Jan 20, 2011 11:20 AM
5038 Views
Dear All, Its pleasure for me to share my experience with the HDFC Bank Car Loan, if you are planning to buy a car on any Bank finance I would strongly recommended to directly rather then approaching via car - dealer, I went with HDFC Bank, fortunately I am having some fix deposits and as per banking transaction.
I had a pre-approved loan, Overall documentation process completed with-in 20 minute, Bank Representative ask just salary slip nothing else, When I negotiate about interest rate, its quite comparable with any other Car Loan FIance facility which I was getting through dealer, I got discount on the car insurance too Processing fee was less then other bank,
Overall my experience is good, even this is my first time car loan experience, and applying outside, there was some mistake from my side, which took more time then expected but there was a good support by HDFC Bank people,
Also regarding Money part : I could able to save following, 1 -- Lowest interest rate, probably due to my good bank history : if think of EMI, per month my saving is around 500 INR, i.e. for 60 EMI, its going to be (500*60) = 30000 , compare to all other bank2 -- Discount on the Insurance, difference was around 30003 -- Discount on the processing fees : they charge less then 1700 for Processing fees, out side it was around 2500
based upon my experience, if you have good bank history with HDFC Bank, and can manage a bit delay to get the car, I would surely recommend HDFC Car Loan, having above advantage, but please make sure following homework before applying for loan
1 -- First choose Model and dealer.
2 -- Remember guys, even if you have pre-approve loan its only based upon your banking record, Authorization process might take some time, and I believe which is same as any other bank, pre-approve loan should mean less documentation process, nothing more then that.
I would also recommend HDFC Bank RT Nagar , Bangalore branch, Asset Manager : Mr. Venketesh Achari, he is very professional and experience person, and he will help you out with all possible circumstances,
