Go Back   Team-BHP > BHP India > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 15th September 2005, 17:26   #46
Senior - BHPian
 
shuvc's Avatar
 
Join Date: May 2005
Location: Kolkata
Posts: 2,895
Thanked: 283 Times
Default

Quote:
Originally Posted by Xsailor
All the above was rather painless till Mr. FM screwed our happiness with the Fringe Benefit Tax (FBT). The area is still a bit grey for me and shall revert with more details.
As my job profile is not purely on Employee~Employer relationship (Jeeja-Saala in fact), lots of stuff gets managed without negotiating with the HR deptt. (which incidentally does not exist in a small Co like ours).
In my case it's a pure employee-employer relationship .. with loadsa processes (as you would normally expect in a mnc)

Here we have a fixed base EMI per lac .. the total base EMI is calculated on the ex-showroom cost of the car minus the VAT component ..
On that EMI there is a wee wee service tax .. 10.2% of interest
plus the VAT is added .. 12.5% of EMI
and it has been proposed that FBT will also be added on .. 6.73% of EMI

even then it works out cheaper for the individual .. due to the tax benefits ..

Another -ve that came to my mind .. if you are switching jobs, your salary slip will not reflect your appo letter salary ! It will be lower ! Since the amount you pay as EMI's are not reflected in your salary
So you gotta convince your prospective employer that you actually earn what the appo letter says ....
shuvc is offline   Reply With Quote
Old 5th January 2006, 22:27   #47
Awaiting Email Confirmation
 
Join Date: Oct 2005
Location: Bangalore
Posts: 10
Thanked: 0 Times
Default

Hey guys , this guy is giving me a HDFC loan on 5.3 lacs and the emis are 50k*8(for the first 8 mths) then ~10 k *8 then for the last 8 mths the emi is ~7. Well the emi values are approx but the interest for 2 yrs for a loan of 5.3 lacs is coming to around 8K . Do u think that there is any hidden costs in it.
rohanmthr is offline   Reply With Quote
Old 21st March 2006, 11:00   #48
LLL
BHPian
 
Join Date: Mar 2005
Location: Delhi
Posts: 634
Thanked: 2 Times
Default

Quote:
Originally Posted by shuvc
I have an active car loan and a house loan, both from StanC .. I went for them since they were giving me the best overall package that suited my EMI and repayment terms.

The only grouse is slow response time .. they do respond , but you gotta chase them relentlessly ..
Standard Chartered are absolute cheats.

My dad had an auto-loan with them. I had gone to US and in the meantime, their rep offered to convert our auto-loan to a mileage account. He told my dad that the rate ia 1.9% . My dad didnt realise that this was monthly rate and not annual rate and signed on the dotted line,. the rep didnt tell my dad that there was a 11% penalty for closing the account before 1 year.

when i returned i noticed that the account balance was increasing drastically and then realised the whole game. we were paying 24% interest p.a. ...

on calling SC, they first refused to close the account and then delayed the closure by 3 months to extract as much interest as possible,. I paid the full amont + the penalty and closed the loan. Also closed the credit cards from SC and wrote to RBI and SC management.

Response from SC management thru various letters: we tried to call u but you were not present at home. [i was always present at my home when they called]
LLL is offline   Reply With Quote
Old 21st March 2006, 12:21   #49
BHPian
 
ksethuram's Avatar
 
Join Date: Feb 2006
Location: Chennai , London (now)
Posts: 233
Thanked: Once
Default

I got a swift zxi by paying 1.5L down payment and went for 5 yrs EMI of Rs 8016/- with no processing or hidden fees. It was with Cholamandalam finance (Murugappa group). They asked me to give them cheques for all installments. I was given both key's and nothing about finance written my car's book. This was cool when compared to canara bank who had taken one key and had a big hypothecated stamp in my book for my previous car.
ksethuram is offline   Reply With Quote
Old 21st March 2006, 12:40   #50
Senior - BHPian
 
finneyp's Avatar
 
Join Date: Dec 2005
Location: Bangalore
Posts: 2,619
Thanked: 160 Times
Default

Hey, you can check-out HDFC Bank too, there Interest rate is competitive and their Service is pretty good! I have taken my Car loan from HDFC bank.
finneyp is offline   Reply With Quote
Old 21st March 2006, 12:47   #51
Team-BHP Support
 
Rtech's Avatar
 
Join Date: Apr 2004
Location: Bombay
Posts: 5,769
Thanked: 212 Times
Default

One question. After the loan has been repaid, does anything have to be done/noted on the registration to mention this?
Rtech is offline   Reply With Quote
Old 21st March 2006, 13:07   #52
BANNED
 
Join Date: Nov 2004
Location: Bangalore / Madras
Posts: 1,980
Thanked: 14 Times
Default

Quote:
Originally Posted by Rtech
One question. After the loan has been repaid, does anything have to be done/noted on the registration to mention this?
Yes, if your Registration Certificate has details of the hypothecation, after the loan has been repaid, you need to apply to the concerned Regional Transport Office asking them to cancel the hypothecation.

