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Old 8th June 2005, 16:37   #16
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satish and aadix.. the rates quoted by you ppl are less than 7%.
Are you guys sure.. that is what they are giving without any hidden fees. Kindly gimme some more details of the loan if possible like the Monthly EMI and the total interest at the end of the tenor and for how many months.

have been approached by ICICI with 9612 per month...it effectively works out to 7.18% ( he said it is 7.5 and as per the link given in one of the post it comes to 7.18%)

http://www.statebankofindia.com/view...=0&id=0,17,389

48 months
4 lac Rs
7.18%
monthly EMI 9612 Rs
tot interest : 61, 374 Rs

Anybody who has already gone for the loan..respond..

Regds
-Muni

Last edited by muni : 8th June 2005 at 16:54.
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Old 8th June 2005, 20:42   #17
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hi muni

i have been quoted the amount by the local skoda dealer here in hyd and not a private agent.
they have some sort of tie up with icici bank, so i dunno abt the profit margins and stuff.

they started out from 7% and finally ended up at 6.75%.

for used cars they use to give at 10% diminshing via icici bank (the local skoda dealer also deals in used cars)

will post up all the info i have by asking my father by tomo.


btw my crv has been done via state bank of hyd and my dad's pretty happy with it.
we had some prob with icici with my safari abt a fake cheque which had been sorted out by the bank very quickly.
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Old 8th June 2005, 21:45   #18
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Quote:
Originally Posted by dev
ICICI Bank
Hum hain Na--> To suck your blood ..

I lost 50K in my house loan. I am paying Rs.200 more as EMI for my car loan.

I did not received my NOC till now for my 2 wheeler.
Life is really bad.
Regarding financial institutions everyone has his/her own experience. So something that works for Mr. X might not work for Mr. Y. Hence please evaluate all possible options and take ur decision.

I thought this was a car loan thread. Anyway if one wishes to discuss homeloans may be we can have a thread going in "shifting gears". And yes I hope my post is politically correct as I haven't taken anyone's name...

Last edited by Rock 'n' rollz : 8th June 2005 at 21:54.
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Old 9th June 2005, 00:17   #19
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Rock,

I think dev's point is...the bank that cheats you in hsg loans is a good candidate to cheat you in car loans.

I totally agree with ICICI bank's service. Totally pathetic. But they do seem to offer the best deals.
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Old 9th June 2005, 00:26   #20
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ICICI bank is all talks they say one thing and do another on our accent loan they were clearly instructed to send cheques for clearing and not an ECS but they did and when our bankers bounced it inspite of balance as they were instructed not to entertain an ECS but ICICI held us responsible when we went to obtain the NOC until we had the local branch manager interfer and thats when the issue got cleared and we got the NOC in two weeks.
Another thing ICICI is famous for is giving flase promises in the credit card department they call you up harrow you until you agree to get a card from them and when you do apply for one they send you an appolgy letter for not being able to provide you with a card.
So as mentioned earlier they try to con you in all the possible ways.
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Old 9th June 2005, 09:50   #21
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Quote:
satish and aadix.. the rates quoted by you ppl are less than 7%.
Are you guys sure.. that is what they are giving without any hidden fees. Kindly gimme some more details of the loan if possible like the Monthly EMI and the total interest at the end of the tenor and for how many months.
The rates are function of years and also the car ur buying. The bigger(segment) ur car, the lesser the rate could be.
I am paying 3064/lakh for 3year loan on sail. Bank is ABN Amro.
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Old 9th June 2005, 11:42   #22
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hi muni,

I also want 4.0 l loan for 5 years and when i contacted ICICI person sitting in Ratan Motors, Mumbai he told me the interest rate 9.5% and not less than that. Sundaram finance chages 9.0%.

After that I contacted SBI. They charges 8.25% for 5 years and 8.0 % for 3 years without any prepenulty. And more since i am working in BARC and the SBI branch is also in BARC. They charge 0.25 % less if you have salary account. I am going to apply for that b'coz it seema a clear deal. I cann't trust ICICI. If you compare the EMI of SBI and ICICI for same interest rate you will find that SBI EMI is less than ICICI. This is b'coz SBI calculates based on daily reducing balance not monthly...

