Car Loan for SWIFT Zxi! Which one to go and how to go abt it?

[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

[dev]

I suggest to approach SBI abd ask them about EMI for the same amount. In SBI, u can pre pay partial/full amounts without any penalty.
I have/had/having bad experiences with ICICI.
So, never trust these ICICI guys.
Enquire in the market and get a good deal.

Best of luck.

[F50]

Ok here is the loan deal we got from the dealer when i test drove swift yesterday. But im somewhat confuse because here the price is given 507,xxx for Zxi whereas 2 days back at other place where car was on display they told me the price was 548,xxx for Zxi.

Here the deal... 3 yrs n 5 yrs
ZXi (3yrs)
Price - 507,xxx
Delivery - Mumbai
Finance amt. - 482,000
Margin Money - 25,xxx
EMI - 15,xxx
Adv EMI - One
Insurance - 18,xxx
Regn - 23,xxx
Down Payment - 82,xxx
Discounts - 0

Zxi ( 5yrs)
Price - 507,xxx
Delivery - Mumbai
Finance Amt. - 482,000
Margin Money - 25,xxx
EMI - 10001
Adv EMI - One
Insurance 18,xxx
Regn - 23,xxx
Down Payment - 76,xxx
Discounts - 0

Figures may vary as you stay in banglore but i hope this gives you some rough idea.

[shuvc]

F50, you have the answer in the figures you have posted.

507,xxx + 18, xxx (insurance) + 23, xxx (regn) = 548, xxx

So the finance is only for 95% (482,xxx) of the price of the car.

Are these loan options being fiven by Maruti Finance ?

Are they not giving a 7 year option ?

[F50]

Originally Posted by shuvc

F50, you have the answer in the figures you have posted.

507,xxx + 18, xxx (insurance) + 23, xxx (regn) = 548, xxx

So the finance is only for 95% (482,xxx) of the price of the car.

Are these loan options being fiven by Maruti Finance ?

Are they not giving a 7 year option ?

Oh yeah .... thanks buddy... no 7 year option was not available but they might give if asked im not sure for that .... Yup this was given us by Maruti Finance guys and banks like HDFC, ICICI and one more bank was there i forgot.

[shuvc]

from the values given here ..
it seems that interest rate is 7.5 % for 3 year option
and 8.9 % for 5 year option.

Looks like Muni's 5 year option is a better deal. How much does SBI charge ?

[dev]

SBI charges 8.5%. I am not sure. But apprx., that will be rate.
Just by seeing the interest rate percentage will vary from EMI calculation.
I am not sure how ICICI bank calculates EMI's.
SBI's 8.5% is almost equal to ICICI's 7.5%

So, I suggest to approach SBI and ask for EMI.
Check there site:
http://www.statebankofindia.com/view...=0&id=0,17,389

Never,ever trust ICICI. What ever they say before you take loan, it will vary afterwards. This is applicable to House Loan, 2 Wheeler loan and 4 wheeler loans. Since I am facing very bad experiences with them.

Go for SBI, that is the best. Just get the EMI's from both and compare. And calculate for the entire period, how much you are paying them. SBI has 7yrs option.
SBI won't have the penalty option's. Where as ICICI has 2-4%, this may vary based on period.

[dev]

And one more thing, SBI takes on-roas price of the vehicle and not the Ex-showroom price as ICICI and other banks do.

[shuvc]

Originally Posted by dev

And one more thing, SBI takes on-roas price of the vehicle and not the Ex-showroom price as ICICI and other banks do.

now THAT is good news !

i guess there is this perception that it takes a lot more effort to get loans sanctioned (read : red tape, processes, documentation etc) from nationalised banks .. is it true ? Or is SBI responsive in these matters ?

[Samurai]

Originally Posted by shuvc

now THAT is good news !

i guess there is this perception that it takes a lot more effort to get loans sanctioned (read : red tape, processes, documentation etc) from nationalised banks .. is it true ? Or is SBI responsive in these matters ?

If you can afford the EMI, better go for the 3 year loan. After 3 years the car would have depreciated to half it's original value, it sucks to keep paying loan for two more years.

More importantly, keep away from ICICI bank. They are horrible, last year they lost the pre-signed cheques from my cousin's friend and then sent goondas to confiscate the car from him claiming he didn't pay the EMI. He was never told about the loss of cheques.

[satish_appasani]

Make sure you compute your EMI wrt the interest rate. Last year I negotiated with ICICI (through dealer) for 6.5% against their actual 7%. Without revising EMI for the new rate, they told me they did. After I did my calculation only did I find the problem. That was a difference of Rs.5000 in the total cost of ownership.

[aadix]

currently i too am in the market for a new car.

the final amount i got was 100 percent financing for 5 years at the rate of intrest 6.75%.
the bank is icici( emi : rs 1957 per lac)

so is it good ?

[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.

[RJK]

ICICI surely doesn't allow early termination of loan without a penalty. I know it since we're still paying it.

[shuvc]

Originally Posted by aadix

100 percent financing for 5 years at the rate of intrest 6.75%.
the bank is icici( emi : rs 1957 per lac)

wow .. thats a neat package .. wonder via which loophole ICICI is profiting