Car Loan from Kotak - Please advice - Team-BHP

yenom · 7th April 2007, 11:14

Hi All,

Am planning to buy a WagonR ex-Vashi and have got the following quote from Kotak.

Needed your advice and opinion on the rates -

Finance (90%) : 3,37,000/-

Down payment : 79,742/-

Finance Discount: - 14,500/-

Net Downpaymnt 65,242/-

Add: Sd And Fpc + 2,522/- (stamp duty and file processing charges)

Total DP 67,764/-

Emi (3 years) : 11,750/-
Emi (4 years) : 9,480/-

Regards.

dilipkumar7278 · 7th April 2007, 23:36

hi
If possible go for loans from Nationalised banks only.These private banks are bloody cheaters.I am saying this from my bad experiences dealing with ICICI and HDFC banks for my car loans//Best wishes

csentil · 8th April 2007, 00:59

What's the interest rate?

Do they have partial prepayment? If so, is there any charge for it? I don't think Kotak has it. Please check. I'm assuming you might want to do it as you might have large cash inflows at times.

What about pre-closure? What's the charge for it. If its like 4% or more then its very high. Basically if you repay 2 lakhs you end up paying 8K which is quite a lot in terms of interest money.

Did you check with any other bank? Nationalized banks have lesser rates and can be more flexible. Paper work is however a little bit more.

squarecut · 9th April 2007, 11:07

Nationalised bank have less interest and moreover they do not have prepayment penalty. and unlike private banks, they charge you interest on the principal left over. Private banks also claim to do that, but if you know your maths, you will know that they do not.

My advise is to go for loan from a nationalised bank. I am talking from first hand experience.

csentil · 9th April 2007, 18:17

Quote:

Originally Posted by squarecut

Nationalised bank have less interest and moreover they do not have prepayment penalty. and unlike private banks, they charge you interest on the principal left over. Private banks also claim to do that, but if you know your maths, you will know that they do not.

My advise is to go for loan from a nationalised bank. I am talking from first hand experience.

Looks like a lot of supporters for Nationalized banks. Got a loan sanctioned for my friend from Corporation Bank 3 weeks back. 10.5%. No penalty for pre-closure, partial prepayment. You can close the loan tomorrow !!!

subbarp · 9th April 2007, 19:07

Agree fully that Nationalized banks are better. I have interacted twice with Kotak just because they were the ones with all the details and readily accessible at the dealer. There is a prepayment cost.

wanderernomad · 5th August 2007, 23:25

Check out SBI, they are good. Present rate they are offerring is 12.25 % reducing and they tell me its floating.

newrider · 6th August 2007, 21:37

Quote:

Originally Posted by yenom

Finance Discount: - 14,500/-

Hi,
How is this finance discount given to you? I mean, is that offered to you by the dealer or the bank?

wanderernomad · 8th August 2007, 11:26

This Finance discount is offered by the financier as a payout at the time of the loan. It varies between 4% and 4.5% of the financed amount.

7th April 2007, 11:14	#1 (permalink)
yenom Newbie Join Date: Mar 2007 Location: Navi Mumbai Posts: 3	Car Loan from Kotak - Please advice Hi All, Am planning to buy a WagonR ex-Vashi and have got the following quote from Kotak. Needed your advice and opinion on the rates - Finance (90%) : 3,37,000/- Down payment : 79,742/- Finance Discount: - 14,500/- Net Downpaymnt 65,242/- Add: Sd And Fpc + 2,522/- (stamp duty and file processing charges) Total DP 67,764/- Emi (3 years) : 11,750/- Emi (4 years) : 9,480/- Regards.

8th April 2007, 00:59	#3 (permalink)
csentil BHPian Join Date: Feb 2007 Location: Bangalore Posts: 834 View My Garage	What's the interest rate? Do they have partial prepayment? If so, is there any charge for it? I don't think Kotak has it. Please check. I'm assuming you might want to do it as you might have large cash inflows at times. What about pre-closure? What's the charge for it. If its like 4% or more then its very high. Basically if you repay 2 lakhs you end up paying 8K which is quite a lot in terms of interest money. Did you check with any other bank? Nationalized banks have lesser rates and can be more flexible. Paper work is however a little bit more. __________________ Everyone is born right-handed, only the gifted overcome it. This is my car and I have my wife's permission to say so.

5th August 2007, 23:25	#7 (permalink)
wanderernomad BHPian Join Date: Jul 2007 Location: New Delhi Posts: 419 View My Garage	Check out SBI, they are good. Present rate they are offerring is 12.25 % reducing and they tell me its floating. __________________ Let it go...after all you live but twice.

8th August 2007, 11:26	#9 (permalink)
wanderernomad BHPian Join Date: Jul 2007 Location: New Delhi Posts: 419 View My Garage	This Finance discount is offered by the financier as a payout at the time of the loan. It varies between 4% and 4.5% of the financed amount. __________________ Let it go...after all you live but twice.

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7th April 2007, 23:36	#2 (permalink)
dilipkumar7278 BHPian Join Date: Mar 2006 Location: COCHIN Posts: 103 View My Garage	hi If possible go for loans from Nationalised banks only.These private banks are bloody cheaters.I am saying this from my bad experiences dealing with ICICI and HDFC banks for my car loans//Best wishes

9th April 2007, 11:07	#4 (permalink)
squarecut BHPian Join Date: Feb 2007 Location: Jabalpur Posts: 80	Nationalised bank have less interest and moreover they do not have prepayment penalty. and unlike private banks, they charge you interest on the principal left over. Private banks also claim to do that, but if you know your maths, you will know that they do not. My advise is to go for loan from a nationalised bank. I am talking from first hand experience.

9th April 2007, 19:07	#6 (permalink)
subbarp BHPian Join Date: Mar 2006 Location: Bangalore Posts: 142	Agree fully that Nationalized banks are better. I have interacted twice with Kotak just because they were the ones with all the details and readily accessible at the dealer. There is a prepayment cost.