Team-BHP - View Single Post - Is this a good deal

iTNerd · 7th June 2007, 16:28

Hey guys, I am pretty close to getting approval for a car loan ..Approached my bank HDFC today and had a pre-approved loan of 5.4 lakhs in my account. I am planning to take a 5 lakhs loan to buy a car (SX4) and after some bargaining, I got the following offers:

On 5 lakhs
11.5% (3 yrs).
12.25% (4 yrs)
12.50 (5 yrs)

In terms of EMI per lakh, its something like
Rs. 3267/lakh (3 yrs)
Rs. 2619/lakh (4 yrs)
Rs. 2227/lakh (5 yrs)

*Monthly reducing

EMI comes out to be around Rs. 16500...

I just wanted to know if this is a good deal... I am pretty new to EMI and car load things and would appreciate any of your advice and suggestions regarding this... You guys are great!

7th June 2007, 16:28	#1 (permalink)
iTNerd BHPian Join Date: Apr 2007 Location: Delhi Posts: 354	Is this a good deal - HDFC 11.5% 3yrs Hey guys, I am pretty close to getting approval for a car loan ..Approached my bank HDFC today and had a pre-approved loan of 5.4 lakhs in my account. I am planning to take a 5 lakhs loan to buy a car (SX4) and after some bargaining, I got the following offers: On 5 lakhs 11.5% (3 yrs). 12.25% (4 yrs) 12.50 (5 yrs) In terms of EMI per lakh, its something like Rs. 3267/lakh (3 yrs) Rs. 2619/lakh (4 yrs) Rs. 2227/lakh (5 yrs) *Monthly reducing EMI comes out to be around Rs. 16500... I just wanted to know if this is a good deal... I am pretty new to EMI and car load things and would appreciate any of your advice and suggestions regarding this... You guys are great!