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


Reply
 
Thread Tools Search this Thread
Old 1st September 2010, 21:42   #241
BHPian
 
Join Date: Jun 2010
Location: India
Posts: 673
Thanked: 138 Times
Default

Quote:
Originally Posted by Butters View Post
thanks Avon, that was helpful !! However i was also thinking that since the car i booked has 3-4 months waiting period why shouldn't i just go for SBI 8-10-10-floating scheme ? As it is wont be any hurry for the loan amount to be dispersed
Personally would like to go with SBI, but I couldn't because of some other reason mentioned in my ownership thread. However, if looked into carefully, you would see that SBI interest rates are more, .i.e., one ends up paying more depending on other banks rate of course.

Other point is - I checked with a. dealer, b. at SBI branch and was told that - repayment or foreclosure can be done with the condition that you have to continue your loan repayment till 50% of the loan tenure (for 5years loan it is 30months) please check this as I have heard different versions of the same.

In this case if somebody foreclose the loan, even though SBI foreclosure charges are less compared to other private banks, end of day the difference is not much because for eg. HDFC charging 6% (if foreclosed within 6-12months) and SBI may be 2% or Nill charges but after 30months - so during these 30months one ends up paying most of the interest.

One more thing, if you are to wait for 3-4months, check with the bank before applying loan that how long can you keep the amount on hold before disbursing to the dealer.
AvonA7 is offline   Reply With Quote
Old 19th September 2010, 23:17   #242
BHPian
 
Join Date: Jun 2010
Location: New Delhi
Posts: 54
Thanked: 62 Times
Default Car Loan excel

Hey guys,

I'm not sure if any such sheet has been circulated on the forum or not. This excel I created for calculation of my car loan. It is pretty much self explanatory, just punch in the relevant fields and you get EMI, declining balances, total payout, EMI/lakh etc.

Hope you all find it useful.

Regards

Dieseling
Attached Files
File Type: xls Car_Loan_Sheet_For_Tbhp.xls (49.5 KB, 709 views)
Dieseling is offline   Reply With Quote
Old 21st October 2010, 19:48   #243
BHPian
 
shantanumishra's Avatar
 
Join Date: Mar 2010
Location: BLR/GGN
Posts: 230
Thanked: 23 Times
Default Corporation Bank

Here's the Deal that I got from Corporation Bank under their Grand Festival Offer for my Safari

Loan Amount : 6 L
Period : 2 Years
1st Yr ROI - 8%
2nd Yr ROI - 10%
1st Yr EMI ~ 27K
2nd Yr EMI ~ 27.5K

Processing Fees - 0.5% ~ 3K + 100 Rs for Stamp Paper Agreement

Prepayment Charges : NIL

Pre Closure Charges : NIL

Lock-in Time for Pre-Payment : NIL

Lock-inTime for Pre-Closure : NIL

Negatives : A lot of documentation, Guarantor is a must, You need to open a SB Account with them for ECS for which a Introducer is a must (there is a work-around for this). It has been around 8 days but I am yet to get a sanction letter (because of their Lack-luster behaviour, CWG Games, some holidays, etc.)

Positives : You can start your prepayment almost immediately as they have no Lock-in (unlike other banks where you need to pay EMIs atleast for 1 year), Also, you can pre-close your loan almost Immediately (unlike other banks where you need to pay EMIs atleast for 50% of tenure)

I could not find a better deal than this in terms of saving money although I had to run quite a bit to get their documentation in order.

Last edited by shantanumishra : 21st October 2010 at 19:49.
shantanumishra is offline   Reply With Quote
Old 31st October 2010, 20:44   #244
h.k
BHPian
 
Join Date: Mar 2006
Location: Kochi
Posts: 43
Thanked: 4 Times
Default

the golden rule of car loan or any loan for that matter is input maximum cash from your side. the lesser the loan the more happy you are, also depending on your income flow make sure you divide the car loan into per day breakup and ensure that this amount is always there at your bank.

also make sure you have one month emi in advance always as if there is some system error the bank deducts the amount even its a sunday etc, also make sure the money reaches the bank at least two days in advance and not on the day.

some banks withdraw money through ecs by as early as 8am and if you do not have funds on that day you are fined.

understand that the idea of banks is not to get those who pay promptly but get defaulters so that they can charge you the same.

so make sure you are always cautious with your car loan.

take monthly and annual report on your car loan statement.
h.k is offline   Reply With Quote
Old 9th November 2010, 18:46   #245
BHPian
 
bullboy's Avatar
 
Join Date: Sep 2006
Location: Trivandrum
Posts: 576
Thanked: 33 Times
Default

My sister has a car loan from SBI for 5 yrs. She is the account holder of same bank.
She has been trasnsfering lumpsum amount to the loan account from her SB account. Now after two year there is only a small amount left as loan which she plans to close asap. Earlier the bank told that there is no prepayment charges after one year. If she closes the loan , does she need to pay the pre-closure penalty ? How is it different from pre-payment penalty?
bullboy is offline   Reply With Quote
Old 9th November 2010, 19:05   #246
Senior - BHPian
 
wildon's Avatar
 
Join Date: Jul 2007
Location: Bangalore
Posts: 2,405
Thanked: 1,017 Times
Default

^^ What i understood form SBI is that, if you complete the half of your loan tenure period (in your case 2.5 Years) then you can pre-close your loan with out any penalty. or else you have to pay pre-closure penalty.
wildon is offline   Reply With Quote
Old 11th November 2010, 14:47   #247
BHPian
 
Join Date: May 2010
Location: Bangalore
Posts: 516
Thanked: 55 Times
Default

I heard Reliance Finance is offering a loan exclsively for FORD FIGO:

