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Old 1st October 2009, 21:24   #166
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Originally Posted by ms001 View Post
canara bank 8.5,9.5,10 but u need to open account and need a gauranter too
Still its nothing close to BOI is offering.
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Old 1st October 2009, 21:35   #167
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Try Corp Bank seems to have best deals for auto loans, when we checked recently for my friend it was 8% not not much of hassle. My friend did not go for it as he opted for LeasePlan lease from our company.
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Old 2nd October 2009, 23:17   #168
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Originally Posted by SilentEngine View Post
Here is my story of applying for loan

I have an account with HDFC, was informed few months earlier about a pre-approved loan (I am not sure if it means anything)
Anyway, i filled an online form for auto loan from their website last Wednesday (Sep 9).
Got a call on Friday (Sep 11) confirming the loan request, asked them to call the next day for complete details.
Got a call on Saturday (Sep 12) and gave the details, also told that I haven't booked the car yet and am going to book after the loan is approved.
Got a verification call today (Sep 14)

Got an SMS from bank sometime back
"auto loan a/c no. XXXX for a Fiat Punto Emotion Pk is approved"
I am going to book my car this saturday

Having an HDFC account clearly helped in reducing the time/effort.
+1 to that.

Quote:
Originally Posted by balajeshi View Post
What is the interest rate HDFC is offering for the existing cutomer ?
HDFC offers 10 - 10.25% for existing customer. YMMV.
Quote:
Originally Posted by SilentEngine View Post
They have offered me 10.25%, i am trying to get it down to 10%.

They are also trying to sell me insurance, I will check the dealer quote and then decide. Also I am going to check with bajaj insurance separately.
I got 10%. In fact my personal banker told me that they could have settled for 9.45 had I been patient enough. I was in a hurry because "some other" Bank had screwed up my loan proposal and in the process I lost 12 precious days to arrange finance for my beauty. Thats a different story and I shall dedicate a separate thread on how "efficiently" that Bank handled my loan proposal.

Dealer would quote 20k+ for sure. I would recommend Compare & Buy Car Insurance, Health & Mediclaim Plans, Life Insurance Policies Online: Policybazaar. Get a quote from them. Comes around to be 13k+ for Bajaj Allianz and Reliance. You can ask the dealer to match(?) or at least give you a reasonable quote based on policybazaar's quote.
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Old 7th October 2009, 14:50   #169
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Hi fellows,
I got a quote from axis bank for
Loan amounting to RS300000 @
9.75%
3214EMI/LAC
EMI=9542/PerMonth for 36 months.
PLUS 3500 Processing

I am going to further bargain with them to reduce it even more. The good thing is they are going to give me loan in matter of 4 working days, not bad for 10K extra premium???
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Old 8th October 2009, 21:06   #170
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Originally Posted by somebodystopme View Post
Hi fellows,
I got a quote from axis bank for
Loan amounting to RS300000 @
9.75%
3214EMI/LAC
EMI=9542/PerMonth for 36 months.
PLUS 3500 Processing

I am going to further bargain with them to reduce it even more. The good thing is they are going to give me loan in matter of 4 working days, not bad for 10K extra premium???
Bargain harder dude. I had them offer 9.25 for a loan of 4.5L.
If you have an existing bank account with Axis, they will go upto 9.

Just say that you have been shopping and Kotak/HDFC are offering you a much more competetive quote. Also, try to avoid the 1 installment as your rate effectively goes up by 0.2 - 0.4 %.

I actually had Kotak and Axis pitted against each other until Axis threw in the towel @ 9.25 and Kotak gave me a 9%.
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Old 9th October 2009, 14:13   #171
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Default Axis bank

Quote:
Originally Posted by somebodystopme View Post
Hi fellows,
I got a quote from axis bank for
Loan amounting to RS300000 @
9.75%
3214EMI/LAC
EMI=9542/PerMonth for 36 months.
PLUS 3500 Processing

I am going to further bargain with them to reduce it even more. The good thing is they are going to give me loan in matter of 4 working days, not bad for 10K extra premium???
Hi somebodystopme,
I had an good experience with axis bank, although I ended up taking loan from SBI, as it got approved in time

However, I had managed to get an wavier on the processing fee and it was very easy. Just tell them you wont be taking the loan if the pf is charged.

Also, I read in toi (can't remember the date) that axis had dropped the interest rate to 9%, so there is still room for bargain.

