Since '02 xBhp is different things to different people. From a close knit national community of bikers to India's only motorcycling lifestyle magazine and a place to make like minded biker friends. Join the #16YearsOfxBhpCelebrations click here.

WE DESIGN ON

Lenovo ThinkPad
Magazine
Castrol Power 1

Practice slow-speed riding.

Our Partners

User Tag List

Page 2 of 4 FirstFirst 1234 LastLast
Results 11 to 20 of 38
Like Tree79Likes

Thread: Bank loans for Used Superbikes is possible

  1. #11
    Rusted trustvishwas's Avatar
    Join Date
    Sep 2009
    Location
    Pune
    Posts
    3,179
    Mentioned
    62 Post(s)
    Tagged
    1 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Quote Originally Posted by princesirohi View Post
    when i went to BOI for CBR250 loan, they said they will open a saving bank account first. thats a must. now why is that required. obviously it will not be zero balance, so add the minimum balance required to the total repayment amount. and interest goes up- specially for smaller bike loans.
    Opening a saving account enables them to auto debit it each month on 30th / 31st to recover EMI. You can have a minimum balance in the account. I usually have only 1000 bucks in that account and transfer the required EMI amount to that account one day before it is due. I believe the (loss of) interest (interest paid on loan less interest received on saving account) on 1000 even for 5 years would be less than 100 bucks.

    Quote Originally Posted by princesirohi View Post
    i tried to negotiate this with bajaj finance, but failed.
    One tip. Always submit documents in beginning of month, ask the finance company to approve the loan and then don't accept it till around 20th of that month. Say that you are re-thinking, getting better deal etc. To achieve their monthly targets, the finance company guys would start offering better and better deal every alternate day. Each time he will say that this is the best he can do. Tell him what you wish for. If you get any offer near to what you wish for, go for it.

    Any way, I always hate private finance companies and private banks. They are aggressive while providing loans but you miss one installment, then you are crapped upon by the whole universe.....late payment charges, interest, penal interest and what not.

    Quote Originally Posted by coolmaverickguy View Post
    So can anyone please tell me how is idbi & pnb in terms of loan
    I have all my business current accounts with IDBI since last more than a decade. However, when I approached the bank, the manager took me aside and told me that it takes min 1.5 months for them to sanction loan. IDBI branch does not have any authority for loan sanctioning. It has to go to Central Processing Unit and it takes time. So he advised me to look somewhere else.

    In fact, one senior accountant working with IDBI took a loan from Bank of India (on my suggestion) for his bullet

    No clue about PNB.

    Why don't you file FY2012-13 returns now? Then you can go with any bank.

    Quote Originally Posted by coolmaverickguy View Post
    Hello guys

    Im going to purchase a duke390. Hdfc is ready to provide me loan. They are saying that, they will give me a intrest rate of 10.9. They also said that they reduce it further & will give best possible rate, which i doubt. Prosseing fee is 2.5. On the website it is saying that there is 50% off on processing fee & 2%discount on intrest rate. Im geting bit confuse what's the actual rate on intrest.
    Never ever believe in quoted interest rates. They know that potential customers seldom check the EMI with quoted interest rate. Always ask for NET loan amount and EMI. With these two figures, you will be able to work out the actual interest charged by using excel file attached in earlier post.
    Last edited by trustvishwas; 11-22-2013 at 10:43 AM.
    Mik, rx100.7050 and princesirohi like this.
    Never argue with an idiot. He will drag you down to his level and then beat you with experience.

    Check out my Ladakh travelogue - Ladakh Ride 2010

    If you are getting bored with nothing to do in office check out my Rajasthan travelogue - Rajasthan Ride 2012

    Bank loans for used superbikes is possible - Bank loans for used superbikes

  2. #12
    Rusted coolmaverickguy's Avatar
    Join Date
    May 2009
    Location
    Bhubaneswar
    Posts
    491
    Mentioned
    22 Post(s)
    Tagged
    0 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Quote Originally Posted by trustvishwas View Post


    I have all my business current accounts with IDBI since last more than a decade. However, when I approached the bank, the manager took me aside and told me that it takes min 1.5 months for them to sanction loan. IDBI branch does not have any authority for loan sanctioning. It has to go to Central Processing Unit and it takes time. So he advised me to look somewhere else.

    No clue about PNB.

    Why don't you file FY2012-13 returns now? Then you can go with any bank.

