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Old 22nd October 2008, 11:04   #1
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Default Higher Rate of Interest for Tata Indica

After a lot of research I have finally zeroed down on the Indica Vista Quadrajet Diesel. I have approached a no. of Financial Institutions to finance a part of the loan. Most of them have quoted a ROI of 13% on a 3 year loan period. However HDFC Bank was the only one who offered a rate of 12.75%.
However to my utter dismay, while talking to the executive, I mentioned that I was buying a Vista. On hearing that he said that the Vista is classified as a MUL (Multi Utility Vehicle) by SIAM and hence the rate is will be 50 basis points more @13.25%. Alternative explanation was that the rate is high because its used as a Taxi. I tried my best to convince the Sales Exec that I will not be using the vehicle as a Taxi + the Quadrajet is too expensive to be used as a Taxi also. I was even ready to give a written assurance, but no one is ready to relent.
This was a real shock to me as my EMI has gone beyond the set threshold in my mind.
Any one has had a similar experience?
What should I do now? Contact higher authorities & try & get it sorted out or just forget about it? Any 1 here from HDFC who can help me out?
Also looking for comments from Ppl who have already booked/got their car.
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Old 22nd October 2008, 11:08   #2
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my hunch is he got confused between the sumo 'VICTA' and the new vista. Get back to him and check this out... No way a Vista can become a MUV!!! But if its classified as a Taxi - vehicle, no can blame the Genepool of the maker... pity you.
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Old 22nd October 2008, 11:10   #3
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Nahin yaar, check out tsk's thread about HDFC. Some here have contacts.

its just a silly accountant confused between victa and vista!
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Old 22nd October 2008, 11:14   #4
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Guys thanks for your prompt reply. I crossed checked with their call centre & was given the same story. He also said that this is true for ALL INDICA Models & that this classification has been done by SIAM. I am now confused, dejected & irritated.
Phamily - I will check out the thread.
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Old 22nd October 2008, 11:24   #5
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Go to another bank. Indica is not classified as a MUV by anybody. HDFC is known for these things, Go to Kotak or SBI
Every executive of SBI has their own rules and regulations
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Old 22nd October 2008, 11:43   #6
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13% is what i had to pay when i got a loan for my indica. 1.5L over 3 years came to an EMI of 5.1k
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Old 22nd October 2008, 11:57   #7
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Quote:
Originally Posted by greenhorn View Post
13% is what i had to pay when i got a loan for my indica. 1.5L over 3 years came to an EMI of 5.1k
Which year was this & from which bank?
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Old 22nd October 2008, 12:02   #8
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South indian bank, Jul 2007 ( and dad knew the manager very well)

Strangely, at a tata loan mela where we asked, we were quoted 7%, but the EMI's came to be approximately the same amount !
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Old 22nd October 2008, 12:05   #9
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Maverick, for a Tata car HDFC bank will give you hearburn. I do not understand why they do that, maybe they have lower rate of recovery of money?
For example in the final stages of my loan, the bank refused me loan, after promising the moon.
Only after raising a big stink(helps when you have a salary account), things got moving, and after that the bank tried to get away with an interest rate 3.5% higher than what the DSA promised.
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Old 22nd October 2008, 12:07   #10
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Quote:
Originally Posted by greenhorn View Post
South indian bank, Jul 2007 ( and dad knew the manager very well)

Strangely, at a tata loan mela where we asked, we were quoted 7%, but the EMI's came to be approximately the same amount !
Could be that loan mela was mentioning fixed roi and the one you took was diminishing.
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Old 22nd October 2008, 12:14   #11
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Maverick - Try out ICICI.

I got my loan at 11.75% in Sep'07. My EMi is 7250 pm, for a 3.05lac loan spread over 48 months.

This a Tata Indica V2 Turbo - DLG.
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Old 22nd October 2008, 12:24   #12
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noooooo not ICICI.
http://www.team-bhp.com/forum/indian...assed-law.html (ICICI - Blatant cheating of customers & the (In)justice that is passed of as the law)
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Old 22nd October 2008, 12:27   #13
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Quote:
Originally Posted by greenhorn View Post
noooooo not ICICI.
Maybe i was the exception to prove the rule.
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Old 22nd October 2008, 12:35   #14
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How good are the PSU Banks like SBI when it comes to car loans?
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Old 22nd October 2008, 16:40   #15
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I have taken loan from Vijaya Bank @13% for 5 years, 3.5 lakhs for Indica vista. Loan was disbursed in the first week of Oct, 2008. EMI was rounded off to Rs 8000/=
No processing fee except Rs 450 as stamp paper.

Check Canara Bank has 12.5% fixed rate

When i took delivery of the car Oct first week SBI was offering special rates to Vista In Concorde motors @12.75% for 5 years and 13% for 7 years. they said it special rates for Indica Vista in association with Tata motors.
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