Banking Relationship and Car Loan

[falcon007]

How to improve Banking Relationship with a particular bank to get good deal in Car Loan which I'm planning to get about 5-6 months from now?

All funds in one bank or distribute among different banks to check for good offers?

Any other suggestions??

 

[6ix9ine]

You may not like my answer, but when it comes to car loans, I always prefer SBI. They are the best at it. Everything is crystal clear, and you can always make prepayments and there are no foreclosure charges.

SBI doesn't need your relationship. Your loan interest rate can go up or down depending on your CIBIL score, while the rest is up to their discretion and paperwork.

 

[deep@vie]

How to improve Banking Relationship with a particular bank to get good deal in Car Loan which I'm planning to get about 5-6 months from now?

All funds in one bank or distribute among different banks to check for good offers?

Any other suggestions??

Relationship won't matter, you'll get intrrst rate based on your CIBIL,if you don't have cibil history then pre-approved offers from Hdfc,Icici could come handy.

 

[bsc0008]

You may not like my answer, but when it comes to car loans, I always prefer SBI. They are the best at it. Everything is crystal clear, and you can always make prepayments and there are no foreclosure charges.

SBI doesn't need your relationship. Your loan interest rate can go up or down depending on your CIBIL score, while the rest is up to their discretion and paperwork.

I second this. My current car loan is with SBI. No unnecessary charges, no lock-in periods. Just pay extra whenever you've money. And especially no relationship required.

 

[falcon007]

You may not like my answer, but when it comes to car loans, I always prefer SBI. They are the best at it. Everything is crystal clear, and you can always make prepayments and there are no foreclosure charges.

SBI doesn't need your relationship. Your loan interest rate can go up or down depending on your CIBIL score, while the rest is up to their discretion and paperwork.

How was your experience with SBI when it comes to paperwork and time taken?

 

[6ix9ine]

How was your experience with SBI when it comes to paperwork and time taken?

Nothing much, except for signing multiple papers. Everything was being filled by their end. There are also some filing charges, though I'm not sure how they calculated those and I didn't mind, as they handled all the paperwork.

I only had to go for 1 day and then, after few days I could see the loan account in my SBI netbanking. Maybe I had a little advantage because the car company had tie-up with them.

Note:

1. Make sure you go through all the papers, which they give you for sign although it's rare by SBI, but still prevention is better.

2. Take the photos of the documents as they will not give you anything. In my case, I had no document but I took all the pictures. Everything was with SBI, and once you finish your loan.

You will get a NOC along with a document (form 35) which you will need to submit to your RTO office for the removal of the hypothecation from the vehicle.

 

[falcon007]

Nothing much, except for signing multiple papers. Everything was being filled by their end. There are also some filing charges, though I'm not sure how they calculated those and I didn't mind, as they handled all the paperwork.

I only had to go for 1 day and then, after few days I could see the loan account in my SBI netbanking. Maybe I had a little advantage because the car company had tie-up with them.

Note:

1. Make sure you go through all the papers, which they give you for sign although it's rare by SBI, but still prevention is better.

2. Take the photos of the documents as they will not give you anything. In my case, I had no document but I took all the pictures. Everything was with SBI, and once you finish your loan.

You will get a NOC along with a document (form 35) which you will need to submit to your RTO office for the removal of the hypothecation from the vehicle.

It's nice to hear good for SBI. Will consider SBI for sure.

 

[deep@vie]

It's nice to hear good for SBI. Will consider SBI for sure.

Do confirm the rate of interest,
They do quote lower & sanction at higher rate.
Have faced myself 5yrs back.