Thread Starter
#1
Hi all,
I am in lookout for loan for new car. I registered through bankbazaar.com & got responses from few banks.
I got a call from HDFC bank & they asked me for all the documents. I was surprised as I thought I would get a final quote & if I wish to go for loan from that bank, only then would I need to give the documents. But the representative said, that final rate & charges will depend on my documents & record.
Anyways, I gave the documents to the HDFC representative. They approved the loan in 3 days & are now asking for the disbursement.
They did not take any processing fee so far.
Meanwhile, I also applied to SBI. Even they are asking for all the documents beforehand & also demanding processing fees.
I haven't even finalized that I would be going for SBI. But they said that they won't proceed unless I give them the processing fees.
Is this the general procedure followed, of giving documents first & then get the final quote from banks? Any idea why such differences in procedures?
I am in lookout for loan for new car. I registered through bankbazaar.com & got responses from few banks.
I got a call from HDFC bank & they asked me for all the documents. I was surprised as I thought I would get a final quote & if I wish to go for loan from that bank, only then would I need to give the documents. But the representative said, that final rate & charges will depend on my documents & record.
Anyways, I gave the documents to the HDFC representative. They approved the loan in 3 days & are now asking for the disbursement.
![Surprise [surprise] [surprise]](https://www.theautomotiveindia.com/forums/images/smilies/Surprise.gif)
Meanwhile, I also applied to SBI. Even they are asking for all the documents beforehand & also demanding processing fees.
![Surprise [surprise] [surprise]](https://www.theautomotiveindia.com/forums/images/smilies/Surprise.gif)
Is this the general procedure followed, of giving documents first & then get the final quote from banks? Any idea why such differences in procedures?