    Never ever believe in quoted interest rates. They know that potential customers seldom check the EMI with quoted interest rate. Always ask for NET loan amount and EMI. With these two figures, you will be able to work out the actual interest charged by using excel file attached in earlier post.
    thanx a ton bhai. 1+month is too much right now. ill be needing to with 10 days or so. still i called on my friend who works in idbi, let she what she has to tell. will check out pnb also, why father use to work in pnb and my mom still hold some fd in there. wish i could get some loan against the fd. is it possible to take loan in my moms name and purchase bike in my name. its not right ... right ?
    Anupam

    KTM Duke 390 2014
    Bajaj Pulsar 150 Dtsi 2005-2012
    Hero Honda CD100SS 1996
    ​Riding Faster Than Everyone Else Only Guarantees You'll Ride Alone

  3. #13
    Rusted trustvishwas's Avatar
    Join Date
    Sep 2009
    Location
    Pune
    Posts
    3,179
    Mentioned
    62 Post(s)
    Tagged
    1 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Quote Originally Posted by coolmaverickguy View Post
    thanx a ton bhai. 1+month is too much right now. ill be needing to with 10 days or so. still i called on my friend who works in idbi, let she what she has to tell. will check out pnb also, why father use to work in pnb and my mom still hold some fd in there. wish i could get some loan against the fd. is it possible to take loan in my moms name and purchase bike in my name. its not right ... right ?
    It is possible to take loan against your mothers' FDs. It is actually your own money that bank is lending you back at higher rate. It is the most secured of the loans for bank and so can be processed in a day.

    Whether to do it or not, is your choice.

    May be you can apply for loan on your name, use this money till the loan gets disbursed and then transfer the amount back to your mother.
    Never argue with an idiot. He will drag you down to his level and then beat you with experience.

    Check out my Ladakh travelogue - Ladakh Ride 2010

    If you are getting bored with nothing to do in office check out my Rajasthan travelogue - Rajasthan Ride 2012

    Bank loans for used superbikes is possible - Bank loans for used superbikes

  4. #14
    Rookie reevester's Avatar
    Join Date
    Sep 2008
    Location
    Mumbai / Pune
    Posts
    20
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Congratulations buddy, you just gave me crap-loads of hope!!!

    One important question, how did you find that R1 guy though? I've been trying to network and find a good used steed to find, but am unable to. Any pointers on that?

    Additionally, I will not have Tax Returns for the past three years because I haven't been working that long, but my current salary/credit history should not be an issue. Will that matter?!

  5. #15
    Rusted rx100.7050's Avatar
    Join Date
    Sep 2008
    Location
    New Delhi
    Posts
    2,602
    Blog Entries
    2
    Mentioned
    14 Post(s)
    Tagged
    1 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Just got to see this thread..... BRILLIANT JOB there man!!! I never knew that getting a loan and that too from a Nationalized bank would be quite simple enough for a second hand vehicle!!!! This is fantastic stuff brother. You surely pulled off a miracle there buddy and you actually showed some ray of hope for guys like us!!! Can't just thank you enough but hats off to you bro. Have an awesome ownership experience with your FZ1 !

  6. #16
    Addicted VIJAY ''BIKER'' CHAUHAN's Avatar
    Join Date
    Feb 2011
    Posts
    92
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Quote Originally Posted by coolmaverickguy View Post
    thanx a ton bhai. 1+month is too much right now. ill be needing to with 10 days or so. still i called on my friend who works in idbi, let she what she has to tell. will check out pnb also, why father use to work in pnb and my mom still hold some fd in there. wish i could get some loan against the fd. is it possible to take loan in my moms name and purchase bike in my name. its not right ... right ?
    If you take a loab against fd u need not tell what it is for as it is fully secured one can drink himself to death with the loan money cuz bank will always b able to recover it from fd. So u can buy the bike on your name with loan being on your mothers name. i work in pnb and for any details regarding loans u can put question to me.

