Advantages of taking SBI Car Loan

And I will get benefits compared to those offerring lower rates, when I start prepaying.

Hi Shaheen,

I applied for car loan in SBI, it took time one & half month, my account is in SBI & enough transaction & laying enough balance every time but Govt bank take big time for approval therefore I think Pvt bank is better than Govt bank.....kk

delay depends on branch staff. There were some good young and dynamic staff and some old guys with that kind of dirty arrogant bureaucratic attitude. So it took 19 days.

I got the car finally today. 19 days in total. The one and only benefit lies in the flexibilty in pre-payment. You can partly pay as and when required after one year. If the manager/staff is friendly you can start paying partly in first year itself!

From the sheet I provided you can calculate the benefit, even a small amount in first or second year!

But if you won't be prepaying, then no doubt, go for private banks. But be sure to read the terms, charges etc very well. Clarify each and everything whatever be the bank, public or private!

Good Luck!

Here I'm not very sure but I think the Core/Accounting System will automatically calculate/debit penalty on the amount so pre-paid.

Otherwise, like you said, one can pay partly after completion of 1 year, and fully after half the tenure is over.

Hi Shaheen,

Can you please send the path of the file uploaded. Seems the path/url you sent is not working. Pls verify. Thanks.

Im sure, SBI has the best Car Loans policy!

But when it comes to Sole Proprietor or Self-Employed, its very hard to get it approved, even if you have a monthly credit of 3-4 lakhs. 

Thats the only reason, I had to end up with HDFC for my Swift before an year.

But this time, I will only go for SBI, no matter, how much time they need, I will get after them. We love SBI!

@pankaj

I had clarified the matter with the manager. Actually I didn't enquire @ sbi in the proper way initially, and was about to take loan from Tata Capital. And then my brother-in-law who used to change his car every 3 year(for IT benefits) told to go for sbi like banks, so that one can pay as and when required and save on interest; especially for people like us(i mean business people). He used to take with private banks initially. Then he learned the benefits of taking from sbi and so and now for years he is taking from SBI like banks who doesn't charge any penalty on prepayment.

As you know, most people take car loans, even if they have cash in hand, so as to get rid of IT hassles.

@abhishek

http://shaheen.50webs.com/armcal.xls

@Soam

We also has a CC account in same SBI branch with a credit limit of 2.5L and officials said the loan was sactioned on support of that as well. And I had a track of another car loan, which was closed to get approval for additional amount. And for that closing, I need to pay penalty for prepayment, as loan was from ICICI. Luckily that waived one of the overdue charges! But the penalty was equal to the interest that I would have to pay, if i haven't closed! Cool, na?

Its my Savings account, which I opened when I was in college 3 years back for just 500 INR. He he he..

I still use that same account.