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Old 28th June 2008, 11:55   #16
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Although interest rates are at its peak, taking a fixed rate loan helps in actually planning well in advance for the future. You know what you are committing for the next 60 months!

Go with a nationalised bank if time and effort allows you to.
I am getting 11% rate of interest from HDFC as I have my salary etc account with them, and therefore a privileged customer Arm twist Kotak and get a deal <11%

With nationalised banks you have the option of part-foreclosure. Which is a boon. You can pay extra EMIs whenever you have surplus funds to disburse

Let me know if you need any further help. My two cents.
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Old 28th June 2008, 12:48   #17
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I spoke to HDFC bank, inspite of salary account and arm twisting etc., they are not coming below 11.74%
Ditto for Kotak.
ICICI DSA is quoting 11.44%, but I am scared of that bank. Not worth the 109rs or so which I will save.
In HDFC I don't have to pay advance EMI too.
Good thing.
So looks like thats the deal I will take.
Till couple of weeks back 11% was gettable.
Infact If I don't close the deal by next week, the DSA's have told me that the rates will be hiked again.

So as of now HDFC it is, and hopefully, next week is the week of booking.
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Old 28th June 2008, 16:37   #18
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I had been to HDFC today. The rate quoted was 11.75% (for 60 month loan). And they wanted the first EMI down too.

So I think you are getting a good deal.
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Old 28th June 2008, 17:18   #19
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Most private banks play around in some way with the interest rate. So be careful with this. What is important is the EMI per lac of loan. Please ask them to specify this so that you are clear what is the outflow each month. Private banks also have the concept of advance EMI which is one more factor that you have to keep in mind. Also check what are the processing charges.

I just concluded my vehicle loan with Indian Bank. Their rate of interest is 11.75% and the EMI per lac is Rs.2211. The processing charges are Rs.250 per lac of loan (or part thereof). Very transparent and professional i should say. I gave the documents last saturday and the loan was sanctioned today. Even PSU banks are changing and hence you can consider them also.
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Old 28th June 2008, 23:38   #20
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I have PMed you my number. Call me. Will make you speak to someone I know.

Cheers

Quote:
Originally Posted by tsk1979 View Post
I spoke to HDFC bank, inspite of salary account and arm twisting etc., they are not coming below 11.74%
Ditto for Kotak.
ICICI DSA is quoting 11.44%, but I am scared of that bank. Not worth the 109rs or so which I will save.
In HDFC I don't have to pay advance EMI too.
Good thing.
So looks like thats the deal I will take.
Till couple of weeks back 11% was gettable.
Infact If I don't close the deal by next week, the DSA's have told me that the rates will be hiked again.

So as of now HDFC it is, and hopefully, next week is the week of booking.
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Old 29th June 2008, 02:01   #21
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Quote:
Originally Posted by barcode View Post
I have PMed you my number. Call me. Will make you speak to someone I know.

Cheers
Thanks barcode, I will do the same
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