hey GTO, thanks a lot for that link.. and the excel sheet is really useful... I have two loan offers from UTI and HDFC. I am not able to decide which one I should go for..
HDFC (I have my saving and CC accounts with them.)
Rs 5 lac @11% 3 yrs for which EMI comes to be around Rs. 16225
Net Interest= Rs. 84100
Processing fee=Rs. 2300
from UTI (through dealership)
Rs 5
lac@13.75 3 yrs with 4% payout. EMI comes to around Rs. 16835
4% Payout on net amount = Rs. 19326
Net Interest=Rs. 10,6060 - 19,326= Rs. 86734
Processing fee= Rs. 1100
Clearly, HDFC is giving a competitive offer (afte hard negotiation) and already have a pre-approved loan of 5.5 lacs on my account. So no documentation and final approval is just a day or two. But When I insist that I would be goin with HDFC bank, my dealer told me horrible stories about dealing with third-party banks and they say they won't be liable for it if something goes wrong from the bank. Clearly the dealer was not happy about not goin with UTI.
I just wanted to ask:
* benefit of going with the dealership linked banks? If so how?
* UTI Prepayment penalty?
* does going with dealership bank fasten the delivery of vehicle (SX4)?
* turnaround time for UTI loan? (though the dealership consultant said they will take care of any problem)
* Finally, which of these two banks should I go for putting reliability in concern?
Please guys, will be a big favor in helping me out.