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Old 14th October 2007, 13:22   #16
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Does these interenst rates differ on the basis of loan amount?

Am planing for Stile 1.6 and ICICI - 14% SBI - 11.5 %.

Where as accorging to "rndsoft1" is getting his loan from ICICI @ 9.29%
And according to TOI banks like ICICI, SBI, BOB has reduced the Auto Loan Intrest rate by .5%
What i have heard is that RBI is due to pass an order by 31st this month regarding reduction in interrest rate % for auto loans.
Am confused.
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Old 15th October 2007, 09:37   #17
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Quote:
Originally Posted by guyonblackybx View Post
Does these interenst rates differ on the basis of loan amount?

Am planing for Stile 1.6 and ICICI - 14% SBI - 11.5 %.

Where as accorging to "rndsoft1" is getting his loan from ICICI @ 9.29%
And according to TOI banks like ICICI, SBI, BOB has reduced the Auto Loan Intrest rate by .5%
What i have heard is that RBI is due to pass an order by 31st this month regarding reduction in interrest rate % for auto loans.
Am confused.
A couple of things here. First and foremost RBI will never pass an order to reduce auto loan rates (I mean RBI has so many better things to do ). What may happen is that RBI may cut the benchmark rates which would lead to the general downturn in the interest rates in the market.

Secondly: ICICI 14% is way off the mark. Have you haggled? I am sure if you haggle your head off you will get this down to 11.25% or something. Easy.
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Old 15th October 2007, 13:24   #18
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Indian Bank is offering Car Loans @ 10 % for 3 years and 10.5 % for more than 3 years.
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Old 15th October 2007, 16:52   #19
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Bank of India is offering Car Loans @ 11.75 for 60 Months and the EMI Per Lac is 2212.00 Is it good rate?
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Old 16th October 2007, 09:31   #20
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I had enquired for a Palio Stile 1.1 at Wasan Motors Borivali on Friday and they said that Reliance is offering the lowest interest rate of 10.75 with added life insurance without any extra penny. So for a Loan of 2.10 Lacs my EMI for 3 yrs comes to around 6850. But I think there is a catch somewhere as I do not trust Reliance.
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Old 16th October 2007, 10:15   #21
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Originally Posted by yousivakutti View Post
Bank of India is offering Car Loans @ 11.75 for 60 Months and the EMI Per Lac is 2212.00 Is it good rate?
On a standalone basis I am sure you will be able to get better deals in the market. But what is the prepayment penalty clause and all? What are the chances of your repaying earlier?

Folks please do keep in mind that taking a loan is more than just haggling for an interest rate. Look at the details. Is it monthly reducing, daily reducing or yearly reducing? What are the other caveats? When you have all this at hand then only will you be in a position to take a call on whether the loan deal is good or bad
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Old 16th October 2007, 12:52   #22
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@thefreak: Thanks. BOI offers [FONT=Arial, Helvetica, sans-serif][SIZE=2]Rate of Interest 11.75 for 60 Months (on daily reducing balance). The Manager told me EMI Per Lac is Rs.2212/- You may please look at Bank of India for more details.[/SIZE][/FONT]
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Old 16th October 2007, 19:01   #23
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man..those rate are really cool just go for it...and dont mind me asking you this ..but from where are you getting loan??may be i can use that source too
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Old 17th October 2007, 09:17   #24
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Quote:
Originally Posted by yousivakutti View Post
@thefreak: Thanks. BOI offers [FONT=Arial, Helvetica, sans-serif][SIZE=2]Rate of Interest 11.75 for 60 Months (on daily reducing balance). The Manager told me EMI Per Lac is Rs.2212/- You may please look at Bank of India for more details.[/SIZE][/FONT]
On paper looks good. However do try other banks. I know for a fact that EMIs of 2143/lakh are possible on banks (HDFC/ICICI/Kotak)... Check them out too...
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Old 20th October 2007, 18:47   #25
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Default Advice on New Car loan offer

Hi,

I am a new bee into this website and this is really a great site for car related info with knowledgeable experts and vary valuable information.

