| || ||Thread Tools||Search this Thread|
|12th January 2009, 19:27||#1|
Join Date: Nov 2006
Location: New Delhi
Thanked: 0 Times
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: 103,642 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: 245 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.
|Thread Tools||Search this Thread|
|Thread||Thread Starter||Forum||Replies||Last Post|
|The Cheap Loan or the Smart Loan - SBI Advantage Car Loan||keyur||Indian Car Loans & Insurance||211||29th March 2018 11:38|
|Bank NOC expired, want to transfer car. Now what?||frozen Heat||The Indian Car Scene||21||26th January 2014 20:26|
|Buy car using cash OR Take car loan & prepay home loan?||rajshenoy||Indian Car Loans & Insurance||13||2nd August 2013 18:16|
|Strange problem: Closed the car loan,but bank lost my car key||rajshenoy||Indian Car Loans & Insurance||30||20th March 2012 17:59|
|HDFC Bank Car Loan Formalities||sandipwadje||Indian Car Loans & Insurance||4||15th October 2008 19:48|