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Old 5th November 2007, 16:52   #1
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Default Quoted 11.9% from Axis bank, worth it?

Hi all,
This is my first car

I've been quoted interest of 11.9% for 3Lakhs for 3 years.
with a EMI of 6900/-

Can somebody comment if its a good deal or I should bargain more?

Thanks!
Amit
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Old 5th November 2007, 19:16   #2
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Correction: Its a loan of 2.1 L@11.9% (instead of 3L) making a EMI of 6900.

Quote:
Originally Posted by Woods View Post
Hi all,
This is my first car

I've been quoted interest of 11.9% for 2.1Lakhs for 3 years.
with a EMI of 6900/-

Can somebody comment if its a good deal or I should bargain more?

Thanks!
Amit
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Old 6th November 2007, 13:54   #3
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2.1L @ 11.9% will result in an EMI of 6965Rs [Monthly rest]. The bank has quoted you an EMI of 6900Rs which is less than 6965.

Are you making any down payment? Then the discussion in the following thread will shed more light on the actual ROI
http://www.team-bhp.com/forum/indian...first-emi.html (Why interest on first EMI?)
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Old 6th November 2007, 22:18   #4
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Default rate quoted is high

SBI 11.25 for 3 years 11.5 for 5-7 years
Vijaya bank 10.25 for 3 years 10.5 for 5 years ( check this it may be 10.5 and 11)
i heard indian bank is also less about 10.5 to 11
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Old 7th November 2007, 12:29   #5
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ICICI is quoting 10.5%. It is monthly reducing. No prepayment can be done. Only loan foreclosure is possible with 4% charge
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Old 7th November 2007, 14:45   #6
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Quote:
Originally Posted by Woods View Post
Hi all,
This is my first car

I've been quoted interest of 11.9% for 3Lakhs for 3 years.
with a EMI of 6900/-

Can somebody comment if its a good deal or I should bargain more?

Thanks!
Amit
You can get a better quote. Bargain harder. Also try and stick to the PSU banks.
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Old 7th November 2007, 15:09   #7
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SBI is giving car loans for 11.25 till December 31.. Processing fee is .25%
No pre closure charges if closed after half the tenure. Else 2%.
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Old 7th November 2007, 15:53   #8
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It seems quite high in this festive period, Bargain..Bargain... Bargain..........
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Old 7th November 2007, 16:48   #9
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Quote:
Originally Posted by tez View Post
ICICI is quoting 10.5%. It is monthly reducing. No prepayment can be done. Only loan foreclosure is possible with 4% charge
You don't want to tread there.. do you? Almost everyone I know have had problems with ICICI and there are some threads here about ICICI horror stories as well. So take care & beware.
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Old 7th November 2007, 17:25   #10
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Default PSU banks are better

Psbl check with IOB too . They have something like PUSHPAKA SCHEME for vehicles. Their int rate as well as pre closure rules are always better then ICICI and other goons hired banks. KVB is also good in car loans. Many customers are lured by NON PSU by making them not to visit the banks & do everything either at the showroom or at customers house/office but making the customers to pay 16 or even 17 or 18 percent diminishing & do have high foreclosure int ( 4-5 %), whereas with PSU we have to make 2 0r 3 visits YET we can save so much . with PSU one can also pay extra amount as & when you can , WHICH will reduce the EMIs.. whereas with these so called multinational you can't cause THEY FIX their terms & see to that you pay FULL EMIs or close if & only you pay 4-5 percent added int on the available principal - to pay.
so if ur records are clean it should be PSU only . my sincere view.

Quote:
Originally Posted by Woods View Post
Hi all,
This is my first car

I've been quoted interest of 11.9% for 3Lakhs for 3 years.
with a EMI of 6900/-

Can somebody comment if its a good deal or I should bargain more?

Thanks!
Amit
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Old 12th November 2007, 16:28   #11
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Hello all,

After reading some other posts in the forum, ICICI was a strict no-no.
My options were Axis, HDFC and SBI.

The dealer finance guy had qouted 11.9% from Axis Bank with Rs1900 as the preprocessing fees. While he tried to lure me for Axis bank, giving me all false statements regarding the other banks. He qouted 12.5% for HDFC.

The very next day i dropped into HDFC and got a qoute of 11% with 6% pre-closure charges and Rs 1190 preprocessing fees . With this info in hand I called up the dealer. To my surprise (or was it a really surprise?) he changed his quotations and asked me to drop in.

He finally offered me 10.7% from Axis Bank with 1500 pre processing charges.
and 5% pre closure charges.

I wonder why bank loans can't be transparent. This can avoid lot of frustrations while going thru the painful process of bargaining...

Thanks for all your opinions and replies..
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Old 12th November 2007, 19:53   #12
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I think you should bargain more. 10.25 is what SBI is offering on a 3 yr loan. check out the website as it has the details updated. it even has a useful tool to calculate EMIs basis interest rates and duration.

The difference in rates is what the agents skim off on loans to earn a quick buck. Approach the bank directly.
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Old 14th November 2007, 17:48   #13
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I got loan from Axis bank @11.3% last month, and also a processing fee waiver. Just negotiate a bit more...
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Old 14th November 2007, 17:55   #14
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I took loan from Indian Bank with not much hussle except a week processing time. I took for 5 years at 11 % and for 3 years they are offering at 10.5 %. Processing fee of .25% and no pre payment charges.

I am paying a EMI of Rs. 13083 for 6 lakhs.

I would recommend to go for a PSU banks and don't go with pvt banks as there are other charges
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Old 3rd December 2007, 11:46   #15
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I've checked with HDFC and ICICI banks for a loan of 6 lakhs. HDFC quoted an EMI of 2196/L and ICICI 2212/L. 5% for-closure charges and no option for Partial pre-payment.

I'm looking for a bank which provides Partial pre-payment option... Pls suggest.
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