    Sent from my GT-S5360 using xBhp Connect mobile app
    Ride, eat, sleep, repeat

  7. #17
    Rusted coolmaverickguy's Avatar
    Join Date
    May 2009
    Location
    Bhubaneswar
    Posts
    491
    Mentioned
    22 Post(s)
    Tagged
    0 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Quote Originally Posted by VIJAY ''BIKER'' CHAUHAN View Post
    If you take a loab against fd u need not tell what it is for as it is fully secured one can drink himself to death with the loan money cuz bank will always b able to recover it from fd. So u can buy the bike on your name with loan being on your mothers name. i work in pnb and for any details regarding loans u can put question to me.
    Thanks a lot bhai will definitely ask you if i face any problem
    Last edited by coolmaverickguy; 11-28-2013 at 07:43 PM.
    Anupam

    KTM Duke 390 2014
    Bajaj Pulsar 150 Dtsi 2005-2012
    Hero Honda CD100SS 1996
    ​Riding Faster Than Everyone Else Only Guarantees You'll Ride Alone

  8. #18
    Rusted trustvishwas's Avatar
    Join Date
    Sep 2009
    Location
    Pune
    Posts
    3,179
    Mentioned
    62 Post(s)
    Tagged
    1 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Quote Originally Posted by reevester View Post
    Congratulations buddy, you just gave me crap-loads of hope!!!

    One important question, how did you find that R1 guy though? I've been trying to network and find a good used steed to find, but am unable to. Any pointers on that?

    Additionally, I will not have Tax Returns for the past three years because I haven't been working that long, but my current salary/credit history should not be an issue. Will that matter?!
    I searched everywhere, on every forum, every classified ad ever posted...finally found a guy with very low km run bike and he turned out to be Yamaha dealer. If you want, can send his contact number (since your town is shown as Mumbai / Pune)

    Quote Originally Posted by rx100.7050 View Post
    Just got to see this thread..... BRILLIANT JOB there man!!! I never knew that getting a loan and that too from a Nationalized bank would be quite simple enough for a second hand vehicle!!!! This is fantastic stuff brother. You surely pulled off a miracle there buddy and you actually showed some ray of hope for guys like us!!! Can't just thank you enough but hats off to you bro. Have an awesome ownership experience with your FZ1 !
    Thanks.
    Never argue with an idiot. He will drag you down to his level and then beat you with experience.

    Check out my Ladakh travelogue - Ladakh Ride 2010

    If you are getting bored with nothing to do in office check out my Rajasthan travelogue - Rajasthan Ride 2012

    Bank loans for used superbikes is possible - Bank loans for used superbikes

  9. #19
    Rookie reevester's Avatar
    Join Date
    Sep 2008
    Location
    Mumbai / Pune
    Posts
    20
    Mentioned
    0 Post(s)
    Tagged
    0 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    I would be obliged if you could PM me his number.

    Also, gimme details of the deal you got on the bike!

  10. #20
    Rusted coolmaverickguy's Avatar
    Join Date
    May 2009
    Location
    Bhubaneswar
    Posts
    491
    Mentioned
    22 Post(s)
    Tagged
    0 Thread(s)

    Default Re: Bank loans for Used Superbikes is possible

    Quote Originally Posted by VIJAY ''BIKER'' CHAUHAN View Post
    If you take a loab against fd u need not tell what it is for as it is fully secured one can drink himself to death with the loan money cuz bank will always b able to recover it from fd. So u can buy the bike on your name with loan being on your mothers name. i work in pnb and for any details regarding loans u can put question to me.

    what a shock i got!! . pnb is asking for 12.25% for demand loan [ loan against fd] [ fd intrest rate is 10.25+2 = 12.25]. as i been told that since the fd is in my mother name 2 % extra will be charged !!
    Last edited by coolmaverickguy; 12-04-2013 at 11:57 AM.
    Anupam

    KTM Duke 390 2014
    Bajaj Pulsar 150 Dtsi 2005-2012
    Hero Honda CD100SS 1996
    ​Riding Faster Than Everyone Else Only Guarantees You'll Ride Alone

Page 2 of 4 FirstFirst 1234 LastLast

Similar Threads

  1. [xBhp Universal Thread]: Bank Loan and deals
    By jkdas in forum Universal Threads
    Replies: 56
    Last Post: 09-11-2017, 07:56 PM
  2. Bank Loans for a Super Bike
    By The Bad Wolf in forum Superbike And Imports
    Replies: 119
    Last Post: 03-18-2017, 04:05 PM
  3. Bank seized bike - Buy or not?
    By srpsinu in forum Help Me!
    Replies: 11
    Last Post: 10-19-2010, 11:11 AM
  4. Auto loans to become dearer
    By NewsReaper in forum News
    Replies: 2
    Last Post: 08-17-2010, 06:12 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •