Yesterday I finally closed the deal and booked my Fiesta and paid contribution from my side. Now need to process the loan with SBI for which I bought the loan & a/c opening application form from bank.
The form is so lengthy and I don't know will I able to fill all section on my own without someones help. The dealer said he will direct someone who will keep track of my loan but atleast I need to put application form with bank.
Below are few doubts -
- What is the repayment rules?
- What is the minimum period within which I can close the loan without any charge?
- I am planning to go for 7 years tenure and will close the loan before hand. With this there will be two benefits what I think (not sure) -
a) Less EMI per month
b) Will be charged less interest (not sure if am correct) as I am planning to start doing repayment within year. But don't want risk of high EMI eventhough its not really a issue but still if its possible to avoid then I will prefer.
Initially I planned to go for 5 years tenure but then came to know that there is provision of 7 years too but again dont know what is the drawback of it? The only drawback I know is if I go pay EMI for 7 years then it will be huge cost but what if keep on doing repayment but initially I ask them for 7 year term?