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theMAG · 23rd June 2006, 08:36

swaminthanms,

Go in for (any) loans from nationalized banks only - State Bank, Syndicate Bank etc. They have the most user-friendly schemes with the lowest rates of interest. Typically in nationalized banks, any auto loan < 2.5 laks has 9.5% reducing and >2.5 lakhs is 10% reducing. You can even preclose the loan at any time without incurring any penalties and extra rate of interest.

As a rule I never approach private banks - they are exorbitant and the rate of interest they quote is farcical - they add a lot of hidden charges resulting in the actual rate of interest that u pay much higher. And of course most of these pricate banks dont have any smooth preclosure options

23rd June 2006, 08:36	#8 (permalink)
theMAG Team-BHP Support Join Date: May 2006 Location: Bengalooru Posts: 4,577	swaminthanms, Go in for (any) loans from nationalized banks only - State Bank, Syndicate Bank etc. They have the most user-friendly schemes with the lowest rates of interest. Typically in nationalized banks, any auto loan < 2.5 laks has 9.5% reducing and >2.5 lakhs is 10% reducing. You can even preclose the loan at any time without incurring any penalties and extra rate of interest. As a rule I never approach private banks - they are exorbitant and the rate of interest they quote is farcical - they add a lot of hidden charges resulting in the actual rate of interest that u pay much higher. And of course most of these pricate banks dont have any smooth preclosure options __________________ If I hold a hammer, everything looks like a nail.