SBI CAR LOAN

POSTED BY Ela Selvaraj ON July 13, 2013 5:45 am COMMENTS (4)

Hello Jagoinvestor team,

I am Ela Selvaraj an NRI from Germany, with due help from this website I able to got my SBI Maxgain home loan last week after 6 months of waiting period but I am happy. I am yet to pay my 1st EMI on 10th August 2013. But next week I am planning to apply for SBI car loan as well. Reason is no pre-payment penalty. My loan eligibility allows me to take another 70-80 lakhs after home loan approval so no real issues in eligibility criteria. But can I apply now? because I am yet to pay my 1st home loan EMI but before that can I apply for a car loan? will SBI consider processing the application?

Please help me out

Thanks

4 replies on this article “SBI CAR LOAN”

  1. Dear Ela, I do not think you can get less than SBI interest.

    Thanks

    Ashal

  2. Dear Ela, I assume you are taking this car loan for your family India & not for yourself as you are out of India. If my assumption is correct, please do tell me, why are you opting for a car loan @ 12% ROI?

    Thanks

    Ashal

    1. Ela Selvaraj says:

      Dear Ashal,

      Thank you for your reply. Yes the car is for family in India but however I will be visiting India 3 times a year. I came across some private banks interest rate like ICICI, HDFC etc.. the ROI is somewhat varies between 11-13% but SBI ROI is 10.45 + No prepayment penalty. Which is the main thing I am considering. I will try to close down the car loan in 1 to 1.5 years. Do you think the 10.45% with no prepayment charges is still too high?

      I would be very grateful if you suggest me some banks which provide lesser ROI + No prepayment penalty.

      Thank you
      Ela Selvaraj

  3. Credexpert says:

    Dear Ela,

    Yes, you can apply for a Car loan with an existing Home loan. SBI would check your credit report and score before approval and the final decision is at their discretion. We do not see a hindrance in your Car loan application but would suggest that you apply for the Car loan after 6 months as availing credit facility within 1 month of time would indicate a credit hungry behaviour.

    Regards,
    Credexpert

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