Team-BHP - View Single Post - Which car loan to go for BOI \ SBI \ HDFC ?

Gansan · 19th June 2009, 18:14

I have finally zeroed in on a brand new Alto LXi and decided to buy it without loan. (This was also partly responsible for the Alto decision). I did not want to get a guarantor for the BOI loan. The HDFC bank on the other hand offered a 60 month loan @ 11.25% with a monthly emi/lac of Rs 2187 but with an initial pay out of Rs 9440 (processing fee Rs 3120 + suraksha policy Rs 6320). They did not require a guarantor but stipulated a preclosure penalty of 5% on outstanding principal. As everyone knows, the emi payments in the initial year or two will be predominantly towards interest, and if I decide to foreclose the loan after two years, I may still pay 5% on almost the original loan amount.

So I have literally scraped the bottom of the barrel and paid out the full 3 Lacs for booking the car, but it sure was a great feeling to see the words "not applicable" in the hypothecation column of the booking form!

19th June 2009, 18:14	#15 (permalink)
Gansan BHPian Join Date: May 2009 Location: Chennai Posts: 624	I have finally zeroed in on a brand new Alto LXi and decided to buy it without loan. (This was also partly responsible for the Alto decision). I did not want to get a guarantor for the BOI loan. The HDFC bank on the other hand offered a 60 month loan @ 11.25% with a monthly emi/lac of Rs 2187 but with an initial pay out of Rs 9440 (processing fee Rs 3120 + suraksha policy Rs 6320). They did not require a guarantor but stipulated a preclosure penalty of 5% on outstanding principal. As everyone knows, the emi payments in the initial year or two will be predominantly towards interest, and if I decide to foreclose the loan after two years, I may still pay 5% on almost the original loan amount. So I have literally scraped the bottom of the barrel and paid out the full 3 Lacs for booking the car, but it sure was a great feeling to see the words "not applicable" in the hypothecation column of the booking form! __________________ Splendor Feb'2000 - 79200 KM. Alto LXi June 2009 - 2650 KM. What do you mean,my bike is old? It has not even done 100,000 KM! Last edited by Gansan : 19th June 2009 at 18:16.