EMI Problem - help needed

[givemered]

Dear all,
I'm planning to purchase a Ford fiesta 1.4 ZXI and taking a 90% loan for 5 years. following are the price details:
Ex-showroom : 633,500
Loan amount( 90%) : 569,000(actual it shd be 570,150 but the financier
(Kotak mahindra) said loan amount will be 569,000)
Interest rate : 8.19%
EMI : 13,370( for 5years)

but when i calculated using emi calculators available in the net and the loan amortisation schedule availabe in this forum, it gives me an EMI value of 11,590.

can some one tell me which EMI value is correct? also whether the loan amount shd be 569,000 or 570,150?

thnx for ur time.

regards,
bala

[moralfibre]

Hi givemered, use this excel sheet for reference:

Download excel sheet.

And go through this thread - Article (ARTICLE: How to get the lowest EMI & the best Finance Deal)

Should answer your queries.

[amohit]

According to me it shud be 11590/- (Used my home loan emi calculator). Kotak are not very gud ppl to do business with. Confront them and ask for their calculations.

All the best.

[deepak_ms]

you can check EMI here also. According to this he is charging you around 14.44%.

[thefreak]

My calculations say that the EMI should be 11510.52.

8.19%? you sure? Man you are a hard bargainer in that case!

[Jaguar]

Even I feel the interest quoted here is incorrect. As far as I know, the current interest rates are around 11-12%.

- Jag

[givemered]

Thnx everybody
Deepak yes i calculatd now and the interest comes to 14.45%. i will have to check with that guy again. eiher EMI or the interest rate is wrong.
Jaquar even i read in a latest thread here, that interst rate is around 11-12%
will chk with that guy again and update here.
thnx everybody for ur time.

[BaCkSeAtDrIVeR]

Why dont you approach an old generation bank? They will be slow to approve the loan; but the terms will be straight forward. SBI, Bank of Baroda, Corporation Bank, Canara Bank ... in that order of preference for me. Your tastes / perception may vary.

[givemered]

I checked with the KOTAK person. he said the interest rate(8.19%) he mentioned was Flat interest rate. He said the diminishing interest rate is 14.45%.(have to ask him whether it is daily/monthly/yearly).
seems that it is too high.

But when i told him that this is too high and that market rate is 11-12%(thnx to Team-bhp) he gives these reasons:
- that for NRI it is very difficult to get car loans.
- i don't own a house. he says normally they ask for own house document. but since i don't have one i'm giving land document and he says this is a disadvantage on my side.

Is this true? i'm also enquiring with other private banks??
i have read in some of the threads here abt some cash payout or finance payout? can some one tell me wat is this and how this will affect my EMI???
I'm desperately looking for some help from BHPians...
thnx for ur time in advance.

[Eddy]

The bugger is talking non-sense. He tried to mislead you earlier by telling you the flat rate and now this house BS. Do try some other bank.

All the best !!

[CaAT]

Don't be fooled by interest rates.

The lowest rate you can get for a loan of around 5 Lacs is 11% to 11.25 on a monthly reducing basis. This translates into an EMI of 2125 to 2150 per month per lac.

[thefreak]

Originally Posted by givemered

I checked with the KOTAK person. he said the interest rate(8.19%) he mentioned was Flat interest rate. He said the diminishing interest rate is 14.45%.(have to ask him whether it is daily/monthly/yearly).
seems that it is too high.

But when i told him that this is too high and that market rate is 11-12%(thnx to Team-bhp) he gives these reasons:
- that for NRI it is very difficult to get car loans.
- i don't own a house. he says normally they ask for own house document. but since i don't have one i'm giving land document and he says this is a disadvantage on my side.

Is this true? i'm also enquiring with other private banks??
i have read in some of the threads here abt some cash payout or finance payout? can some one tell me wat is this and how this will affect my EMI???
I'm desperately looking for some help from BHPians...
thnx for ur time in advance.

Tell the guy you are talking to, to sucker off. Tell him very clearly that you aren't going to be taking a loan against property and in case he insists just tell him to keep his money and go over to SBI and take a loan there. I have had the misfortune of dealing with these Kotak guys. It has been 16 days and they are still asking for more paper work.