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|12th January 2009, 19:27||#1|
Join Date: Nov 2006
Location: New Delhi
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Transfer of Car Loan to another bank
I bought 2nd Hand Car and i got the loan financed from ICICI Bank (Maha Chor bank). However i would like to know is there any provision to get the loan transferred from ICICI to any other bank on lower EMI.
|13th January 2009, 10:59||#2|
Join Date: Feb 2004
Thanked: 89,537 Times
So basically, you want to refinance your car? Some factors to consider:
- Is ICICI going to charge you a foreclosure penalty? It's generally between 2 - 5% of the outstanding principal and I am pretty sure they will.
- What is the total loan duration? And how many EMIs still left to go?
- What was the prevailing interest rate at the time you bought this car? Are the current rates any better?
Generally, it is best to stick to the original financer for 2 - 3 year loans. Your answers to the questions above will help in weighing the pros / cons specific to your loan.
|31st January 2009, 17:28||#3|
Senior - BHPian
Join Date: May 2007
Thanked: 244 Times
ICICI bank charges 5.5% foreclosure and usually this is also a floating rate and prevailing rates as per closure date will apply.
You would have paid service charges also while taking the loan.
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