Go Back   Team-BHP > Team-BHP > Team-BHP Advice > On buying a car


Reply
 
Thread Tools Search this Thread
Old 16th March 2009, 12:11   #91
Team-BHP Support
 
tsk1979's Avatar
 
Join Date: Feb 2005
Location: New Delhi
Posts: 22,515
Thanked: 14,766 Times
Default

I have HDFC car loan, though they say floating, its fixed, and interest rate does not change
tsk1979 is offline   Reply With Quote
Old 24th March 2009, 20:13   #92
Distinguished - BHPian
 
Sahil's Avatar
 
Join Date: May 2004
Location: Bombay
Posts: 5,002
Thanked: 1,609 Times
Default

EMI per Lakh for BMW 520d @ Rs.3230
EMI per lakh for ANHC A/T @ Rs.3244

Both loans on a 3 year reducing balance from HDFC.

Please advice is there are any better rates around? Need to pick up both cars in the next few days.
Sahil is offline   Reply With Quote
Old 26th March 2009, 14:42   #93
BHPian
 
jimmzbond's Avatar
 
Join Date: Mar 2009
Location: Gurgaon
Posts: 29
Thanked: 0 Times
Default

I have recently taken a loan from SBI. Waiting period is more than a week with loads of documentation required.
Though i had pre-approved offers from HDFC and ICICI, but still was advised by friend who work for Tata capital to go for SBI.
All process was smooth, but it had to wait for 3 hours for re-imbursement at the bank. Again, i got to know that they had approved my request for 5 years instead of 3 years (which i discussed with their rep, when filling the form). When i met SBI's credit analyst, i realised they will take another 1 week to process my loan if loan duration is changed. For no fault of mine, i am struck with 5 year loan.

The contract says 11.75%(variable) instead of 10% as advertised and the bank manager says, dont worry because the contract is old. I still went ahead and signed the contracts. Any further delay would have made me pay extra 30,000 due to price hikes in honda. Also they are not charging any processing fees and no advance EMIs.
But, verbally, I have been told I can pre-pay without any penalty charges.
So, I am going ahead. The fault was mine, because i only signed the loan form and not filled it. The sales representative filled it for me.
So, always fill you complete form.
And they take PDCs for full duration. No ECS for them if bank account is not with SBI.
jimmzbond is offline   Reply With Quote
Old 26th March 2009, 16:06   #94
BHPian
 
anandtheleo's Avatar
 
Join Date: Jan 2007
Location: Chennai
Posts: 329
Thanked: 160 Times
Default

Quote:
Originally Posted by jimmzbond View Post
No ECS for them if bank account is not with SBI.
I have my car loan with SBI too and I have a ECS mandate for it with my savings account in HDFC.
anandtheleo is online now   Reply With Quote
Old 22nd June 2009, 22:02   #95
Newbie
 
Join Date: Jun 2008
Location: Mumbai
Posts: 7
Thanked: 0 Times
Default

I am buying my first car, booked the GP MJD. Need to know which is the best loan deal available - have a pre-approved loan quote from HDFC, but the rate is around 11.5%. Have been told that Reliance offers 11%.

Any ideas/information anyone? Also, which insurance vendor would you recommend?
MitzYeah is offline   Reply With Quote
Old 23rd June 2009, 11:36   #96
GTO
Team-BHP Support
 
GTO's Avatar
 
Join Date: Feb 2004
Location: Bombay
Posts: 43,466
Thanked: 61,693 Times
Default

Search the forum, Mitz. Lots of posts on the latest finance deals.
GTO is offline   Reply With Quote
Old 17th July 2009, 01:44   #97
aZa
Senior - BHPian
 
aZa's Avatar
 
Join Date: Mar 2006
Location: Noida / Delhi
Posts: 1,595
Thanked: 16 Times
Default

HDFC is giving 11.25% without negotiating! While ICICI quoted me 14/14.5%, and it had only one guy sitting for loans (lol!) today compared to a room full of agents an year or two back. SBI is quotes 8% for first year, 10% for next 2 years (3yr period) and near about 11% for 5years.

