[BaCkSeAtDrIVeR]

Always go for a loan which chanrges interest only on the outstanding balance. Which city are you in?

At 7% reducing interest, you should not be paying more than 9000 pm. At 12.5%, the amount is 9,970. At 13%, you are repaying 10,061.

And for closing the loan before the due date, the bank may charege you a fee. Any clue how much is that? (No, I do not want to know it , the point is, do YOU know how much it is?). Also, some old gen. private banks do not revise the interest down when the prime lending rate goes down. AFAICT, State Bank group's interest rates are prime lending rate + some margin. So, when PLR goes down, your interest goes down too.