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

Thread Tools Search this Thread
Old 9th May 2007, 17:27   #31
Team-BHP Support
Rtech's Avatar
Join Date: Apr 2004
Location: Bombay
Posts: 5,770
Thanked: 176 Times

I don't see how, by closing the loan early, you escape the IT radar. Aren't banks supposed to inform the IT dept. of all transactions over a certain limit? So if Mr.X pays Rs.Y lakhs after 6 months to close or partly repay his loan, wouldn't that show up on the radar as well?
Rtech is offline   Reply With Quote
Old 10th May 2007, 01:27   #32
Team-BHP Support
Zappo's Avatar
Join Date: Oct 2005
Location: Hyderabad
Posts: 5,385
Thanked: 1,655 Times

Besides the regular suggestions of not locking your funds, wise investments etc I can give you two very compelling reasons which are seasonal and very relevant at the moment.
1. The interest rates have hardened up. So your money fetches more in interest even in no brainer schemes like FD. Considering that you have the ready cash if you put it in a long term FD you will fetch something close to 10.5% at the least.

On the other hand, inspite of the rates hardening the car manufacturers are getting restless because of stationary stocks. So the likes of Toyota, Hyundai and Maruti are tying up with the banks for cheap loans. For the latter two you can pick up their select models for as low as 7.99% rate of interest. So your funds can remain parked at 10.5% whereas you pay at 7.99% without any financial skullduggery.

2. Currently the IT dept has become hyperactive on big purchases. A new car purchase with upfront cash payment immediately flags you as a possible big fish from whom IT guys can extract some real moolah. So expect a summon and lot of harrasment at the least to get out of that if you get a summon. AFAIK all car showrooms are supposed to send a list of cash paying buyers to the IT dept on a monthly basis.
Zappo is offline   Reply With Quote

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 199 10th January 2016 12:49
Car loan from employer- pros and cons? DCEite Indian Car Loans & Insurance 7 1st May 2011 21:57
Ford Fusion Pros and Cons vivek_pinkoo The Indian Car Scene 35 31st December 2006 13:30
ford mondeo 03- 6laks?? pros and cons ? karizma_devil Luxury, Imports & Niche 19 24th December 2006 21:52
New Esteem - pros and cons harifire Sedans 8 25th November 2004 15:50

All times are GMT +5.5. The time now is 19:23.

Copyright 2000 - 2016, Team-BHP.com
Proudly powered by E2E Networks