Quoted 11.9% from Axis bank, worth it?

[jkdas]

Originally Posted by visu03

In hyderabad my friend was able to get 10% for 3 years from Axis bank for buying a Logan

A loan for 3 years is the best

[bIte tHe bulLet]

Originally Posted by NetfreakBombay

Got my loan disbursed yesterday from HDFC. No dealer/DSA was involved, got 10 % rate with 100% on road funding.

They quoted 12% to begin with, buzzed down after got lower quotes from dealer (with loan discount).

They matched that quote by bringing down interest rate to 10.

heeyyyyy!!!

i thought i had managed quite a good deal!!! i got an hdfc disbursement of 90% ex showroom cost @10.75% for 5 years AND i paid a processing charge of about 3 k for my safari.

it turns out i managed to get myself scr***d !?!?

a little bit down and out now.. hopefully the 12th will cheer me up (get my keys then!!)

cheers..

[djay99]

Originally Posted by NetfreakBombay

Got my loan disbursed yesterday from HDFC. No dealer/DSA was involved, got 10 % rate with 100% on road funding.

They quoted 12% to begin with, buzzed down after got lower quotes from dealer (with loan discount).

They matched that quote by bringing down interest rate to 10.

Did you get 10% interest rate for 3 year tenure or 4 years? Also mention the amount of loan you have applied for.

Usually banks provide loan at reduced interest rate for small tenures.

[djay99]

In september 2007, i got loan of amount 280000 from ICICI bank, 4 year tenure at an emi of Rs. 7373 with no processing fee and no advance emi.

It all depends on how we talk to them. I have a savings account with icici and have
maintained good figures of balance. They just took an ID proof as a document.
If i miss an emi - i know i am in trouble.

I am planning to buy another car and planning to get a loan from PSU banks this time.
Checked vijaya bank website and interest rate is 11% for 5 years.
Heard indian bank is giving at cool rates.
Any one else has availed car loan from PSU banks recently?
If yes then please mention tenure and amount applied.

[jkdas]

Originally Posted by djay99

In september 2007, i got loan of amount 280000 from ICICI bank, 4 year tenure at an emi of Rs. 7373 with no processing fee and no advance emi.

It all depends on how we talk to them. I have a savings account with icici and have
maintained good figures of balance. They just took an ID proof as a document.
If i miss an emi - i know i am in trouble.

I am planning to buy another car and planning to get a loan from PSU banks this time.
Checked vijaya bank website and interest rate is 11% for 5 years.
Heard indian bank is giving at cool rates.
Any one else has availed car loan from PSU banks recently?
If yes then please mention tenure and amount applied.

I did from SBI.

Didnt have to sign at 30 different places and they wont send thugs. And you have 5 days to pay the amount.

Check post #28.

[djay99]

@jkdas,

I have form 16 for 1 year only. In this case - can i get a loan from SBI?
I heard that SBI and some other PSU banks require form 16/ITR's for 2 years and thats mandatory.

[rkg]

Originally Posted by djay99

In september 2007, i got loan of amount 280000 from ICICI bank, 4 year tenure at an emi of Rs. 7373 with no processing fee and no advance emi.




Checked vijaya bank website and interest rate is 11% for 5 years.

ICICI gave you loan @ 12% when SBI was giving at 11.25%

forget vijaya bank.they just mention rates but wont give loan to any one.one has to open an SB a/c with them & keep continuously transacting for six months and then they will think whether to give loan or not. this what i got from a bank manager next to my office.

my friend applied for home loan. their lawyer wanted property documents and EC for 60 years for a project which was already approved by host of other banks including PSU one like Andhra bank.
so my friend got disgusted after 2 months and took back all the documents and went to andhra bank

[NetfreakBombay]

Originally Posted by djay99

Did you get 10% interest rate for 3 year tenure or 4 years? Also mention the amount of loan you have applied for.

Usually banks provide loan at reduced interest rate for small tenures.

Its was for 3 years. Amount was INR 3,40,000 (On road price of Alto LXi in Mumbai). EMI is ~10,500

Yes banks charge lower rate if Loan amount / duration is low.

[jkdas]

Originally Posted by djay99

@jkdas,

I have form 16 for 1 year only. In this case - can i get a loan from SBI?
I heard that SBI and some other PSU banks require form 16/ITR's for 2 years and thats mandatory.

They wanted 6 months bank statement. No need of Form 16. Will be good if you have.

[NetfreakBombay]

Originally Posted by djay99

In september 2007, i got loan of amount 280000 from ICICI bank, 4 year tenure at an emi of Rs. 7373 with no processing fee and no advance emi.

That means operating interest rate is 13% (bit high I guess). But its good if you got cash discount of 10k on this loan.

[rkg]

Originally Posted by NetfreakBombay

Its was for 3 years. Amount was INR 3,40,000 (On road price of Alto LXi in Mumbai). EMI is ~10,500

Yes banks charge lower rate if Loan amount / duration is low.

what is the actual loan amount and EMI?

because for 3.4 lakhs for 3 years @10% EMI should be 10971
for 10500 EMI the rate would be 7%

[NetfreakBombay]

To make sure we are talking about the same kind of loan:

Loan amount : 3,40,000
Operating Loan amount : ~ 3,30,000 (First EMI is 100% principal and was paid in advance)

[rkg]

Originally Posted by NetfreakBombay

To make sure we are talking about the same kind of loan:

Loan amount : 3,40,000
Operating Loan amount : ~ 3,30,000 (First EMI is 100% principal and was paid in advance)

we are indeed talking about the same.some where some thing is not adding up to.
kindly check yourself at
STATE BANK OF INDIA :: INDIA's LARGEST BANK

if principle is taken as 3.3 lakh and loan tenure as 35 months(balance tenure after first EMI) for 10500 EMI, the interest rate works out 7.4-7.5%. keep changing interest rate to arrive at your EMI

it is indeed very good deal,i must say

[djay99]

Originally Posted by NetfreakBombay

That means operating interest rate is 13% (bit high I guess). But its good if you got cash discount of 10k on this loan.

What is the operating interest you are talking about? I did not pay advance emi and processing fee. If you check in emi calculator - for 2.8 lac loan for 4 years i.e 48 months @ 12% p.a emi comes at 7373. Thats what i am paying every month.

[djay99]

Originally Posted by rkg

ICICI gave you loan @ 12% when SBI was giving at 11.25%

forget vijaya bank.they just mention rates but wont give loan to any one.one has to open an SB a/c with them

i got loan from icici @ 12% p.a interest rate when sbi was giving at 12.25%. Any day sbi is better as we have flexibility of partial payment and preclosure at very minimal rates. I enquired at canara bank and they said - i should have a salaried account with them.