I had a weird complication today, HDFC said they wont give me a draft for the loan amount, it will be transfered online. Hence the dealer should have a HDFC account. And ICICI says it will only finance a vehicle if the dealer is from NCR.

aarghh!!

Will be visiting a few more banks tom!
aZa is offline   Reply With Quote
Old 17th July 2009, 10:46   #98
BHPian
 
dash's Avatar
 
Join Date: Feb 2008
Location: Bangalore
Posts: 58
Thanked: 0 Times
Default HDFC rates

Quote:
Originally Posted by aZa View Post
HDFC is giving 11.25% without negotiating! While ICICI quoted me 14/14.5%, and it had only one guy sitting for loans (lol!) today compared to a room full of agents an year or two back. SBI is quotes 8% for first year, 10% for next 2 years (3yr period) and near about 11% for 5years.

I had a weird complication today, HDFC said they wont give me a draft for the loan amount, it will be transfered online. Hence the dealer should have a HDFC account. And ICICI says it will only finance a vehicle if the dealer is from NCR.

aarghh!!

Will be visiting a few more banks tom!

HDFC offered me 10.5% if I buy insurance also thro' them. But nothing can beat SBI rates and 0 processing fee..
dash is offline   Reply With Quote
Old 17th July 2009, 14:28   #99
Senior - BHPian
 
kkr2k2's Avatar
 
Join Date: Sep 2006
Location: Melbourne, Hyd
Posts: 1,232
Thanked: 21 Times
Default

Quote:
Originally Posted by aZa View Post
..... SBI is quotes 8% for first year, 10% for next 2 years (3yr period) and near about 11% for 5years.
......
I am heading to SBI now.
Quote:
Originally Posted by dash View Post
HDFC offered me 10.5% if I buy insurance also thro' them. But nothing can beat SBI rates and 0 processing fee..
next to HDFC!!!!
kkr2k2 is offline   Reply With Quote
Old 25th September 2009, 16:38   #100
BHPian
 
somebodystopme's Avatar
 
Join Date: Nov 2005
Location: Delhi
Posts: 497
Thanked: 13 Times
Default God save my weak maths! Help me decide loan for my new car!

Hi friends as the topic states I dont deserve to be 24 years old, Being a designer I am a shame on the word maths. But still Have tried my level best to calculate emi's and loan. Which has further confused me. Please go through my post.
I enquired about car loan from hyundai and following is what they are offering

For a loan amounting to RS 300000. Hyundai through HDFC is asking for 9636X35 emi's @ 10.25%. They added the processing fee of 2910 as well now i dont know if its added on EMI or will they take it seperately. So this against SBI's 8% for the first year and 10% for two years, which is better.

I have also approached HDFC as we already have an auto loan there which has never defaulted they will get back to me. Will try and bargain for the % and processing fee.

Also one of my relatives knows someone from HDFC, he is saying he can get me 9.25% which was offered to him three months back though he is not sure if its the same still and neither am I. Please guide thanks.
somebodystopme is offline   Reply With Quote
Old 25th September 2009, 16:46   #101
Senior - BHPian
 
DCEite's Avatar
 
Join Date: Sep 2004
Location: Bratislava
Posts: 2,918
Thanked: 333 Times
Default

Do you have a savings account with some public sector bank? If yes, try the car loan with them. In all probability it will be cheaper and have lesser processing fees. IIRC Bank of India offers the cheapest car loan.

