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Old 29th October 2011, 14:04   #286
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Default Re: Which car loan company to go for?

Here is the latest Car loan Scheme from HDFC -

1) Rate of Interest - 13.75 % (Diminished)
2) EMI per lakh - Rs.2721 for 48 Months and Rs.2316 for 60 Months.
3) Document Charges - Rs.2126 after 50% waiver

They have two schemes - Arrear and Advanced
1) Arrear - Approved loan amount will be provided, paid for complete tenure, (Example - 4 Lakh loan will be approved and EMI paid for 48 Months)
2) Advanced - Approved Loan amount minus one month EMI, (Example - 4 Lakh loan will be approved and one EMI will be pre-deducted, EMI paid for only 47 Months)

There is no difference in Rate of Interest for Arrear and Advanced Schemes.

The query what I raised was how do they calculate and decide per lakh EMI as Rs.2721 for 13.75 %.

Because for Loan amount of 1 Lakh Interest will be Rs.13750 for 13.75%.
and EMI for 48 Months is ((100000 + 13750)/48) = Rs.2370
Not sure how they calculate as Rs.2721.

I am yet to get a call from the Car Loan section Manager for clarity.

Please help me if there any other good banks who are providing low Rate of interest on Car loans.

Last edited by Bhargava_sr : 29th October 2011 at 14:07.
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Old 29th October 2011, 14:18   #287
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Default Re: Which car loan company to go for?

Quote:
Originally Posted by Bhargava_sr View Post
Here is the latest Car loan Scheme from HDFC -

1) Rate of Interest - 13.75 % (Diminished)
2) EMI per lakh - Rs.2721 for 48 Months and Rs.2316 for 60 Months.
3) Document Charges - Rs.2126 after 50% waiver

They have two schemes - Arrear and Advanced
1) Arrear - Approved loan amount will be provided, paid for complete tenure, (Example - 4 Lakh loan will be approved and EMI paid for 48 Months)
2) Advanced - Approved Loan amount minus one month EMI, (Example - 4 Lakh loan will be approved and one EMI will be pre-deducted, EMI paid for only 47 Months)

There is no difference in Rate of Interest for Arrear and Advanced Schemes.

The query what I raised was how do they calculate and decide per lakh EMI as Rs.2721 for 13.75 %.

Because for Loan amount of 1 Lakh Interest will be Rs.13750 for 13.75%.
and EMI for 48 Months is ((100000 + 13750)/48) = Rs.2370
Not sure how they calculate as Rs.2721.

I am yet to get a call from the Car Loan section Manager for clarity.

Please help me if there any other good banks who are providing low Rate of interest on Car loans.
Few days back i got below offer from HDFC

Per/Lakh EMI as below,

Period EMI
3 3266
4 2584
5 2178
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Old 29th October 2011, 14:30   #288
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Default Re: Which car loan company to go for?

These Car loans Calculations are really fishy. They are not explained structured. I consulted two Folks from the same team (HDFC car loan section) and both gave me two different quotes for the loan amount of 4L with tenure of 48 Months.


Hey Tushargohil did you check with them how do they calculate Rs.2584 as EMI for 48 Months for 1L loan.
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Old 29th October 2011, 14:33   #289
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Default Re: Which car loan company to go for?

Try to download this tools... most of time accurate (as banks use different calculation hence some + & - in amount)

Loan EMI calculator | Calculate Loan EMI from Interest Rate - BankBazaar
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Old 17th January 2012, 19:16   #290
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Default Re: Which car loan company to go for?

Can anyone please help me with the best loans at the moment? I need a loan for my Swift this month.
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Old 17th January 2012, 19:25   #291
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Default Re: Which car loan company to go for?

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Originally Posted by Shome View Post
Can anyone please help me with the best loans at the moment? I need a loan for my Swift this month.
One off my friend got it from HDFC for 12 for his Wagor R. I would say it all depends as market is competitive and they can negotiate as per your terms with bank. I just completed my 3 yr loan from HDFC and go offer for new at 10.5% on Fortuner.
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Old 17th January 2012, 19:40   #292
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Default Re: Which car loan company to go for?

SBI is the way to go - no advance emi, no processing charges and a flat interest rate of 11.25%. I went with them for my brio loan. 4 lacs at roughly 3250 per lac.
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Old 17th January 2012, 19:51   #293
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Default Re: Which car loan company to go for?

I went for HDFC recently. Very competitive rates. Although they messed up my ECS mandate and caused delays in disbursal that were avoidable, I still find them better than some other banks from whom I availed loan in the past - ICICI in particular where there was a lot more chaos and lack of transparency.
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Old 17th January 2012, 20:01   #294
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Default Re: Which car loan company to go for?

