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


Reply
 
Thread Tools Search this Thread
Old 18th September 2017, 19:56   #16
Senior - BHPian
 
dass's Avatar
 
Join Date: May 2008
Location: Bangalore
Posts: 1,053
Thanked: 434 Times
Default Re: Kotak Mahindra Preclosure charges

Quote:
Originally Posted by gurupalani View Post
Does it sound too good to be true? Can I trust them? What can I do to ensure that they keep their word?
AVOID. Go with SBI. They are pretty quick and simple processing requirements as well. No pre-payment penalty either. Why would you want to risk it with anyone else?
dass is offline   Reply With Quote
Old 18th September 2017, 20:11   #17
BHPian
 
sagpatel's Avatar
 
Join Date: Jul 2012
Location: Mumbai
Posts: 192
Thanked: 73 Times
Default

Quote:
Originally Posted by gurupalani View Post
Bumping up an old thread.

I'm in the process of hunting for a loan provider. Trident Hyundai says they can arrange a loan with Kotak Mahindra. The car loan rep who talked to me claims that after one year, there are no part payment penalties and no foreclosure penalties. No additional hidden charges also. This is if, I open a zero balance account with them.

I am told exactly same by VW dealer in mumbai. Interest rate at 8.25 % with two EMIs upfront along with down payment. But when you agree to open zero balance account they will try to convince you to put some money in the account. Be firm read documents carefully, check terms and conditions to see if they are telling the truth. Personally i think they are telling the truth.
sagpatel is offline   (1) Thanks Reply With Quote
Old 19th September 2017, 17:23   #18
BHPian
 
Join Date: Dec 2013
Location: Bengaluru
Posts: 28
Thanked: 5 Times
Default Re: Kotak Mahindra Preclosure charges

Quote:
Originally Posted by dass View Post
AVOID. Go with SBI.
As per the dealer, SBI needs two years of Form 16 as mandatory document. I have only one year's Form 16. That is the sole reason I am thinking about other banks!
I will visit the bank in person tomorrow and confirm if 2 years forms are mandatory.

Quote:
Originally Posted by sagpatel View Post
I am told exactly same by VW dealer in mumbai. Interest rate at 8.25 % with two EMIs upfront along with down payment. But when you agree to open zero balance account they will try to convince you to put some money in the account. Be firm read documents carefully, check terms and conditions to see if they are telling the truth. Personally i think they are telling the truth.
8.25%? Sweet. Have you accepted their offer?
I was promised 8.5%, but without any upfront EMIs. I have asked them to send me the terms and conditions for the loan. They haven't sent yet. Once they do, I will go through them and update.

The interest rate seems to have come down a lot. Until 2-3 years ago, I remember reading about 10-12% interest. Now-a-days banks are offering below 9% easily. Does anyone know why, or how?
Does any other bank offer loan without part-payment or foreclosure penalties?
gurupalani is offline   Reply With Quote
Old 19th September 2017, 17:36   #19
BHPian
 
sagpatel's Avatar
 
Join Date: Jul 2012
Location: Mumbai
Posts: 192
Thanked: 73 Times
Default

Quote:
Originally Posted by gurupalani View Post
As per the dealer, SBI needs two years of Form 16 as mandatory document. I have only one year's Form 16. That is the sole reason I am thinking about other banks!

I will visit the bank in person tomorrow and confirm if 2 years forms are mandatory.





8.25%? Sweet. Have you accepted their offer?

I was promised 8.5%, but without any upfront EMIs.



Yes i have accepted their offer. Without upfront EMIs they were offering 8.35%. In august VW had 8% offer i asked them to match, but they said the best possible is 8.25%. Also ask them to waive off stamp duty and other charges to which they will oblige.
sagpatel is offline   Reply With Quote
Old 19th September 2017, 18:15   #20
BHPian
 
Join Date: Dec 2013
Location: Bengaluru
Posts: 28
Thanked: 5 Times
Default Re: Kotak Mahindra Preclosure charges

Quote:
Originally Posted by sagpatel View Post
Without upfront EMIs they were offering 8.35%.
Awesome!
Is there any mention of penalties (part payment or foreclosure) in your terms and conditions?
gurupalani is offline   Reply With Quote
Old 19th September 2017, 19:07   #21
BHPian
 
sagpatel's Avatar
 
Join Date: Jul 2012
Location: Mumbai
Posts: 192
Thanked: 73 Times
Default

I still have not received any docs from their side they have taken mine for account opening. Waiting for all the terms and conditions to arrive and of course a thorough PDI before i hand over the down payment check.
sagpatel 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
Rogue Agents from Kotak Mahindra Prime beejay Indian Car Loans & Insurance 18 30th March 2013 09:29
Harrassment by Kotak Mahindra-Help! sammyboy Indian Car Loans & Insurance 52 25th August 2009 17:13
Kotak Mahindra just refuses to give me my NOC! floyd Indian Car Loans & Insurance 9 27th July 2009 12:13
best auto finance from preclosure prespective vinodbijlani Indian Car Loans & Insurance 15 1st August 2007 13:14
Kotak Mahindra Bank - Acting Funny Prabh Indian Car Loans & Insurance 8 10th August 2006 09:01


All times are GMT +5.5. The time now is 00:13.

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