Which Bank provide Cheapest Car loan?

Which Bank provide Cheapest Car loan?

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Deal Subedar
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Hey any dimer has the knowledge of which bank to select when buying a new car. Also if you pay the loan amount in advance which one is the best?

According to my research SBI is the best one

17 Comments  |  
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Deal Cadet
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Don’t buy car in loan.
That’s my advice.

Hdfc is better for preclosure as per my experience

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Deal Subedar
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Do take car loans during the month of diwali
Many banks waive or provide concessions on processing fees of loans during festive period
For comparing interest rates, check bankbazaar

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Deal Subedar
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I am also need info? lowest rate also?

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Deal Newbie
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Never ever go with privete bank bcoz they have 3-5 % preclosure charge better go with any psu or sbi bcoz they dont charge much and i work in psu bank so i know that

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Deal Subedar
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kirandr221996 wrote:

Don’t buy car in loan.
That’s my advice.

Hdfc is better for preclosure as per my experience

Yes but can’t do full down-payment .
I have heard SBI is the best for low interest rates and loan closures

11111
Super Moderator
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I bought a car 2.5 years back.
Took car loan from SBI.
WORST EXPERIENCE

  • Earlier they denied that there was any processing fee. Later told that they had as per new FY rules, they will be charging me processing fee. They charged 1k or 2k plus tax. Exact amount I dont remember. (I spoke to them in march last week and took loan in Apr first week).
  • While negotiating for terms of loan, they said rate will be 8.75, while approving they made is 8.95, on asking why they said you CIBIL score is not good enough so 8.95, I showed them my cibil score that i had downloaded from official site just a month back, it was more than 800. Eventually they told me they will send it to head office and if approved they’ll charge me 8.75. The request was approved and they made it 8.75
  • Some months later rate was increased to 8.9, they said its because base rate was increased by RBI (Nothing that bank or customer can do about it)
  • Now even after base rate came down they have hiked my int rate to 9.25; I have never missed/delayed any payment. On asking the reason, they say You signed up for it when you applied for the loan, it is as per T&C

WOULD NEVER ADVISE ANYONE TO GO FOR SBI CAR LOAN imp

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Deal Cadet
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tony-stark wrote:

Yes but can’t do full down-payment .
I have heard SBI is the best for low interest rates and loan closures

For credit card itself they took 1month and every documents availbel with me.
For easy u can go to Pvt bank.
No any interest difference

Keane
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cm4444 wrote:

I bought a car 2.5 years back.
Took car loan from SBI.
WORST EXPERIENCE

  • Earlier they denied that there was any processing fee. Later told that they had as per new FY rules, they will be charging me processing fee. They charged 1k or 2k plus tax. Exact amount I dont remember. (I spoke to them in march last week and took loan in Apr first week).
  • While negotiating for terms of loan, they said rate will be 8.75, while approving they made is 8.95, on asking why they said you CIBIL score is not good enough so 8.95, I showed them my cibil score that i had downloaded from official site just a month back, it was more than 800. Eventually they told me they will send it to head office and if approved they’ll charge me 8.75. The request was approved and they made it 8.75
  • Some months later rate was increased to 8.9, they said its because base rate was increased by RBI (Nothing that bank or customer can do about it)
  • Now even after base rate came down they have hiked my int rate to 9.25; I have never missed/delayed any payment. On asking the reason, they say You signed up for it when you applied for the loan, it is as per T&C

WOULD NEVER ADVISE ANYONE TO GO FOR SBI CAR LOAN imp

frustration main hi sahi the guy is back @cm4444

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Deal Cadet
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cm4444 wrote:

I bought a car 2.5 years back.
Took car loan from SBI.
WORST EXPERIENCE

  • Earlier they denied that there was any processing fee. Later told that they had as per new FY rules, they will be charging me processing fee. They charged 1k or 2k plus tax. Exact amount I dont remember. (I spoke to them in march last week and took loan in Apr first week).
  • While negotiating for terms of loan, they said rate will be 8.75, while approving they made is 8.95, on asking why they said you CIBIL score is not good enough so 8.95, I showed them my cibil score that i had downloaded from official site just a month back, it was more than 800. Eventually they told me they will send it to head office and if approved they’ll charge me 8.75. The request was approved and they made it 8.75
  • Some months later rate was increased to 8.9, they said its because base rate was increased by RBI (Nothing that bank or customer can do about it)
  • Now even after base rate came down they have hiked my int rate to 9.25; I have never missed/delayed any payment. On asking the reason, they say You signed up for it when you applied for the loan, it is as per T&C

WOULD NEVER ADVISE ANYONE TO GO FOR SBI CAR LOAN imp

You must have taken variable rate car loan. Most bank offers fixed rate. Anyway days of sbi are over as most pvt banks are competitive enough.
To the OP get card loan from showroom itself but start bargaining on both processing fees and int rates.
Anything below 500 is good for processing fees they even waive it off. and anything below 9% is good rate.
I have experience with both kotak n hdfc. And both are equally good.

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Deal Subedar
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I m from Bob, if you have 725+ cibil take it from bob.

Flat 500rs + gst processing charges.

No other charges.

No pre closure charges.

11111
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@jambui
I am axis priority and hdfc preferred customer and they were offering me similar deal as SBI. Reason why i unfortunately chose SBI was:
It was navratri time and I wanted to buy the car during navratri itself and showroom guy said they have some tie up with SBI so SBI will process it quickest. I’m sure he got some commission for same.
Secondly someone in my family told me not to go for pvt bank as they have too many hidden T&C confused

11111
Super Moderator
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@Atlantic
I never left DD bhai, I am always here lurking around

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Deal Cadet
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@cm4444 sbi is quickest is a joke in itself now you must have understood. Try hdfc next time if you want to know how quick things happen.

11111
Super Moderator
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jambui wrote:

@cm4444 sbi is quickest is a joke in itself now you must have understood. Try hdfc next time if you want to know how quick things happen.

Even showroom guys and SBI staff themselves knew how quick they were, they knew they won’t be able to approve it so quickly, so they allowed me to take the car and then come back to their branch two-three days later for all paperwork, this was the only good part laughing

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Deal Subedar
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cm4444 wrote:

I bought a car 2.5 years back.
Took car loan from SBI.
WORST EXPERIENCE

  • Earlier they denied that there was any processing fee. Later told that they had as per new FY rules, they will be charging me processing fee. They charged 1k or 2k plus tax. Exact amount I dont remember. (I spoke to them in march last week and took loan in Apr first week).
  • While negotiating for terms of loan, they said rate will be 8.75, while approving they made is 8.95, on asking why they said you CIBIL score is not good enough so 8.95, I showed them my cibil score that i had downloaded from official site just a month back, it was more than 800. Eventually they told me they will send it to head office and if approved they’ll charge me 8.75. The request was approved and they made it 8.75
  • Some months later rate was increased to 8.9, they said its because base rate was increased by RBI (Nothing that bank or customer can do about it)
  • Now even after base rate came down they have hiked my int rate to 9.25; I have never missed/delayed any payment. On asking the reason, they say You signed up for it when you applied for the loan, it is as per T&C

WOULD NEVER ADVISE ANYONE TO GO FOR SBI CAR LOAN imp

I think it’s more of a branch specific issue! Not every loan incharge is this BS
And whenever anyone is getting a loan, just have you loan issue documents from bank! Everything is mentioned on it, and they can’t change it later (Except interest rate)
And OP just make sure (talk to them) that if in the future, bank allows repo rate linked interest rate car loans, you shall be able to get the benefit

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