This is normally done by the loan agency or bank themselves along with a letter from the bank stating that the loan has been repaid in full and the hypothecation may be cancelled.

Even if the RC has no details of hypothecation, please make sure the bank gives you a letter stating that you have repaid the loan in full.

I have had excellent service from HDFC Bank in this regard.

Last edited by hrag : 21st March 2006 at 13:09.
hrag is offline   Reply With Quote
Old 21st March 2006, 13:16   #53
Team-BHP Support
 
Rtech's Avatar
 
Join Date: Apr 2004
Location: Bombay
Posts: 5,769
Thanked: 212 Times
Default

Thanks Hraq. Unfortunatly, my car loan is from **ugh** ICICI **ugh***!!! So I'm really not looking forward to this as I have seen how they work! Getting that letter out of them is going to be an exercise in itself!
Rtech is offline   Reply With Quote
Old 31st March 2006, 01:23   #54
Newbie
 
Join Date: Feb 2006
Location: delhi
Posts: 16
Thanked: 0 Times
Default

7 and 8 % for a used car ????? iam just new car finances on 5.5 % more evr its a maruti product would go to 4.75 % .. thres a discount of 4000 rs on ever lakh .... max discount on 3 yrs .... if u dont findthese rates pm me i wil let u know the financer. my bro gt an esteem on 3.75 % ... only 10000 rs discount coz he gt the insurance done within the discount .. 7 to 8% is on used cars (( tlkin abt flat rates )))
speed_n_sexy is offline   Reply With Quote
Old 1st April 2006, 23:53   #55
BHPian
 
mnemonic's Avatar
 
Join Date: Feb 2006
Location: GURGAON
Posts: 99
Thanked: 51 Times
Default

Hi Speed n Sexy,

I dont want to play the bad cop, yet kindly go through the announcements section prior to posting. SMS lingo is not permitted on the forum and the mods do not take an appreciative view of the same. Happy postings in FULL.

cheers
mnemonic is offline   Reply With Quote
Old 12th May 2006, 16:01   #56
BHPian
 
Join Date: Apr 2006
Location: chennai
Posts: 41
Thanked: 0 Times
Default

hey people,
i'm just about to buy the swift vxi + abs in chennai. This is my loan info if it helps anyone.

Price Onroad: 5 lakhs
Downpayment: 1 lakh
Loan Amount: 4 lakhs from Indian Bank for 3 years @ 9pc interest
works out to approx. 12720 per month for 36 months

if you calculate then i pay Rs.457000 approx total for the loan amount of 4 lakhs.
ciao
sleepy is offline   Reply With Quote
Old 12th May 2006, 16:23   #57
Team-BHP Support
 
Rtech's Avatar
 
Join Date: Apr 2004
Location: Bombay
Posts: 5,769
Thanked: 212 Times
Default

sleepy, that sounds like a great deal to me!

Anyone have any info on the prevaling rates/offers on the Swift in Mumbai?
Rtech is offline   Reply With Quote
Old 12th May 2006, 18:49   #58
BHPian
 
ivor's Avatar
 
Join Date: Mar 2006
Location: Bombay
Posts: 85
Thanked: 0 Times
Default

Quote:
Originally Posted by Rtech
Anyone have any info on the prevaling rates/offers on the Swift in Mumbai?
Not much this month--the official sales scheme (and most dealers won't give you much more than this on the Swift) is MGA worth Rs 2,500. Sad, because B'lore buyers for instance get a special edition MGA pack worth Rs 12,000.

Here's the link for the official monthly sales schemes from Maruti:
http://www.marutiudyog.com/bp/sales.asp?ch=2&ct=3&sc=0

On top of this, perhaps a corporate discount, some further discount on accessories and whatever else you can wheedle out of your dealer.
ivor is offline   Reply With Quote
Old 13th February 2007, 09:02   #59
Newbie
 
cpserrao's Avatar
 
Join Date: Jan 2007
Location: mumbai
Posts: 19
Thanked: Once
Default

Does anybody have an idea on what rates the finance companies are quoting currently?
cpserrao is offline   Reply With Quote
Old 16th March 2007, 13:59   #60
BHPian
 
subbarao's Avatar
 
Join Date: Oct 2005
Location: Bengaluru
Posts: 237
Thanked: 39 Times
Default

Quote:
Originally Posted by cpserrao View Post
Does anybody have an idea on what rates the finance companies are quoting currently?

Hi,

Bank of patiala - 7 yr's 11.5%

Canara bank - 6 yr's 11.5%, good deal with these 2 bank's

ICICI - Min13% to 14.5% depends on negotiation, after getting loan with ICICI you will become !!!!!!!!!!
subbarao is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
The Cheap Loan or the Smart Loan - SBI Advantage Car Loan keyur Indian Car Loans & Insurance 208 5th July 2017 15:56
Buy car using cash OR Take car loan & prepay home loan? rajshenoy Indian Car Loans & Insurance 13 2nd August 2013 18:16
Car loan checks returned without closing loan !! ashthedivx Indian Car Loans & Insurance 21 7th November 2008 12:28


All times are GMT +5.5. The time now is 12:07.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks