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Originally Posted by tsk1979 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. |
Hey... thats a trick I was aware of when I took my car loan. It works like this. When you try the EMI calculators these actually start counting the EMIs, begining with the
first after a month of the disbursal. However in real life what these guys do is that they ask you to pay 1 EMI as down payment to these banks the moment you take the loan (at the time of disbursal). So in effect your ROI goes up than what is actually stated by the agents. You have not even taken the loan and you have paid an EMI (part principle+interest component). Unethical actually, but this is what they do.