Getting a Super Bike Loan in India Isn’t Easy At All!
I thought getting a super bike loan in Bangalore (or any part of India for that matter) wouldn’t be as tough, especially for a small amount like 6 lakhs, that too for a customer like me who has solid credit record, and almost just about everything right in terms of credibility! Indeed, my new Hyosung GT 650R superbike is coming in another 2 days – I was delighted to see it in the showroom yesterday, and I can hardly wait for it to be registered, and delivered to me, but the journey wasn’t too easy, as I had to literally bear lot of frustration almost for a month!
I was hoping to get it this weekend, but since it’s the second Saturday, RTO offices in Bangalore were closed, and hence it couldn’t be registered today!
Basically, I’m writing this post out of the extra enthusiasm bubbling within me, and to share the hassles I had to face (read my update, and see the reason why I’ve made these edits) the experience of getting the superbike loan from Tata Capital.
Initially, I wanted to pay full amount in cash, and take it home, but then I was looking forward to buying a home simultaneously, and I realized that I may need that extra cash to make the down-payment for the property… I had booked this bike on 15th of December, and the dealer had promised a delivery within 3 weeks, but things pretty soon got a little annoying.
I was pretty confused with the color choice, and I had ordered the metallic white (pearl-like white actually) initially, but I was informed that white variant is selling like hot-cakes, so it won’t be available for next 30-45days, and I was forced to change my mind, and decided to go ahead with red (the obvious choice for a sports bike!).
Secondly, the loan approval for a superbike is even tougher than that of home-loan; the requirements are extremely stringent, and very few financial institutions currently provide loans for superbikes in Bangalore.
Criteria for Availing Superbike Loans
a. You must have annual income of over 15 lakhs per annum or more.
b. You must have a clean loan payment track record of a C-segment car of at least 6months or more.
c. You must have your own house in your name or parent’s name (sibling’s name not allowed!)
d. You must be at least 30years old, or have impeccable credit record to receive HIGH credit ratings during the Civil check otherwise.
e. 2-3 Years of IT returns, or 16 form, and 6months of bank statements! (showing decent balance, which would convince the loan guys that you’ve the capability to pay the EMIs lol!)
I’ve had great relationship with HDFC Bank and that was my first choice, but apparently HDFC has an extremely stupid policy of NOT giving superbike loans to those who’re less than 30years old, but in my case, they had taken a special approval since I’m a classic customer and have 4+ years of relationship with the bank. But, the rate of interest was slightly high, and things were taking longer than expected, so I decided to go with the other alternative – Tata Capital… And, I must say it was a terrible mistake; I had to literally run behind them for almost 2 weeks, and finally I was disgusted to hear that they’re only funding 65%…
I had literally decided to take the bike by paying full cash about 3-4days as I was utterly frustrated to hear that my loan had still not been approved even after 2weeks…
It took almost 3 weeks for the loan to get approved, and I got impatient several times during that time span… They even did address verification of our native home, as I don’t own a property in Bangalore in my name (though we’ve got 4 of them in sibling’s names). Even the person who had come for office verification made up stories that company employees didn’t confirm that I work for this company (hell yeah I’m the director, and they said that company employees refused to recognize me!!!), office was locked and what not! To add fun to the story, they even said that nobody confirmed my name when they called up my office landline (FYI & Disclaimer to Tata Capital Verification Team: My office landline number that I had given, is a base phone, which is put inside my private cabin that’s locked in my absence, so only a ghost could have answered that phone call, and I receive calls day & night on my number, and I’ve been issued SBI platinum card with 5lakh limit last week, which has the MOST STRINGENT VERIFICATION PROCESS!)
To add to the misery, even after submitting the last property Tax payment receipt & Khata transfer receipt (*again disclaimer to Tata Capital guys- just the way property related papers in Karnataka are mostly in Kannada, except sale deed and other things, the same way Tax receipt, khata transfer, & other documents are written in HINDI, the national language, in Northern Part of India, so you better get someone to read HINDI, English & Kannada!) they said that they couldn’t verify the ownership (again how lame, just coz’ they can’t perhaps read Hindi or comprehend Tax receipt & Khata transfer certificate issued by another state!). Finally, I had to give copy of sale deed (yes what the heck, you got to give copy of sale deed for showing ownership of HOUSE just for a stupid 4lakh bike loan!), and wait for few more days…
But as they say – all is well that ends well; at last they approved about 77% loan for me (of the on-road price of 5.7lakhs!), and finally my loan got sanctioned, and I didn’t have to shell out too much cash for bringing my new love home! (it hasn’t come to my garage quite yet, but it’s officially mine now)…
Update: I received a call this morning from the Tata Capital loan manager, and he explained the reason behind the delays, and I’ve made these edits, because I really liked his humbleness and the effort that he took, to explain what had happened.
He was a really good guy and I’d recommend anybody to try out Tata Capital for getting a superbike loan, if they’re not more than 30years old (otherwise I personally feel HDFC MAY be a better option, depending upon the rate of interest that they offer!)
Now the other funny thing was that my frustration didn’t end there, as the dealer had got white color to my surprise, and I had to tell them in harsh tone to give me red, not white!
I had planned a Goa trip last weekend, as they had promised to deliver the bike on Friday, but they started giving me reasons why they can’t do it – bla bla bla… And, finally agreed for delivery on Monday – but once again when I called up this morning, it was the same old story; they were telling me all lame things that the mechanic is on leave or PDI (pre delivery inspection) etc can’t be done so they can’t deliver it today (how stupid!) – and finally I had to call up the owner of the showroom, to ensure delivery today.
They had even promised to give me free Hyosung kit comprising of T-shirt, key-chain & helmet, but they haven’t kept their word even in that regard either, but now I’m tired of fighting with them, and I’ll be buying my own helmet (what the heck – who cares about a silly helmet – it’s more about the promise!)!
As I conclude this blog post, I’m super excited, as I’m leaving to Hyosung showroom to bring home my new craze!
Update 2: I’ve brought home my new addiction – the Hyosung GT 650r Superbike, and it simply rocks the roads!
It’s simply the show-stealer on the roads with “all eyes on you” attitude, and I was surprised that even people sitting inside Honda City, Nissan Micra, VW Vento and few other cars opened their window glass and asked me about it!
My wife hates speed, and rather loves comfort so she isn’t too happy about the sporty seat, and it’s ferocious acceleration as it sprints from 0-60kmph in less than 2.8 seconds, and touches 100kmph almost under 6 seconds! But, it’s alright, we’ve got Cedia for comfort, and she loves Royal Enfield Bullet, so I’ll order the new Thunderbird 500 after it comes to markets this year (plus 6 months waiting period, which means it’d easily take 1 year to come, and by then I’d be ready to spend more lol!)
I’ll be taking the beast to a Pondicherry trip over the next weekend, and I’ll post a comprehensive post on test drive results of my new Hyosung GT 650R some time next week, needless to say that I’d be starting a new blog for it too! So, stay tuned for pictures of Hyosung GT 650R, and test drive results over the next few days!
Update: I did a 14kmph-83kmph sprint on my Hyosung GT 650r in just 3seconds on an empty road, and I’d try to somehow do a video review (but it’s terribly tough for the pillion passenger to hold on at those ferocious speeds, let alone the possibility of holding a camera, and recording stuff!).