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Originally Posted by GTO  The amount that will / has been received by them in interest. Yes, Autocar speaks about the same thing. |
4% is of the amount of loan that we take up and not the interest income. Suppose I take up a loan of 4,00,000. I will get a discount of 16000 for sure. Also most ppl dont know that there is a discount on the interest we pay too. If the total interest we pay is 1,50,000 the DSA's of many banks give additional discount of 2.5% of it. i.e. Rs. 3750.
EDIT:- Also if getting a loan through DSA/DMA discuss with them what more discount they can give if you get your car insured through them. I have seen many of my friends get 50% off on insurance. For a car like verna it could be around Rs. 13000 additional discount. Ask them to adjust in EMI and you will pay full.