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Old 5th May 2009, 13:20   #16
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Originally Posted by hdi_pro View Post
My Loan details with Central bank is as follows

Loan -10.5%(Floating rate
Prepossing fees - 2000
No Advanced EMI

Thanks
hdi.
Hey,

I took it last month and as per my understanding the loan rate is still the same.

Thanks
hdi.
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Old 7th May 2009, 09:43   #17
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SBI probably has the best rate on offer as on date. 10 % for the first year. Will be changed as per the prevailing PLR from 2nd year onwards.
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Old 18th May 2009, 07:02   #18
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Smile now chage in rate of interest

Now Last Month April'09 Bank Of India Charges Interest @9.75%
Reduced From 10.25%
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Old 19th May 2009, 01:42   #19
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9.75 is great news. With the new govt, rates will likely most head further down.
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Old 21st May 2009, 07:01   #20
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Default Public sector banks are best!

I am planning to take a loan from Bank of India. The rates are as follows:

Rate of interest 9.75% for a tenure of up to 3 years. EMI per lac Rs 3125 for a 3 year loan.

The rate is 10.25% for tenure of 4 - 6 years. EMI per lac is Rs 2548, Rs 2137 and Rs 1865 for 4,5 and 6 year tenures respectively.

Max loan amount is 75% of ex-show room price. I have to submit the proforma invoice and the receipt for the 25% amount along with the application. I have to submit a passport photo, I.T. returns for the past two years, address proof and ID proof. Though my salary account is with the same branch, I need a guarantor who also has to submit all the proofs (IT return, ID etc). I am informed processing will take 48 hours.They did not mention anything about processing fee or floating rate. Anyway I will check about this and update.

Best part is there will be no charges for pre-closure of loan. The EMI will be collected through ECS from my salary account. Public sector banks require a lot of paper work before you get the loan, but once the loan is processed one will be hassle free for the entire tenure.

Contrast this with the offer I received from HDFC Bank. I have a pre-approved loan for the 100% ex-show room price (max 7.5 L), no need for income/ID proofs or guarantor. But the rate of interest is 12.25% and the EMI per lac for a 5 year tenure is Rs 2212. EMI will be collected through ECS from my HDFC bank account, and I have to give 3 undated cheque leaves for 3 EMIs to them in advance. Processing charges will be around 1.5 - 2% I think and penalty for pre-closure is 5% of the balance amount. The agent has been pursuing me constantly and yesterday she called and informed she has got a "special" waiver of 0.5% for me if I apply immediately!
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Old 21st May 2009, 10:22   #21
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From an Advt for the Merc
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Old 13th August 2009, 17:40   #22
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Originally Posted by balugita View Post
TO-DAY I MADE AGREEMENT WITH BANK OF INDIA FOR MY i10 CAR
LOAN AMOUNT - 2.40 LAKHS
INTEREST RATE -10.25%
TERM - 36 MONTHS
EMI - 7773/-
NO ADVANCE EMI

PAPERS GIVEN LAST TWO YEARS IT SAREL COPY
ID PROOF & ADDRESS PROOF PAPER
WITH IN 48 HOURS THEY RELEASE THE DRAFT

IT IS CHEAP ? ANY ONE COMMENDS ON THIS?

BALUGITA
COIMBATORE

cheers:

Now my loan rate of interest come down to 9% but same EMI amount
iam paying they reduce the period. Iam realy happy with them

balugita
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Old 14th August 2009, 00:22   #23
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11.25 % Diminishing ... HDFC!

@ashokkabs .. whats that about the insurance ? i have a life insurance already going with HDFC
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Old 14th August 2009, 11:02   #24
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Excuse me for I am naive at car loan calculations.

If EMI = 7773 for 36 months, Total payback = Rs 279828/-
Loan amount = Rs 240000/-
Interest paid = Rs 39828/-

Thus (39828/240000) *100 = 16.595 (Effective rate)

Are my calculations wrong? Please guide.

Thank you!
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Old 14th August 2009, 11:59   #25
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Quote:
Originally Posted by Sn1p3r View Post
Excuse me for I am naive at car loan calculations.

If EMI = 7773 for 36 months, Total payback = Rs 279828/-
Loan amount = Rs 240000/-
Interest paid = Rs 39828/-

Thus (39828/240000) *100 = 16.595 (Effective rate)

Are my calculations wrong? Please guide.

Thank you!
You are paying 39828 over a period of 3 years not 1 year.
However, due to the reducing principal funda involved, straight arithmatic dosent work very well and will show you a very rosy picture.

Regards,
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Old 14th August 2009, 14:27   #26
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Here's what I got from SBH

No processing fees
1st year 8%
2nd year onwards 9%.
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Old 15th August 2009, 10:17   #27
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Quote:
Originally Posted by amohit View Post
You are paying 39828 over a period of 3 years not 1 year.
However, due to the reducing principal funda involved, straight arithmatic dosent work very well and will show you a very rosy picture.

Regards,
Thanks!

Thus 16.575/3 = 5.525% per year. I am doing ground work. I might be in for a car and will surely take loan, thus need to understand.

Can anyone come up with excel sheet with formulas?

Thanks in advance.
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Old 15th August 2009, 18:24   #28
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Quote:
Originally Posted by Sn1p3r View Post
Thanks!

Thus 16.575/3 = 5.525% per year. I am doing ground work. I might be in for a car and will surely take loan, thus need to understand.

Can anyone come up with excel sheet with formulas?

Thanks in advance.
EMI calculation link

Bank of India
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Old 17th August 2009, 12:42   #29
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Quote:
Originally Posted by balugita View Post
EMI calculation link

Bank of India
Thank you! Hmmm!!! so its not that simple calculation after all.
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