SBI Advantage Car Loan with Overdraft Facility


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May 23, 2013
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I have had enough of SBI [anger] now that all the documents have been submitted they sent me to the higher authorities to confirm that all docs are ok and the check how much time will it take to process. But now they have added another clause that I should have an NRI account with them and If I don't I should open an NRI account with them with a balance of USD 5000, insane are these guys.

I really hate them for wasting my 4 days if they had say this why didn't they tell me this on the first day.

Can anyone confirm whether this is correct if it is then I might have to go for a Pvt bank, please advice which one is best.

Thanks.
Getting a Car loan from SBI is tougher job than detonating a Bomb. Leave a Car loan, consider any loan they require Guarantee, Fixed deposits, Land, property, Account etc etc. Now if you have any relations or strong references, things would be in place even faster than private banks
 

vijay

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What? i mean why do one need an NRI account for a car loan ambusrement, this is all crap.
Ask them to give all this in written and you would confirm this with the main branch of SBI as well as online as well for such account tobe needed.
You are buying a car loan for the car that would be hypothicated with the bank.
Though i am not aware any such clause is ever needed, nor came across.
 
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Feb 24, 2013
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Oops, I am sorry guys, forgot to mention that I am working abroad and have NRI status.

So, the situation was they had a clause saying I should have an NRI a/c with them but for the last 6 days when I have been going after them every day, they never pointed out although they asked me to provide bank details of my NRI salary account and now they are saying I need to open an account with them, it all looks to me as a marketing funda...:-/

Anyways got everything sorted out today as used all my sources to pressurize the bank authorities and now they have agreed to grant me the loan, small formalities remaining will be done tomorrow and most probably by the end of the week, I will get my Storme..[clap]
 
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Guys, the manager is saying he could not find code for OD account and is pressing for term loan. Can anyone please tell me the code I have4 tried searching on internet but found nothing. Please help me out btw the Storme has been delivered to me, will put up a ownership thread soon.
 
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Hi Dharmesh,

I'm interested in buying a Tiago and the dealer has tie up with SBI Tidal Park Branch, Chennai. When the SBI guy contacted me, I asked for this facility, but the Banker informs me that there is no such facility itself which he has heard/processed before. I can see in the the SBI website that Overdraft facility is still available.
I have a couple of questions
1. Can I apply loan in online itself? Will that have any problem than going with the normal dealer tie up?
2. If I need to go with the dealer tie up could you please let me know whom Should I contact to sort this out?

Thanks,
Bharath.
 
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