So my adive is that you fix your loan amount and tenure and contact SBI you will find EMI which will be less than what you are already been offered by other banks..
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Old 9th June 2005, 12:24   #23
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well, muni- i have sent you a pm regarding this..... but here's the lowdown for all the others..

out of the three, that is, hdfc, icici, and sbi, discount icici, as it's disbursements might be quick enough, but they squeeze your nerves in the prepayment part- so, i suggest this to anybody going in for a loan from icici- keep it as a last resort, the last option to go in for.

though sbi does seem to offer a better deal, it's interest rates are slightly higher, and the discounts are low. but, if, like agp said, there are no prepayment charges (i still have some doubts regarding that), then it more than makes up for the interest rate.

of the three, hdfc seems to offer the most transparent deal, easy options, and also the highest tenure, of upto 10 years..!!! of course, the tenure also depends upon your credibility, and at the bank's dicretion. and also, hdfc offers the lowest interest rate at 7.0%, which goes down to 6.0% if you are an existing hdfc customer.....they also offer loans upto 100% of the ex-showroom price...... but the catch with an hdfc deal is that you have to pay 3% as prepayment charges, if you close the loan after the first year....4% if you do it within the first.... but prepayment charges are on par with, or lesser than icici. i still don't know about sbi's latest deals, but it used to have prepayment charges too.

so, overall, go for either hdfc, or sbi- both work out okay, and i think hdfc offers a better deal if you intend to keep the loan for it's entire tenure.

the finance payouts, or loan discounts offered by hdfc ranges from 2-5%, and upto 4% for icici. sbi offered dicounts of upto 4% before, alongwith dealer tie-ups, but have no idea as of now.....
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Old 9th June 2005, 12:25   #24
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hi guys

does anyone have sbi car loan agent number in bangalore

rahul

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Old 9th June 2005, 12:40   #25
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if i am correct and remember my talk with the sbi man nearby......
the margin money is atleast 10%......no prepayment problems....and he promised a discount of 5 grand/100 grand.....

also, they are providing varying rates...which IMO is not a good idea looking at the borrowings of the UPA government....rates can rise any day......

the maximum tenure with sbi is 7 yrs...u need to have an account with the branch ( from where u r takin the loan)....

most importantly.....daily reducing balance!!...

IMO sbi is offering the best deal ( read clean)....its better to be able to see where they r having profits.....instead of hidden tactics by icici..........i have personally faced it...cheques goin nowhere....prepayment probs....and NOC hassles........
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Old 9th June 2005, 13:34   #26
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Rock,
What u said is correct.But at the same time, check in the market how many people are really satisfied with ICICI bank.
my Home loan is an example of there cheating behaviour. And I did not discussed how I was been cheated.
Generally people tend to go for ICICI bank for there less interest rates. But the catch is, calculate the total amount you are going to pay for the entire tenure and compare it with other banks. take pre payment penalties into account.
And the customer care of ICICI bank: they will not give any proper details about interest rate. Just they will tell you, it depends on each individual and u should contact the marketing persons and not here. Every marketing guy have authority to get the interest rates as less as possible.
Consider my case for my Used car loan. Initially it was told it is 12% reducing balance. My car agent bargained it to 9.6%. Since I had bad experiences before with ICICI, I thought of not going. But looking at the interest rate, I was tempted and without enquiring other banks I signed the papers. Now when the EMI is started, it is calculated for 14%. I am not sure how those people calculate EMI's.
main problem with ICICI is, they are not clear in there calculations. As per SBI , it is transparent. May be, approval may take some time.

I suggest SBI, for there transparent policies.
I am not criticizing anyone. I am sharing my bad experiences. As Rock said, u may get a good deal and better services from ICICI.

