HDFC Finance for Innova .. - Team-BHP

khaadu75 · 15th June 2007, 16:26

Guys, If you read the ' what car ' thread you must be aware that Im lookig to go in for the Innova G4 sometime soon ( within this month ) .... So I got talking to the bank guys and the following is what two guys are offering and strangely both working with HDFC Loan Deptt ... and they offering two diff figures ......

Agent X

Loan Amount -- 8,04,00
EMI ( 5 yrs ) -- 17765 per month

+ another discount of Rs 4000 . Another condition is that I get insurance done from them only , which basically means Bajaj Allianz as the insurer -- if I dont then the EMI goes upto Rs 18,008 !!

Agent Y

Loan Amount -- 8,04,00
EMI ( 5 yrs ) -- 17808 per month

+ another discount of Rs 22000 . No fuss about getting it done from them .

Both are with one advance EMI . Do you guys think this is a good deal or should I sniff around with other banks as well -- though Im definitely going with ICICI !!

Anyone out there who has recently gotten a car financed recently .???

Cheers

tsk1979 · 15th June 2007, 16:33

Option1(Bajaj) 1065900-4000 = 1061900
Option 1(no bajaj) = 1076480

Option2 Outflow :1046480

your emi with option 2 is at 12% and option 1 is at 11.9% or so.
Option 2 makes more sense.

Don't you know anybody in SBI or something. You pay less and don't have to keep a hand on your pocket to protect from pickpockets

khaadu75 · 15th June 2007, 16:42

Quote:

Originally Posted by tsk1979

Option1(Bajaj) 1065900-4000 = 1061900
Option 1(no bajaj) = 1076480

Option2 Outflow :1046480

your emi with option 2 is at 12% and option 1 is at 11.9% or so.
Option 2 makes more sense.

Don't you know anybody in SBI or something. You pay less and don't have to keep a hand on your pocket to protect from pickpockets

I don;t know nobody in SBI .. but doesnt someone from teh Delhi BHP gang know anyone in SBI ??

Cheers

horsepower · 15th June 2007, 22:18

Khaadu, got my swift financed from Citibank @11.5%.

Pricipal: 4,00,000
Tenure: 5 Yrs.
Processing fee of Rs. 1200
EMI of Rs. 8712

Since your loan amount is high, you will get better rate I guess. If you want I can give you the number of the contact person. And I directly took loan from the bank, I guess no DSA was involved.

I guess last month, toyota was offering Innova at reduced ROI and I am seeing many new Innova's on the Gurgaon road offlate.

ravibhat · 15th June 2007, 22:37

khaadu what I know is Bajaj allianz Insurance works best with Toyota or at least in Bangalore because Toyota showrooms have tie up with them so claim will be almost cashless. I know people in Bajaj Insurance so I have got very good deal whenever I renewed my insurance premium

I am ready to help any one If someone wants to renew!

About both the options I feel one and the same both the options wokrs out same however it looks like option 2 is better one.

Loan with National banks is bettter than private banks but we need to know someone in National Banks for speedy processing otherwise they will check our patience by asking so many documents although now a days they improved a bit.

Regards,

Ravi.

madan80 · 18th June 2007, 11:53

i've taken it from SBI. It was quite a nice experience. No issues. Just gave all papers, collected the cheque aqnd left!

babureddy · 18th June 2007, 19:46

guys, its better to bargain and ask them to go down further. put each others quote with the competitors and they will surely try to match or even give a better deal on the other person. In that way you will end up the winner...babu

15th June 2007, 16:26	#1 (permalink)
khaadu75 BANNED Join Date: Jun 2004 Location: same as the proposed venue for F1 ;-) Posts: 1,140 View My Garage	HDFC Finance for Innova .. Guys, If you read the ' what car ' thread you must be aware that Im lookig to go in for the Innova G4 sometime soon ( within this month ) .... So I got talking to the bank guys and the following is what two guys are offering and strangely both working with HDFC Loan Deptt ... and they offering two diff figures ...... Agent X Loan Amount -- 8,04,00 EMI ( 5 yrs ) -- 17765 per month + another discount of Rs 4000 . Another condition is that I get insurance done from them only , which basically means Bajaj Allianz as the insurer -- if I dont then the EMI goes upto Rs 18,008 !! Agent Y Loan Amount -- 8,04,00 EMI ( 5 yrs ) -- 17808 per month + another discount of Rs 22000 . No fuss about getting it done from them . Both are with one advance EMI . Do you guys think this is a good deal or should I sniff around with other banks as well -- though Im definitely going with ICICI !! Anyone out there who has recently gotten a car financed recently .??? Cheers

15th June 2007, 16:33	#2 (permalink)
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: New Delhi Posts: 11,273 View My Garage	Option1(Bajaj) 1065900-4000 = 1061900 Option 1(no bajaj) = 1076480 Option2 Outflow :1046480 your emi with option 2 is at 12% and option 1 is at 11.9% or so. Option 2 makes more sense. Don't you know anybody in SBI or something. You pay less and don't have to keep a hand on your pocket to protect from pickpockets __________________ Reclaimed, wrung dry and recycled....!

18th June 2007, 11:53	#6 (permalink)
madan80 Senior - BHPian Join Date: Jan 2006 Location: Chennai Posts: 1,157 View My Garage	i've taken it from SBI. It was quite a nice experience. No issues. Just gave all papers, collected the cheque aqnd left! __________________ Blah!! __________________ 2002 Lancer \| 2006 Palio \| 2008 Trek 4300D

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15th June 2007, 22:18	#4 (permalink)
horsepower BHPian Join Date: Sep 2005 Location: Gurgaon Posts: 274 View My Garage	Khaadu, got my swift financed from Citibank @11.5%. Pricipal: 4,00,000 Tenure: 5 Yrs. Processing fee of Rs. 1200 EMI of Rs. 8712 Since your loan amount is high, you will get better rate I guess. If you want I can give you the number of the contact person. And I directly took loan from the bank, I guess no DSA was involved. I guess last month, toyota was offering Innova at reduced ROI and I am seeing many new Innova's on the Gurgaon road offlate.

15th June 2007, 22:37	#5 (permalink)
ravibhat Senior - BHPian Join Date: Jul 2006 Location: Bangalore Posts: 2,082 View My Garage	khaadu what I know is Bajaj allianz Insurance works best with Toyota or at least in Bangalore because Toyota showrooms have tie up with them so claim will be almost cashless. I know people in Bajaj Insurance so I have got very good deal whenever I renewed my insurance premium I am ready to help any one If someone wants to renew! About both the options I feel one and the same both the options wokrs out same however it looks like option 2 is better one. Loan with National banks is bettter than private banks but we need to know someone in National Banks for speedy processing otherwise they will check our patience by asking so many documents although now a days they improved a bit. Regards, Ravi.

18th June 2007, 19:46	#7 (permalink)
babureddy BHPian Join Date: Jun 2007 Location: Bangalore Posts: 183 View My Garage	guys, its better to bargain and ask them to go down further. put each others quote with the competitors and they will surely try to match or even give a better deal on the other person. In that way you will end up the winner...babu