Last edited by DCEite : 25th September 2009 at 16:55.
DCEite is offline   Reply With Quote
Old 25th September 2009, 17:38   #102
BHPian
 
Join Date: Jul 2009
Location: Mumbai
Posts: 116
Thanked: 0 Times
Default

Hi

Try using my total cost of ownership calculator to see which one works the best for you.
- Get the EMI per lac from your loan agent. That way, you can seperately spike out every single cost element. Different banks have different processing fee + stamp duty + administrative charges and the fees could be all inclusive or some fees hit you as a hidden charge.
- For SBI, ask them explicitly how much you will be paying for year 1,2 and 3 for the same loan amount and then add that amount to the total EMI section. I did that and kotak turned out to be more competitive for me. Not to mention speedier than SBI !!!

BTW - I got a loan at 9% from Kotak Mahindra bank. So loans that low are definitely a reality. Try pitting one agent against the other. Get a written quotation or an emailed quotation. It also helps the agent make a case to their "seniors" :-)
Attached Files
File Type: xls Total Cost of Ownership.xls (21.0 KB, 571 views)
aarenes is offline   Reply With Quote
Old 25th September 2009, 17:56   #103
BHPian
 
Bapu's Avatar
 
Join Date: Jul 2009
Location: Ahmedabad
Posts: 126
Thanked: 22 Times
Default

Quote:
Originally Posted by somebodystopme View Post
For a loan amounting to RS 300000. Hyundai through HDFC is asking for 9636X35 emi's @ 10.25%.
They added the processing fee of 2910 as well now i dont know if its added on EMI or will they take it seperately.
This is the typical scheme offered. Basically, what the hype given to you is that 1 EMI advance to be given with the down payment. That EFFECTIVELY brings down the Loan resulting in a higher rate of interest that you are payiing. Your rate of interest is coming to 10.27% with 1 EMI. If you are able to negotiate for a Zero EMI advance scheme the rate of interest is 9.69%.

On rate of interest comparision, i believe, the SBI loan is coming across as costlier. However, they dont have any prepayment charges or processing fees.

I got my car loan from HDFC (getting disbursed today) at 9% with zero advance EMI + NIL Processing fees . This was after a tough fight with them. The EMI is Rs.3190 per lac.

I believe Bank of India is also offering the same rate. Also, negotiate with all banks and you'll be able to manage a full or partial waiver of the processing fees.

Pls note that AFAIK, all the Pvt sector banks shall be having PREPAYMENT charges. Which the nationalised banks / cooperative banks would not be charging. So if you are planning to repay before time, the other banks would work out cheaper.

Let me know if you want any other details.
Bapu is offline   Reply With Quote
Old 25th September 2009, 18:42   #104
Senior - BHPian
 
rr_zen's Avatar
 
Join Date: Sep 2006
Location: Chennai, India
Posts: 1,684
Thanked: 232 Times
Default

Try your luck with Axis Bank. They have lowered their interest rates to as low as 7.75% (this is what was quoted to me for a loan for buying the Innova).
rr_zen is offline   Reply With Quote
Old 29th September 2009, 18:35   #105
Senior - BHPian
 
mithun's Avatar
 
Join Date: Jan 2006
Location: Cochin
Posts: 1,912
Thanked: 39 Times
Default

Quote:
Originally Posted by rr_zen View Post
Try your luck with Axis Bank. They have lowered their interest rates to as low as 7.75% (this is what was quoted to me for a loan for buying the Innova).
I've also heard the same. The car loans from Axis bank is a lot cheaper than SBI in the longer run.
mithun is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
ARTICLE: Lease OR Loan? Which EMI is better for you GTO On buying a car 207 26th July 2016 16:03
Bangalore & Kolkata: Lowest average speed of traffic in India dpkbehera Street Experiences 5 11th January 2016 11:15
HDFC Bank Car Loan- Is this a good finance deal ? manumani Indian Car Loans & Insurance 7 22nd July 2010 21:03
Got 15"alloys and tyres,good deal or bad deal? .anshuman Tyre & Alloy wheel Section 10 4th April 2006 12:58


All times are GMT +5.5. The time now is 08:43.

Copyright 2000 - 2016, Team-BHP.com
Proudly powered by E2E Networks