Best of luck.
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Old 9th June 2005, 20:11   #27
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Quote:
Originally Posted by muni
Have seen a lot of things being discussed abt the slightly hyped up maruti sensation SWIFT over here and thought why not discuss about the car loan. Am sure many of the buyers would be using this mode of payment like me.

Am going to take a loan for 4 lacs for the SWIFT Zxi version
with abt 1.6lacs Down payment. Am trying to strike the best deal
from Icici or HDFC or whoever gives me the best.


The interest rate is comin to 7.5 % reducing principal for 4 years. The Bank guy says it will be the same rate for 3 and 5 years.

The monthly installment comes to around Rs 9612 per month for 4 years with no processing fee.

Also do i have to chk with them about any prepayment penalty
charges and how they handle if i make a bulk payment in the future.

Since SWIFT is a new car the dealers are not offering any discounts.

Anybody, who has got a gud deal can give his/her valuable inputs here.

Waiting for your suggestions / advice.

Thanks
-Muni
Managed to pull a deal with HDFC @7.67% for 3 years (2.50% ploughback).

All finance cos as well as the dealers are acting very funny about this new car. Very pricey actually .... no registration till full payment .... no discounts ... finance @9.25% ... lotsa stuff.

Service experience with HDFC Bank Car Loans guys in Mumbai has been excellent. The guys Know thuer stuff ... keep you informed through the whole process. Pleasure to deal with the guys ...
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Old 9th June 2005, 22:04   #28
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Sorry but most part of the text is off topic!

I never said don't go for ICICI or SBI. All I want to say is we should not manipulate anyone's decision based on our experiences. Learning from others experiences is a different thing and making a choice based on someone else's experience is a different thing.

Now that we are discussing housing loans, let me tell u my housing loan experience. Stanchart started processing my loan proposal. They slept over it for a month and then turned down my application for 'xyz' reason. Then we approached SBI. Apart from "lots" of other papers, they asked for a letter from builder saying "he had not taken a loan for development of this buiding". Builder refused to issue such a letter. He was right as no builder would construct a 9 building complex with his own money. So the proposal cudn't go any further. (Add to it the fact that my dad is an ex-SBI manager. Infact the way he was treated was horrible. In the past he had worked in the same branch that was handling my proposal. No use.) It was almost 1.5 months after I booked my flat and the builder was all set to kick my *** for not paying his due. In the meanwhile I contacted HSBC, HDFC & ICICI. HSBC was ready to complete the process in 10 days (HDFC 2 weeks) but they were not ready to negotiate the interest rate as they knew my position very well. The only option left was ICICI. And believe me the guy came to my house 9ish in the night. We discussed my case. He assured me lowest possible EMI and a turnaround time of 4 days. After dealing with so many banks I had all the papers ready with me. He took those papers same night. Not only did he hand over the cheque on the fourth day, he also sanctioned 90% loan amount. (Other banks including SBI were offering 85% only). That 5% margin definitely came as a relief for me as I could spend that amount on interior etc. Its been 3 yrs and someone or the other picks PDCs from my office.

4-5 friends of mine have gone for ICICI Home loan after that. A couple of them shifted from HDFC & Tata Home Finance.

So I trully believe in their ad ... Hum hai na... ICICI was the only support in those worst days of my life when I used to get calls from the builder.

That doesn't mean I would blindly go for a ICICI car loan. There is no connection between a Home loan and a Car loan. A car loan is a brand new innings.

Anyway! Like I said one should evaluate all possible options and then take a decision.

Last edited by Rock 'n' rollz : 9th June 2005 at 22:08.
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Old 10th June 2005, 10:00   #29
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Hi Swapnilb95,

Your deal with HDFC seems interesting.. can you give me the agent or the contact persons from HDFC with whome you have deal. As i am also from mumbai and if it works let me try with HDFC..Thanks
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Old 10th June 2005, 11:15   #30
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After Car loans and housing loans, why should personal loans be left behind? Several years back, I had applied for one, at Stanchart. They called up my house and told my sister that they rejected the application! So much for confidentiality!
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