SBI CAR LOAN - Still Waiting?

Hi to All !!!

S.B.I Sucks your patience your mood all the interest 

Let me tell you the same story regarding SBI

I Booked Hyundai i20 Sportz 1.4 on 2/July/2011 by giving Rs 50000, The Dealer told me that my car will come with in one and half month. Dealer ( B.Mangatram Gandhidham )  also suggested to take loan from SBI. i applied for loan on 5th july 2011, I submitted all documents in SBI Mundra Branch.

I waited a lot and used to go alternate 3 to 5 days in branch to know about my loan status.

Mundra Branch guys used to say that we have sent your file for approval at gandhidham.

Finally my car came at Showroom on 3rd/oct/2011, and dealer asked me to deliver the car , i rushed to SBI and asked my loan status , they gave me a very silly excuse that your loan appliction has been rejected as your company is not getting recognised to S.B.I.

They reieuned my brain, and now i am planing to take loan from HDFC bank, 

Probably it should be cleared ,otherwise i will have to cancel my order for my car i20 Sportz 1.4

If SBI has been intimated previously then i would have found other finiancing companies but it would't happend.

regard's

Shital Kr Sharma 

As we all know, getting loan from SBI is painful due to the formalities involved, but other banks might have high interest rates and hidden costs. Some financial institutions even wrongly project the interest by showing a different calculation. From the interest and hidden cost point of view SBI is safest.

If the SBI response is very poor, why dont you try one of its subsidiaries? For example, I got loan from SBT (State Bank of Travancore) and their response was excellent (probably because the people in that branch was very good). You can try any of the subsidiaries (State Bank of Travancore, State Bank of Mysore, SB of Patiala  etc) and see it the response is better. As I understand, their interest rates will be same (or very similiar) to SBI.

Tomy

SBI is advertising that they are processing the loan applications in just 48 hours. Believing that, I went ahead and applied for my car loan with them. Their festive offers, like 'no processing fee', 'no foreclosure charges',  attracted me more. But, its been two weeks since I've applied for... Haven't received even a single communication from them on the status.

Two days back, I called them up and asked for the status. That CRO said 'Sir, We are waiting for the CIBIL report. And we are facing some server problems for the past one week'.

I, then said okay and cut the call disgustedly.

Guys, should I wait further for SBI to process my loan? I need to get my car before Diwali... But these guys are delaying like anything. Is there any other banks that doesn't charge foreclosure charges and processing fee? Please advise soon

Follow up with their RACPC branch,personally, after taking your file number from the branch where you logged your loan file.SBI the best option , but needs follow up.

Hi Shankar,

I wonder why your loan process is taking much time.  Let me tell you my experience with SBI. It was awesome.  I applied for car loan in SBI on 14th Oct, 2011(last friday) and approval letter was sent to dealer on 17th Oct, 2011(Monday).  Since I didn't have time to take my car delivery on Tuesday so I took it today.  Now a days even SBI people are getting targets as other private banks.  So I believe there is a problem with the documents that you submitted to them or the number of loan applications should be too many for them to process one by one.  But let me tell you my friend, if your work is not done in SBI you cannot call them and get status.  You need to personally follow up.  Put pressure on your dealer so that they can follow up with SBI people.  Mine was the same case.  I have just given required documents to dealer and nothing was done from my end apart from signing whereever required.  Rest of the work was done by dealer himself.

Stick on with SBI only, no other banks gives 'no foreclosure charges' or 'processing fee wavier'.  You should wait for some time inorder to have fruitful time in the future.  But keep pressure on your dealer so that they can follow up with SBI.  It will help your time as well.

Prashanth, today they came to my office from SBI for verification. He said he ll visit my home either today or tomorrow. He also told me that documentations will be over tomorrow and I ll have to sign the agreement.. does it mean that the process is over and can I expect it to be disbursed soon? My colleagues have no clue about SBI processes.... So your reply is much appreciated and expected too...

Hi Shankar,

If they say documentation is over then your loan will be disbursed soon.  But before that if they send the approval letter to dealer then your car will be delivered even before dealer gets cheque from the bank.  In my case the same happened and I got my car delivered before dealer got the cheque from SBI.  So first ask the dealer whether they received any approval letter from SBI or not.  But if your documentation is over then definitely dealer will get cheque soon and your car will be delivered.

Sorry for late response and I hope this information will help you

No probs Prashanth! You know what, I'm getting my car delivered today Dealer has received the amount from SBI on saturday! Thanks for your response!