Rate of intrest on Swift. (6.3 %)

[bhogalrajnish]

I am planing to buy a Swift base model here is the loan calculation.

-- price on road 428xxx -- do not remember the exact amount.

Loan amount 340xxx -- will try and make it 340000

the deal is
RS 2191 per/lakh/month for 5 years makes it 2191*3.4 = 7449

Down payment -- 88000

discount -- 12000
Fininance discount 4.5% ==15300
-------
27300

DP-Discount == 88000-27300=60700

Hence on a downpayment of Rs 60700 i pay 7449 permonth for 59 months. =439491 + 60700 = 500191

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lets see to it per year per lahk

100000 == 2191/month * 12 = 26292 * 5years = 131460
in 5 years I pay 31460 extra that means /5 for one year is = 6292
So the intreat amount is 6292 per year per 100000 ie 6.29 or 6.3%
This is the coute i got from Competent motors Lajpat nagar last sunday.

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They promised me to give the basic car kit -- mud flaps, steering cover and mats free along with the car and rest il have to purchase from MGA.



Is this a good deal or can it be brought down . The bank can be Citi bank, HDFC , ICICI thats what I was told .


Rajnish

[SLK]

By the sound of it... its ok... but I am not the best person to comment.. as I have not purchased a car recently.
The Simple Interest method of calculating interest rate is not correct....
The actual.. interest rate on diminishing balance ... (effective rate)... is about 9.77%. ..(this is the rate you should use for comparing with other banks)

Your EMI is calculated on an interest rate of .. 11.763%

Try the calculators.... http://www.team-bhp.com/forum/indian...ting-emis.html (Calculating EMIs)

PS: Its not a good idea to take loans for cars... as long as 5 years (just my view)