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Old 8th January 2009, 19:28   #91
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Quote:
Originally Posted by DCEite View Post
First of all congrats on your choice!
Yes Public sector banks ask for Form 16 of previous 2 years. Private banks like HDFC and ICICI are lenient on this, but they charge higher ROI (14.xx %). Without employment proof anyways, it will be difficult to get the loan, specially in the current slowdown. If you have some Fixed deposit or savings with a particular bank which is atleast equal to the loan amount you require, you can try to get loan against FD from that bank. Otherwise take the loan on someone else's name, eg. working Father/Mother/Brother/Sister, and pay the EMIs yourself.
Got a call from the finance dept. of the showroom today.Seems hdfc is willing to grant me a loan if i have a co-applicant. Told me they'd close the deal at 14%, is that a good rate of interest?
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Old 9th January 2009, 00:19   #92
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14% is still pretty high. But I guess you don't have any other option. With the falling interest rates you should probably be getting it for 13% or lesser with HDFC/ICICI. Ask them if the rates can be reduced.
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Old 9th January 2009, 02:16   #93
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Priyoban,

Hope this isn't a case of cognitive dissonance!! Getting into a wrong choice of a car with conflicting objectives.

I'd suggest you to wait and re look at your options as this is your first car.
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Old 9th January 2009, 09:15   #94
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Dude, SBI offers 12% and believe me or not they are the mother of all lenders. All other banks depend on SBI.


Talking about the your choice of car. If your budget is 3 lakhs, then Spark PS is the best car you would get. This will hold true for many years to come.

If you are buying Spark for 4 lakhs, then make sure you have all the good things in it, like Airbags, ABS.

Checkout Aveo U-VA in Ivory Gold color. Thats one good looking car. Terrific looks. Price is 4.25L on-road for base model,which has two door power windows too.

Electric windows, central locking and many more such gizmos can be done outside market for half the price.

Last edited by ritz830 : 9th January 2009 at 09:17.
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Old 9th January 2009, 18:58   #95
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It's the Spark LT so it has everything except the Airbags,ABS. The UVA is above my budget. I already had to stretch my budget for this car, so I don't think I can do that again.

@rshiv: Firstly thanks for teaching me that concept.Well actually it is the case to a certain extent, because I had made up my mind a while back about getting the Spark, was just trying to reconfirm my justification by asking those questions.

Does anyone here have 13% from HDFC/ICICI, I'll pursue the case with more confidence if someone here has already gotten 13% from them.
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Old 9th January 2009, 23:26   #96
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priyoban,
My friend recently (3 weeks back) bought an Accent with HDFC bank rate of 12%. If you have a salary account/long term relationship, I guess it gets approved very quickly.

Last heard SBI is offering at 11.75. But getting an approval would be a real test of patience.
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Old 9th January 2009, 23:31   #97
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About Loans. HDFC is planning to cut loan rates for car by 0.5 to 1 % shortly
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Old 10th January 2009, 00:08   #98
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I have my salary account with ICICI, so is that a possibility with them too?
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Old 10th January 2009, 01:11   #99
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Quote:
Originally Posted by priyoban View Post
I have my salary account with ICICI, so is that a possibility with them too?
Maybe you can try. I feel HDFC is better than ICICI. You can give it a shot
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Old 10th January 2009, 19:42   #100
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I did not suggest you anything so far as it would have been biased ! Now that you have made up your mind, I say its an excellent choice. Great VFM.

Priyoban, congrats

My Sparky, black LT, completed one year and almost 10 K kms, and my baby is as rocking as she ever was !

Quote:
Originally Posted by ritz830 View Post
Good choice.
Ritz dude

You too were in the market sometime back and looking towards Sparky. What happened?

Last edited by BomBatt : 10th January 2009 at 19:43.
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Old 10th January 2009, 19:58   #101
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Oriental Bank of Commerce (govt undertaking) - car loan rates..
Rate of Interest w.e.f 07.11.2008:
Upto 3 years = PLR - 1.50% i.e 11.75%
Above 3 years = PLR - 1.00% i.e 12.25%

It doesn't matter if you have salary account etc.
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Old 10th January 2009, 19:58   #102
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Oriental Bank of Commerce (govt undertaking) - car loan rates..
Rate of Interest w.e.f 07.11.2008:
Upto 3 years = PLR - 1.50% i.e 11.75%
Above 3 years = PLR - 1.00% i.e 12.25%

It doesn't matter if you have salary account etc.
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Old 10th January 2009, 23:55   #103
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^^Ya but wont they also need form 16 etc.?
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Old 10th January 2009, 23:56   #104
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[quote=BomBatt;1125034]I did not suggest you anything so far as it would have been biased ! Now that you have made up your mind, I say its an excellent choice. Great VFM.

Priyoban, congrats

My Sparky, black LT, completed one year and almost 10 K kms, and my baby is as rocking as she ever was !


O thats nice man, booked myself exactly the same.
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Old 11th January 2009, 09:51   #105
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Priyoban congratulations for booking the Spark LT. Keep us posted on your experience.

If you dont mind me asking, how much more would the Option pack with ABS/ Airbags etc., have cost you? If it is not too much, you can still go for it, the difference in your EMI's wont be much.
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