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Old 12th January 2009, 19:27   #1
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Default 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.

Please advise.


Hitender Yadav
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Old 13th January 2009, 10:59   #2
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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.
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Old 31st January 2009, 17:28   #3
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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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