Happy hunting
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Old 9th October 2009, 14:39   #172
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@fighter and aarenes
The Axis guys are saying that till last month they even gave loan on 8.5%, But they have withdrawn it from this month, I am pitting them against BOI 8.5%, Reducing and no processing fee, no repayment panelty thing and have managed to either get the PF reduced to 1500 or the rate to 9.5% with 3K PF.I have already did quite a lot of bargaining, will definately grill this guy more. Lets see whats the last they offer.
I think i should take a quote from Kotak aswell.
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Old 9th October 2009, 14:57   #173
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Guys

Went for State Bank of Travancore car loan and it got approved yesterday. The whole process was smooth. Now I have an approved loan but the dealer(Nippon Toyota) says car will be available only in January!! What shall I do now?
cheers
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Old 9th October 2009, 14:59   #174
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Quote:
Originally Posted by somebodystopme View Post
@fighter and aarenes
The Axis guys are saying that till last month they even gave loan on 8.5%, But they have withdrawn it from this month, I am pitting them against BOI 8.5%, Reducing and no processing fee, no repayment panelty thing and have managed to either get the PF reduced to 1500 or the rate to 9.5% with 3K PF.I have already did quite a lot of bargaining, will definately grill this guy more. Lets see whats the last they offer.
I think i should take a quote from Kotak aswell.

Hey,

my POV is that paying processing fee for a loan less that 1cr, is a total waste. Why should anyone pay them for doing their regular work I suggest, don't fall for that trap. Tell them no PF or you move towards different bank. Also, read about advance emi too, it is rip off.

I had applied only with SBI and then for safety I had applied with Axis too, as it was the cheapest private bank available. I went with SBI cause they don't charge pre payment / foreclosure penalties, more over they allow part prepayment, without penalties !! Only PSU banks allow this. But there is a trade off between convenice and service as compared with private banks.

You can also try for canara bank, provided you have time and patience for the headaches and bit of delays.

Happy hunting
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Old 9th October 2009, 16:23   #175
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Quote:
Originally Posted by Fighter_82 View Post
Hey,

my POV is that paying processing fee for a loan less that 1cr, is a total waste. Why should anyone pay them for doing their regular work. I suggest, don't fall for that trap. Tell them no PF or you move towards different bank. Also, read about advance emi too, it is rip off.

I had applied only with SBI and then for safety I had applied with Axis too, as it was the cheapest private bank available. I went with SBI cause they don't charge pre payment / foreclosure penalties, more over they allow part prepayment, without penalties !! Only PSU banks allow this. But there is a trade off between convenice and service as compared with private banks.
I suggest everyone exploring nitty gritties of bank finance go through posts # 34, 40, 51 & 63 which I'd put up earlier. For your own benefit.
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Old 9th October 2009, 16:26   #176
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I got a AXIS bank loan in Septmber for 8.31% could have reduced to 8% - Processing fee is 0 as i opened a AXIS bank saving account ( for customers no process fee)
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Old 10th October 2009, 12:57   #177
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I am getting a new civic in few days from now, and plan to take a loan of 4 lacs. Got an offer of 8% (1st year) auto loan from SBI and 8.5% on 2nd and 3rd year. No penalty on pre-closure.. any idea on the processing fee?
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Old 10th October 2009, 18:40   #178
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Originally Posted by iTNerd View Post
I am getting a new civic in few days from now, and plan to take a loan of 4 lacs. Got an offer of 8% (1st year) auto loan from SBI and 8.5% on 2nd and 3rd year. No penalty on pre-closure.. any idea on the processing fee?
Hi can you please tell me as from whom you got such nice offer.. I will also be willing to take SBI if i got this offer. Please pass me the number of contact person...

By the way also got 9% quote from HDFC and a PF of 3400. I will be grilling this against Axis now. Lets see.
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Old 11th October 2009, 00:25   #179
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Originally Posted by dilipkumar7278 View Post
Guys

Went for State Bank of Travancore car loan and it got approved yesterday. The whole process was smooth. Now I have an approved loan but the dealer(Nippon Toyota) says car will be available only in January!! What shall I do now?
cheers


The sanctioned loan Amount has an validity of around 6 months from the date of sanction. The loan should be disbursed within 6 months, if you have received any loan amount sanction letter please check for pre disbursement conditions , other covenants and conditions, if not then please approach your bank to obtain details. If it has 6 months of approval period you can take the loan in january and your repayment will start from january.
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Old 11th October 2009, 08:39   #180
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All - I had put up an excel on my Punto ownership thread (currently deleted coz the delivery was delayed). Will put it up again. This helps add all the EMI, DP, PF etc and see what you are paying at the end of the loan tenure.

Me thinks the right place for the spreadsheet is here.

I found that sometimes, you could pay PF and still have a cheaper total cost of ownership. SBI was offering me 8%, 10%, 10% scheme and it was not working out to be cheaper than my other offers.

Hopefully, you'll find it useful.
Attached Files
File Type: xls Total Cost of Ownership.xls (21.0 KB, 386 views)
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