Best Auto Loan Rates in Bangalore - Team-BHP

swaminathanms · 22nd June 2006, 10:34

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 · 22nd June 2006, 13:14

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.

The Matrix · 22nd June 2006, 13:29

Any nationalised bank would offer u good deals..

bangboy · 22nd June 2006, 13:37

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.

swaminathanms · 22nd June 2006, 17:17

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.

The Matrix · 22nd June 2006, 17:58

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

Buffetfan · 23rd June 2006, 03:45

I took loan for my Santro from hdfc 5 year @ 2105/lakh in hyd

theMAG · 23rd June 2006, 08:36

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

mahadev_kc · 23rd June 2006, 10:35

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...

swaminathanms · 23rd June 2006, 10:50

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?

The Matrix · 23rd June 2006, 13:26

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..

theMAG · 23rd June 2006, 15:08

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.

Rayden · 23rd June 2006, 18:37

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. :-(

mail4ajo · 23rd June 2006, 22:51

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.

B747 · 24th June 2006, 07:01

I got loan of 4.53 lacks for my swift zxi from ICICI for 3yrs at 9%.

22nd June 2006, 10:34	#1 (permalink)
swaminathanms Awaiting Email Confirmation Join Date: Jun 2006 Location: Bangalore Posts: 6	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.

22nd June 2006, 17:58	#6 (permalink)
The Matrix BHPian Join Date: Sep 2005 Location: Bangalore Posts: 104	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 17:59.

23rd June 2006, 08:36	#8 (permalink)
theMAG Team-BHP Support Join Date: May 2006 Location: Bengalooru Posts: 4,562 View My Garage	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 __________________ If I hold a hammer, everything looks like a nail.

23rd June 2006, 10:35	#9 (permalink)
mahadev_kc BHPian Join Date: Apr 2006 Location: Bengaluru Posts: 248 View My Garage	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... __________________ Cheers, Gudda ------ Some drive cars, I drive the Palio FIAT Palio 1.6 Sports \| APR-2006 \| 30000 Kms

23rd June 2006, 22:51	#14 (permalink)
mail4ajo Senior - BHPian Join Date: Mar 2006 Location: Chennai Posts: 1,212 View My Garage	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. __________________ 06 Alto LXi 97 Zen LX 03 HH Ambition RC Cars - HPI Baja 5B SS, Thunder Tiger SledgeHammer S50, ST-1 & Sparrowhawk XB**

22nd June 2006, 13:29	#3 (permalink)
The Matrix BHPian Join Date: Sep 2005 Location: Bangalore Posts: 104	Any nationalised bank would offer u good deals..

22nd June 2006, 13:37	#4 (permalink)
bangboy BHPian Join Date: Mar 2006 Location: BANGALORE Posts: 42	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.

22nd June 2006, 17:17	#5 (permalink)
swaminathanms Awaiting Email Confirmation Join Date: Jun 2006 Location: Bangalore Posts: 6	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.

23rd June 2006, 03:45	#7 (permalink)
Buffetfan BHPian Join Date: May 2005 Location: Hyderabad Posts: 593	I took loan for my Santro from hdfc 5 year @ 2105/lakh in hyd

23rd June 2006, 10:50	#10 (permalink)
swaminathanms Awaiting Email Confirmation Join Date: Jun 2006 Location: Bangalore Posts: 6	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?

23rd June 2006, 13:26	#11 (permalink)
The Matrix BHPian Join Date: Sep 2005 Location: Bangalore Posts: 104	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..

23rd June 2006, 18:37	#13 (permalink)
Rayden BHPian Join Date: Mar 2006 Location: Chennai Posts: 97	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. :-(

24th June 2006, 07:01	#15 (permalink)
B747 Newbie Join Date: Jun 2006 Location: Bangalore Posts: 4	I got loan of 4.53 lacks for my swift zxi from ICICI for 3yrs at 9%.

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