I am planning to buy mid size car and finally zeroed on Maruti SX4 over NHC becoz of its Featuress, VFM and ever green Maruti's ***. Team BHP advice helped me quite a lot for choosing SX4.

I am going in for a partial funding through car loan and checked with various banks and here are some of the terms. I need your advice on anyone has got better offer pls. let me know as I am finalizing it in next 1 or 2 days.

My requirement is for 6 lakh with 5 years repayment option. I am not too worried about processing fee as most of the banks it is b/w 1000 - 3000 Rs. But I need a option of pre payment and pre closure as I want to close the loan before 5 years.

I ruled out ICICI and HDFC as their rates are quite high as well as 5% as pre closure charges

Citibank - Rs. 2183 /lac/month with 3% pre closure , no pre payment charges
Indian Bank - Rs. 2155 /lac/month with no pre closure, no pre payment charges
SBI - Rs. 2166 /lac/month with no pre payment charges but 2% if closed before 18 months

Pls. let me know if any one has better offer with the person and contact number.

Regards,
Rajiv
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Old 21st October 2007, 19:55   #26
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How much does it turn out to be in terms of %ages and did you ask them if these were on daily/monthly reducing balances ???

Some banks also give discounts on their %ages, did you negotiate or are waiting for shortlisting first and then negotiating with the final one.

Quote:
Originally Posted by kgrajiv View Post
I ruled out ICICI and HDFC as their rates are quite high as well as 5% as pre closure charges

Citibank - Rs. 2183 /lac/month with 3% pre closure , no pre payment charges
Indian Bank - Rs. 2155 /lac/month with no pre closure, no pre payment charges
SBI - Rs. 2166 /lac/month with no pre payment charges but 2% if closed before 18 months

Pls. let me know if any one has better offer with the person and contact number.

Regards,
Rajiv
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Old 21st October 2007, 21:50   #27
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[quote=kgrajiv;600971]Hi,


But I need a option of pre payment and pre closure as I want to close the loan before 5 years.

Rajiv,

if you plan to close your loan within / around 2 yrs its not worth taking loan, you might as well wait for some time and pool funds, its my IMHO as well as few other people on this topic in other threads.

Regards
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Old 22nd October 2007, 09:58   #28
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[quote=reachmash;601525]
Quote:
Originally Posted by kgrajiv View Post
Hi,


But I need a option of pre payment and pre closure as I want to close the loan before 5 years.

Rajiv,

if you plan to close your loan within / around 2 yrs its not worth taking loan, you might as well wait for some time and pool funds, its my IMHO as well as few other people on this topic in other threads.

Regards
Interesting. So you sure of closing out the loan in two years time. A quick question:

1. Is it that you cannot/do not want to pay a higher EMI by taking loan for only two years?

In case your prepayment is so imminent then you are best advised to go for option number 2 in the loans that you have specified. Indian bank.
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Old 22nd October 2007, 10:08   #29
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Apart from that, why not take a 3 years loan itself then.

Quote:
Originally Posted by reachmash View Post

Interesting. So you sure of closing out the loan in two years time. A quick question:

1. Is it that you cannot/do not want to pay a higher EMI by taking loan for only two years?

In case your prepayment is so imminent then you are best advised to go for option number 2 in the loans that you have specified. Indian bank.
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Old 23rd October 2007, 13:14   #30
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With the EMI for 5 years, I am more comfortable at this stage to pay on rather then 3 years. Also rather then locking it to repayment period for 3 years, I would prefer more flexibility in this process as I get a option of re- pay in bulk money to reduce interest or if at all the interest rate comes down I can continue paying the same money to reduce the duration.

Additionally I am exploring an option to get funding through company routes which might take a while based on some policy change. At that time I can easily switch over.
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