Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 22nd June 2006, 09:34   #1
Awaiting Email Confirmation
 
Join Date: Jun 2006
Location: Bangalore
Posts: 6
Thanked: 0 Times
Default Best Auto Loan Rates in Bangalore

Im planning to book a new car shortly. Would be helpful to strike a good deal if people who have bought cars recently on loans in Bangalore can provide the details on the best interest rate they could negotiate. Im looking at a loan of around 3.5Lakhs for a duration of 5 years. Would be great if you guys can provide the agent contact through whom you struck the deal.
swaminathanms is offline   Reply With Quote
Old 22nd June 2006, 12:14   #2
Awaiting Email Confirmation
 
Join Date: Jun 2006
Location: Bangalore
Posts: 6
Thanked: 0 Times
Default

Quote:
Originally Posted by sushrutha
Y not give a search in the forum you will find it.
I did but i would like to know the recent rates as the rates have gone up quite a lot in the last few months or so.
swaminathanms is offline   Reply With Quote
Old 22nd June 2006, 12:29   #3
BHPian
 
The Matrix's Avatar
 
Join Date: Sep 2005
Location: Bangalore
Posts: 112
Thanked: 2 Times
Default

Any nationalised bank would offer u good deals..
The Matrix is offline   Reply With Quote
Old 22nd June 2006, 12:37   #4
BHPian
 
bangboy's Avatar
 
Join Date: Mar 2006
Location: BANGALORE
Posts: 42
Thanked: 0 Times
Default

Thats right.I had taken loan from Corporation bank,Bangalore at 9.5% daily reducing.If you have all the documents ready its just a matter of 2-3 days.

Mine was done in a day, since I already have a housing loan acquired from there, so verifications were easy.
bangboy is offline   Reply With Quote
Old 22nd June 2006, 16:17   #5
Awaiting Email Confirmation
 
Join Date: Jun 2006
Location: Bangalore
Posts: 6
Thanked: 0 Times
Default

I was able to get a quote of the following for a 5 year loan.

Citibank - EMI 2147 per lakh
ICICI - EMI 2155 per lakh
HDFC - EMI 2120 per lakh.

I guess it is on the higher side compared to the nationalised banks.
swaminathanms is offline   Reply With Quote
Old 22nd June 2006, 16:58   #6
BHPian
 
The Matrix's Avatar
 
Join Date: Sep 2005
Location: Bangalore
Posts: 112
Thanked: 2 Times
Default

well here's my 2 cents...got these quotes from SBI..

Upto 3 years (for loans Rs. 7.5 lac & above) - 9.25%
Upto 3 years (for loans below Rs. 7.5 lac) - 9.50%
Above 3 yrs up to 5 yrs (for all loans) - 9.75%
Above 5 yrs up to 7 yrs (for all loans) - 10.00%



Processing Fee

0.50% of Loan amount , to be paid upfront.

Cheers

Last edited by The Matrix : 22nd June 2006 at 16:59.
The Matrix is offline   Reply With Quote
Old 23rd June 2006, 02:45   #7
Senior - BHPian
 
Join Date: May 2005
Location: Hyderabad
Posts: 1,099
Thanked: 157 Times
Default

I took loan for my Santro from hdfc 5 year @ 2105/lakh in hyd
Buffetfan is offline   Reply With Quote
Old 23rd June 2006, 07:36   #8
Team-BHP Support
 
theMAG's Avatar
 
Join Date: May 2006
Location: Long Island, NY
Posts: 7,038
Thanked: 1,476 Times
Default

swaminthanms,

Go in for (any) loans from nationalized banks only - State Bank, Syndicate Bank etc. They have the most user-friendly schemes with the lowest rates of interest. Typically in nationalized banks, any auto loan < 2.5 laks has 9.5% reducing and >2.5 lakhs is 10% reducing. You can even preclose the loan at any time without incurring any penalties and extra rate of interest.

