Quote:
Originally Posted by ramki067  Hi guys,
Just now ICICI bank contacted me and they are offering 7.32% reducing interest rate for a 5 year 3.50 lakh loan. They are quoting 95% amount of ex-showroom price which comes out at 3.5 L for WagonR Vxi. The EMI per lakh is 2310. Is it ok...Any tricks out here. what say guys? |
I just checked with an EMI calculator. For 7.5% interest on a 5 year loan, the EMI/lakh is 2004/-. To get an EMI of 2310 the interest rate has to be 13.5%. I think he's quoting a flat rate. No way someone's going to give you a reducing interest loan for 7.5% and that too from ICICI.
Check out this link.
EMI Calculators