Amount: 3 lakhs
RoI: 8.5 % Fixed
Term: 3 years.
ch.nathan is offline   Reply With Quote
Old 15th November 2010, 11:14   #248
BHPian
 
Join Date: Nov 2010
Location: Bangalore
Posts: 48
Thanked: 21 Times
Default

Quote:
Originally Posted by bullboy View Post
My sister has a car loan from SBI for 5 yrs. She is the account holder of same bank.
She has been trasnsfering lumpsum amount to the loan account from her SB account. Now after two year there is only a small amount left as loan which she plans to close asap. Earlier the bank told that there is no prepayment charges after one year. If she closes the loan , does she need to pay the pre-closure penalty ? How is it different from pre-payment penalty?
No Once half of the contracted period of the loan is completed, your sister can prepay her loan without any penalty.
Preclosure means the laon is completely repaid. Prepayment means prepaying a few instalments In advance. Though prepayment is also a term loosely used for preclosure bu bank customers, at times
vgsr is offline   Reply With Quote
Old 26th November 2010, 15:14   #249
BHPian
 
Join Date: May 2010
Location: Bangalore
Posts: 516
Thanked: 55 Times
Default

Guys,

Anyone has taken 'Used car loan' recently?
Which bank offers the best deal for Used cars currently?
ch.nathan is offline   Reply With Quote
Old 2nd December 2010, 08:11   #250
BHPian
 
Join Date: Nov 2010
Location: Hyderabad
Posts: 38
Thanked: Once
Default HDFC Offer

I was thinking of taking SBI loan because their first year teaser rate of 8% sounded attractive. But due to a tie-up between my employer and HDFC I am getting some discount from them i.e.

Rate 9.5% for 36 months with one advance EMI

NO processing fee

Stamp duty of 0.5% + 100 Rs

Didn't get a chance to talk about prepayment terms but I guess they would be as per HDFC standard of 5% after an year etc
I also need to get delivery of the car in two weeks so I am getting tempted by the HDFC offer.
Any comments?
Archon is offline   Reply With Quote
Old 3rd December 2010, 23:05   #251
Newbie
 
Join Date: Nov 2010
Location: Bangalore
Posts: 6
Thanked: 0 Times
Default Which car loan??

I have a salary account with HDFC bank. I have a pre-approved car loan of 6.25lacs. I intend to take a loan of 2.5 to 3.0 lacs though. Every other day someone from HDFC is calling me for documents and stuff. Because of an arrangement with my employer they are offering me 9.5% fixed interest rate for a 5 year loan, that is atleast what they told me. Is it possible to bargain for better rates?


Also, I have come to know that HDFC has preclosure charges. So is there any way to negatiate on that too? I may close the loan after 3 years.

Should I go for HDFC or explore other options as well. Which is the best option?

ayrtonSenna is offline   Reply With Quote
Old 4th December 2010, 06:41   #252
BHPian
 
Join Date: Nov 2010
Location: Hyderabad
Posts: 38
Thanked: Once
Default

Quote:
Originally Posted by ayrtonSenna View Post
I have a salary account with HDFC bank. I have a pre-approved car loan of 6.25lacs. I intend to take a loan of 2.5 to 3.0 lacs though. Every other day someone from HDFC is calling me for documents and stuff. Because of an arrangement with my employer they are offering me 9.5% fixed interest rate for a 5 year loan, that is atleast what they told me. Is it possible to bargain for better rates?

Also, I have come to know that HDFC has preclosure charges. So is there any way to negatiate on that too? I may close the loan after 3 years.

Should I go for HDFC or explore other options as well. Which is the best option?
In the offer I have, which sounds very similar to yours, HDFC is not taking any preclosure penalty after 24 months, so this sounds like a very good deal based on your requirements. I wanted to close mine in <24 months but they're not budging ("Take it or leave it") from 5% prepayment penalty.

You can use the spreadsheet I was using for comparison which I posted in another thread (http://www.team-bhp.com/forum/indian-car-loans-insurance/93087-car-loan-schedule-calculator.html#post2162109) (Car Loan Schedule Calculator)
Hope this helps.
Archon is offline   Reply With Quote
Old 4th December 2010, 09:22   #253
BHPian
 
Live To Jive's Avatar
 
Join Date: Jun 2009
Location: Swindon, UK
Posts: 696
Thanked: 84 Times
Default

Quote:
Originally Posted by ch.nathan View Post
I heard Reliance Finance is offering a loan exclsively for FORD FIGO:

Amount: 3 lakhs
RoI: 8.5 % Fixed
Term: 3 years.
Read the fine print carefully and clarify before taking the loan. There are plenty of horror stories with Reliance stories and products. Go for Nationalised Banks for peace of mind and transperancy.
Live To Jive is offline   Reply With Quote
Old 16th December 2010, 14:04   #254
BHPian
 
Join Date: Apr 2010
Location: New Delhi
Posts: 909
Thanked: 232 Times
Default 7 year loan

Guys,

Is it possible these days to go for a 7 year loan? I may prefer this type of loan to keep my EMI down and buy a bigger car for the same EMI. The car that I buy will be with me for 5-7 years, so I don't mind paying off more amount in total.

Is any bank offering such a scheme these days?
Abhi_Automobile is offline   Reply With Quote
Old 27th January 2011, 14:12   #255
Senior - BHPian
 
MileCruncher's Avatar
 
Join Date: Jan 2009
Location: Mumbai
Posts: 3,985
Thanked: 350 Times
Default Re: Which car loan company to go for?

My present car is financed by SBI but I'm selling my car andbuying a new vehicle.

Can someone tell me which bank is offering the best Rate of Interest?
MileCruncher 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 204 1st March 2017 13:20
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 16:53.

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