As a rule I never approach private banks - they are exorbitant and the rate of interest they quote is farcical - they add a lot of hidden charges resulting in the actual rate of interest that u pay much higher. And of course most of these pricate banks dont have any smooth preclosure options
theMAG is offline   Reply With Quote
Old 23rd June 2006, 09:35   #9
BHPian
 
mahadev_kc's Avatar
 
Join Date: Apr 2006
Location: Bengaluru
Posts: 318
Thanked: 24 Times
Default

If you are buying any TATA vehicles or FIAT (petrol) vehicles, try Tata Motor Finance. They offer cheapest loans and also no hassels on documentation front...

Let us know the details after you got the loan, rates, EMI/lakh etc...
mahadev_kc is offline   Reply With Quote
Old 23rd June 2006, 09:50   #10
Awaiting Email Confirmation
 
Join Date: Jun 2006
Location: Bangalore
Posts: 6
Thanked: 0 Times
Default

Pardon the ignorance. So can i just walk into any nationalised bank branch and enquire about car loans? Are there no loan agents who we could go through?
swaminathanms is offline   Reply With Quote
Old 23rd June 2006, 12:26   #11
BHPian
 
The Matrix's Avatar
 
Join Date: Sep 2005
Location: Bangalore
Posts: 112
Thanked: 2 Times
Default

I havent come across any agent for a nationalised bank (SBI is an exception)... u can walk into any nationalised bank and discuss ur requirement with the manager..
The Matrix is offline   Reply With Quote
Old 23rd June 2006, 14:08   #12
Team-BHP Support
 
theMAG's Avatar
 
Join Date: May 2006
Location: Long Island, NY
Posts: 7,038
Thanked: 1,476 Times
Default

Quote:
Originally Posted by swaminathanms
Pardon the ignorance. So can i just walk into any nationalised bank branch and enquire about car loans? Are there no loan agents who we could go through?
1. Its better for the customer that he deals directly with the bank than thru a 3rd party

2. You literally can walk into a bank and apply for a car loan. The only caveat is tha branch/bank requires any loan applicant to have a SB/current acc with that branch/bank. So if u dont have an acc yet, they'll require u to open one.

3. Documentation- These days, ur PAN card is a must to apply for any loan. They'll also ask for the latest 1-year bank statement of ur primary salary account. Its understood at this point that anyone who can personally refer u to the bank manager will make the whole process that much more smoother.

4. Recently, when I was doing the rounds to decide which dealership to book my Swift from (I eventually settled on RNS Motors, Yeshwantpur), I noticed for the 1st time in Sagar Motors, Bannerghatta Rd, that there were actually SBI car loan agents camped there. Just some food for thought.
theMAG is offline   Reply With Quote
Old 23rd June 2006, 17:37   #13
BHPian
 
Join Date: Mar 2006
Location: Chennai
Posts: 101
Thanked: 0 Times
Default

I got my Indica turbo loan at 2080 per lac for 5 years from Tata motor finance. This works out to 9% diminishing. Its a good deal I think.

butttttt Tata motor finance does not do it for non-Tata cars. :-(
Rayden is offline   Reply With Quote
Old 23rd June 2006, 21:51   #14
Senior - BHPian
 
mail4ajo's Avatar
 
Join Date: Mar 2006
Location: San Antonio, TX
Posts: 1,834
Thanked: 222 Times
Default

SBI is good, because after 12 months, you can make part payments and close the loan. No charges apply. The approval process is very strict and takes more time than pvt banks.
mail4ajo is offline   Reply With Quote
Old 24th June 2006, 06:01   #15
BHPian
 
Join Date: Jun 2006
Location: Bangalore
Posts: 229
Thanked: 151 Times
Default

I got loan of 4.53 lacks for my swift zxi from ICICI for 3yrs at 9%.
B747 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
The Cheap Loan or the Smart Loan - SBI Advantage Car Loan keyur Indian Car Loans & Insurance 208 5th July 2017 15:56
Pls guys!! Loan interest rates advise!!! rndsoft1 Indian Car Loans & Insurance 41 29th November 2007 11:29
Used car loan rates adityapd Indian Car Loans & Insurance 22 30th August 2007 18:10
Loan interest rates too high! ramki067 Indian Car Loans & Insurance 55 9th June 2007 16:31


All times are GMT +5.5. The time now is 22:29.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks