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Old 23rd January 2007, 18:11   #16
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Originally Posted by msdivy View Post
Normal scenario (EMI per lac):
For 5 year loan, EMI is between 2125-2149 (rate 10 to 10.5%).
For 3 year loan, EMI is between 2076-2112 (rate 9 to 9.75%).
msdivy, a small correction.
For 3 yr loan, the EMI per lakh will be between 3180/- (9%) and 3215/- (9.75%) per month.
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Old 23rd January 2007, 18:41   #17
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Thank you very much guys. Will surely get the quotes from all the dealers in BAngalore.

shivak... will surely get in touch with him.Thanks.

Wheeliej, I'm keeping the vehicle for more than 6+ years period.

msdivy, sure i'll get quotes from all dealers.

and vivek, i got the split up of the quotes from the dealer(RNS). Please clarify this to me. If i pay 75k as cash from my side and will the rest be paid as DD by the bank in full to the dealer by the bank which i take the loan? and if yes, do i need to pay directly to the bank the EMI's?
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Old 24th January 2007, 09:01   #18
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vivek, i got the split up of the quotes from the dealer(RNS). Please clarify this to me. If i pay 75k as cash from my side and will the rest be paid as DD by the bank in full to the dealer by the bank which i take the loan? and if yes, do i need to pay directly to the bank the EMI's?
I guess that you want to pay 75K as cash to the dealer, and the rest of the amount as loan from a bank. Suppose the dealer gives you an invoice for the on-road price (ex-showroom + road tax + insurance + registration fees), then you can ask the bank to give a loan for the remaining amount(Invoice amount - 75K). The bank will issue a DD for the same in the dealer's name and address (as given in the invoice).

There are two options for repayment. It depends on the bank you are taking the loan.
1. You will have to give signed post dated cheques (number equal to the loan repayment term in months) so that they will debit the EMI amount. This is the case with ICICI bank (my friend took a car loan from there two months back). I guess it will be the same for Citi as well.
2. For nationalized banks like SBI, Corporation bank etc, you need a savings account in that bank itself. You'll be given a separate loan account also with the same bank, when you take the loan. The bank will periodically deduct the EMI amount from your savings account and credit to the loan account. They will start deducting the EMI one month from the date of issuing the DD to the dealer.

For option 2, make sure you have sufficient money for paying EMI in your savings account every month. In case you want to pre-pay the loan, you can directly deposit the money in your loan account. This is from my experience in taking loans from SBT and Corporation bank in Kerala. Please check with the banks in Bangalore for exact details.

If you plan to close the loan prematurely, it is better to take from nationalized banks, as they dont have any prepayment penalty. Hope this helps.
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Old 24th January 2007, 11:31   #19
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Quote:
Originally Posted by msdivy View Post
For 3 year loan, EMI is between 2076-2112 (rate 9 to 9.75%).
Quote:
Originally Posted by vivekkr_99 View Post
msdivy, a small correction.
For 3 yr loan, the EMI per lakh will be between 3180/- (9%) and 3215/- (9.75%) per month.
Thanks Vivek, that was an error.

MODS, if possible please edit my post to reflect the correction.
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Old 24th January 2007, 12:21   #20
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Thanks vivek,
I've an account in SBI already and so i'm opting for the loan from them itself. Lets see how much they discount on the interest or anything. thanks.
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Old 24th January 2007, 12:27   #21
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Thanks vivek,
I've an account in SBI already and so i'm opting for the loan from them itself. Lets see how much they discount on the interest or anything. thanks.
No problem ramki... All the best.
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Old 20th February 2007, 11:02   #22
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Take the loan from SBI. It is a very painless exercise and you end up with tremendous peace of mind. I can vouch for everything that Vivek has mentioned. SBI service for car loan as well as home loan is the best. I say it from personal experience. I had my home loan from ICICI and car loan from SBI. I am on the verge of finishing off the car loan much in advance of the tenure, whereas the home loan ( just above twice the amount of car loan) was nowhere near getting paid. Now I have taken steps to transfer my home loan from ICICI to SBI. Once that comes off, I hope to finish off my home loan too much ahead of the tenure. It is something ICICI just would not allow you to do.
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