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tsk1979 · 2nd January 2006, 14:49

This is related to the ICICI thread, but after being on phone with number of agents of different banks I found out that they lie through the teeth.
They will tell you that they will offer load at 6.5% interest. I asked him about EMI and tenure,
After that I went to http://www.sundaramfinance.com/calc/emicar.asp
I entered the EMI 12322, for 36 months.the interest rate came to 6.84%, with 6.5% the emi should be 12259. Now 63rs/mo for 36 months means cheating of rs 2268. Such a small amount over three years. But cheating is cheating. Somebody I know got a loan at 9.5% with finace discount of 4.5%, but when I put his emi in the calculator it was 9.9%. Now 50-100rs/month is something he wont notice, and many people dont even bother which leads to such modus operandi by agents of banks. On longer term loans like 7 years this cheating in even more.

2nd January 2006, 14:49	#1 (permalink)
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: Noida, New Delhi Posts: 9,200	warning to all those taking auto loans This is related to the ICICI thread, but after being on phone with number of agents of different banks I found out that they lie through the teeth. They will tell you that they will offer load at 6.5% interest. I asked him about EMI and tenure, After that I went to http://www.sundaramfinance.com/calc/emicar.asp I entered the EMI 12322, for 36 months.the interest rate came to 6.84%, with 6.5% the emi should be 12259. Now 63rs/mo for 36 months means cheating of rs 2268. Such a small amount over three years. But cheating is cheating. Somebody I know got a loan at 9.5% with finace discount of 4.5%, but when I put his emi in the calculator it was 9.9%. Now 50-100rs/month is something he wont notice, and many people dont even bother which leads to such modus operandi by agents of banks. On longer term loans like 7 years this cheating in even more. __________________ Reclaiming.....!