Quote:
Originally Posted by sam003 View Post
One off my friend got it from HDFC for 12 for his Wagor R. I would say it all depends as market is competitive and they can negotiate as per your terms with bank. I just completed my 3 yr loan from HDFC and go offer for new at 10.5% on Fortuner.
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Originally Posted by reignofchaos View Post
SBI is the way to go - no advance emi, no processing charges and a flat interest rate of 11.25%. I went with them for my brio loan. 4 lacs at roughly 3250 per lac.
Quote:
Originally Posted by mayuresh View Post
I went for HDFC recently. Very competitive rates. Although they messed up my ECS mandate and caused delays in disbursal that were avoidable, I still find them better than some other banks from whom I availed loan in the past - ICICI in particular where there was a lot more chaos and lack of transparency.
Thanks guys. I was thinking of SBI as well. Their website says 12% at the moment. HDFC Just called and told me 13% but this is before negotiations. Let me see the best rate that I can get.
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Old 23rd February 2012, 01:35   #295
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Default Re: Which car loan company to go for?

Hi All,

I was checking for car loan since I have plans of buying Figo Diesel EXI. Which is the best car loan provider currently?

After doing some read ups, looks like SBI seems to be the good option with long tenure. Any other nationalized banks are better or should i go ahead with SBI. Kindly provide some details.

Thank You

Last edited by recshenoy : 23rd February 2012 at 01:37.
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Old 23rd February 2012, 20:01   #296
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Default Re: Which car loan company to go for?

Are you sure you want to constrain yourself with only nationalized banks?

I think private ones provide competitive interest rates and better doorstep service.
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Old 26th February 2012, 21:34   #297
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Default Re: Which car loan company to go for?

Quote:
Originally Posted by recshenoy View Post
Hi All,

I was checking for car loan since I have plans of buying Figo Diesel EXI. Which is the best car loan provider currently?

After doing some read ups, looks like SBI seems to be the good option with long tenure. Any other nationalized banks are better or should i go ahead with SBI. Kindly provide some details.

Thank You
Dear Recshenoy, SBI is a good choice if you have to consider few things like loan foreclosure, paying more per month etc. As of today from what I understand, SBI offers loans at 12% floating interest, with repayment options upto 84 months. There is a processing fee of 0.5% of the loan amount and there is no foreclosure/part payment penalty. Most of the nationalized banks have similar policy, although the interest rates may vary. If you have an account with any of the nationalized banks, it would be good to approach the manager directly and tell your requirements.
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Old 27th February 2012, 18:10   #298
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Default Re: Which car loan company to go for?

Quote:
Originally Posted by recshenoy View Post
Hi All,

I was checking for car loan since I have plans of buying Figo Diesel EXI. Which is the best car loan provider currently?

After doing some read ups, looks like SBI seems to be the good option with long tenure. Any other nationalized banks are better or should i go ahead with SBI. Kindly provide some details.

Thank You
You may want to try Axis Bank. I just got a loan approved at 11.25% for 3 years with Rs 1000 as processing fee. The documentation, processing and approval took just 1 day.
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Old 27th February 2012, 22:04   #299
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Default Re: Which car loan company to go for?

Quote:
Originally Posted by recshenoy View Post
Hi All,

I was checking for car loan since I have plans of buying Figo Diesel EXI. Which is the best car loan provider currently?

After doing some read ups, looks like SBI seems to be the good option with long tenure. Any other nationalized banks are better or should i go ahead with SBI. Kindly provide some details.

Thank You
I went with Kotak Mahindra Prime at 11.25% for a tenure of 5 yrs for a loan amout of 5 lacs for my swift. Did a lot of negotiations as they started from 12.5%. What helped was that the A-star which I bought in 2009 was from them as well and bringing that up helped me get the rates lower. Do bargain like crazy and dont feel shy of telling them rates that the other banks are offering and go for multiple rounds of negotiations.
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Old 24th April 2012, 14:58   #300
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Default Re: Which car loan company to go for?

Prepayment of car loan is usually a good idea and part-prepaying the principal of the loan makes even more sense. The reason being is that it reduces the total amount of interest you have to pay out and possibly, the loan tenure.

I had recently read that "Home loans give tax deductible benefits, while car loans don't. So, one must prepay the car loan first. Car loans are on an average of 5-year tenure, but a home loan has a longer tenure. In the longer tenure, expect interest rates to fluctuate. In the present scenario, it's most likely that interest will go down."

ICICI and HDFC both charge 5% whereas SBI has no prepayment charges.
I recently bought the new Swift and have opted for SBI for this particular reason.
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