted by MileCruncher

No Licence is not required for signing the agreement. In India there is no restriction on non - licence holders from buying a car.

But this is one of the required documents that RACPC asks for before disbursing your loan, not sure what would they say in case one says that he/she doesn't have a license, but wants to avail of a loan (Perhaps will have to show the DL of the driver you are going to emply

)

balajeshi · 7th September 2009, 09:55

No you have to give them a written letter stating that you'll keep a driver for the car

balajeshi · 8th September 2009, 18:21

At last i have given my driving test [passed the test] ,the bad thing is due to the smartcard introduction it seems that the license will be issued after 15 days only.

And also got a call from RACPC today afternoon ,they have asked me to come on thursday and bring the Learners license instead of the DL .. wohooo

joecherian · 9th September 2009, 09:51

Can anyone tell me as to where exactly is RACPC in Bangalore ? (exact directions) I need to go there for my home loan processing.I got a call yesterday asking me to come to RACPC today ( which I am not able to make it due to official work) . Hope it shoouldn't matter if I delay it by 2 days ? Any idea ?

balajeshi · 9th September 2009, 10:02

It is in Lavelle road[prestige sterling building ] , you can see the same thread page 3 or 4 not sure ,there guys have given the exact location of the RACPC cell

5th September 2009, 15:42	#137
NetfreakBombay Senior - BHPian Join Date: Jan 2008 Location: Bombay Posts: 1,475 Thanked: 1,058 Times	That is usually the case if there is some negative remark in credit history of borrower or if EMI is more than 30% of income. In that case, bank would ask for additional collateral. That would be the case with both Govt and Private banks.
	() Thanks

5th September 2009, 22:14	#138
IndrojitSircar Senior - BHPian Join Date: Apr 2009 Location: Kolkata/Delhi Posts: 2,318 Thanked: 974 Times	I didn't face that probelm with a a private bank it got cleared in 2 days.
	() Thanks

6th September 2009, 00:01	#141
frequentflyer BHPian Join Date: Aug 2009 Location: Pune Posts: 223 Thanked: 34 Times	Till 30 sep SBI has the best car loan. 8% first year fixed and 10% year 2 and 3 fixed. No guaranteer. Looks good.
	() Thanks

6th September 2009, 01:08	#143
kumar7 BHPian Join Date: Aug 2009 Location: Pune Posts: 320 Thanked: 28 Times View My Garage	On 27th Aug I submitted papers for car loan & saving a/c with SBI. On 31st Aug got call from RACPC for original Invoice papers. On 1st Sept verification completed. On 4th Sept I called RACPC & they agreed to complete agreement on 5th Sept (I preferred weekends rather than wasting whole weekday) On 5th Sept signed agreement & gave 12 PDC's (After wait of 1.5hours) On 7th Sept they going to disburse payment to dealer! This all completed in 9 days! (But I was also following it up personally to ensure every thing goes smoothly) I know insurance is good but I said no for it & they didn't forced me to buy! Not sure how they calculated registration amount. They asked me to pay Rs 1400/- for registration!! Didn't got any receipt receipt of it & SBI staff said for loan amount of > 5L the registration amount is Rs 1400/- Last edited by kumar7 : 6th September 2009 at 01:11.
	() Thanks

6th September 2009, 20:59	#144
balajeshi BHPian Join Date: Aug 2009 Location: Bangalore Posts: 65 Thanked: 3 Times	I think even i have to follow up with them [RACPC] there was no calls from them in the past 3 days apart from the SMS and mail i got about the amount sanctioned. I called up the branch clerk through whom i submitted he told me wait till monday and said that i'll be getting mail with all the details [loan account no and documents required] , then i need to call them up quoting the details to fix up the appointment. I'll wait till tuesday as i have to go for my license on tuesday [as it is also needed when we for signing the agreement].
	() Thanks

7th September 2009, 09:55	#147
balajeshi BHPian Join Date: Aug 2009 Location: Bangalore Posts: 65 Thanked: 3 Times	No you have to give them a written letter stating that you'll keep a driver for the car
	() Thanks

8th September 2009, 18:21	#148
balajeshi BHPian Join Date: Aug 2009 Location: Bangalore Posts: 65 Thanked: 3 Times	At last i have given my driving test [passed the test] ,the bad thing is due to the smartcard introduction it seems that the license will be issued after 15 days only. And also got a call from RACPC today afternoon ,they have asked me to come on thursday and bring the Learners license instead of the DL .. wohooo
	() Thanks

9th September 2009, 09:51	#149
joecherian BHPian Join Date: Aug 2007 Location: Almhult,Sweden Posts: 552 Thanked: 80 Times View My Garage	Can anyone tell me as to where exactly is RACPC in Bangalore ? (exact directions) I need to go there for my home loan processing.I got a call yesterday asking me to come to RACPC today ( which I am not able to make it due to official work) . Hope it shoouldn't matter if I delay it by 2 days ? Any idea ?
	() Thanks

9th September 2009, 10:02	#150
balajeshi BHPian Join Date: Aug 2009 Location: Bangalore Posts: 65 Thanked: 3 Times	It is in Lavelle road[prestige sterling building ] , you can see the same thread page 3 or 4 not sure ,there guys have given the exact location of the RACPC cell
	() Thanks