Check using the loan amortization worksheet given
here. Your numbers don't seem to fit, maybe I tried it wrong.
If you haven't already, read the thread
(ARTICLE: How to get the lowest EMI & the best Finance Deal)How to get the lowest EMI & the best Finance Deal.
IMHO, PSU/Govt banks are any day better than the private guys.
Check out the processing fees, part-payment penalty and pre-closure penalty clauses.
IIRC, Bank of Maharshtra provides vehicle loans at 10.75% for 3 years with Rs.2k processing fees, but no part-payment or pre-closure penalty. When a friend and I did this review sometime ago, BoM proved to be the best option anywhere, anytime.
Shop around and be very clear about the additional clauses.
Disclaimer: I don't work for BoM, nor do I hold any stake in them
