Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 26th November 2008, 18:24   #46
Senior - BHPian
 
harry10's Avatar
 
Join Date: Jul 2008
Location: Faridabad/Delhi
Posts: 2,214
Thanked: 531 Times
Default

@Amtak- If you need cash you can also ask someone in your known who has a swipe card machine,swipe your crefit card on his machine and take cash from him and then make the Emi's of it. I had done it myself a couple of times. Will save you the trouble if you have to purchase multiple products and all are not under one roof.
harry10 is offline   Reply With Quote
Old 26th November 2008, 19:53   #47
GTO
Team-BHP Support
 
GTO's Avatar
 
Join Date: Feb 2004
Location: Bombay
Posts: 46,508
Thanked: 80,149 Times
Default

Quote:
Originally Posted by harry10 View Post
swipe your crefit card on his machine and take cash from him and then make the Emi's of it.
@ 3 - 5% monthly (or 36+% interest p.a.)! Please don't!
GTO is offline   Reply With Quote
Old 26th November 2008, 19:59   #48
Senior - BHPian
 
NetfreakBombay's Avatar
 
Join Date: Jan 2008
Location: Bombay
Posts: 1,375
Thanked: 315 Times
Default

Quote:
Originally Posted by GTO View Post
or 36+% interest p.a.
Though its not a good idea to go this route, Interest will be closer to 12 - 18%.


Quote:
Originally Posted by harry10 View Post
then make the Emi's of it.
That (conversion to fix term loan) brings down interest a LOT.
NetfreakBombay is offline   Reply With Quote
Old 26th November 2008, 21:13   #49
Senior - BHPian
 
harry10's Avatar
 
Join Date: Jul 2008
Location: Faridabad/Delhi
Posts: 2,214
Thanked: 531 Times
Default

Quote:
Originally Posted by GTO View Post
@ 3 - 5% monthly (or 36+% interest p.a.)! Please don't!
I think it will be less that 36+ p.a if he gets the EMI made out of it for say around 1lac for 12 months will be around 15k interest as i have done it myself once on a Citibank Platinum card.
I meant this solution if he doesnt have any other choice and needs cash desperately.
harry10 is offline   Reply With Quote
Old 27th November 2008, 13:24   #50
Team-BHP Support
 
mobike008's Avatar
 
Join Date: Sep 2006
Location: Hyderabad
Posts: 10,515
Thanked: 7,188 Times
Default

Quote:
Originally Posted by GTO View Post
@ 3 - 5% monthly (or 36+% interest p.a.)! Please don't!

Not really !

I have done it a couple of times and HDFC is very customer friendly on this subject. ICICI as usual fleeces

Giving an example:

Purchase Amount : Rs.15,000
HDFC one time charge : Rs.1200 ( Not sure the exact amount, i think it was lower than this amount)
6 Month EMI = 15000/6 = Rs.2500/month

So it is makes sense once in a while and only when their is an urgency
mobike008 is offline   Reply With Quote
Old 27th November 2008, 13:47   #51
Team-BHP Support
 
bblost's Avatar
 
Join Date: Jul 2007
Location: Hyderabad
Posts: 9,551
Thanked: 6,308 Times
Default

I converted a 22,700 purchase to a 3 month EMI on my ICICI Platinum card.

Purchase was in the month of 13 October.
Processing Fee + Service Tax in my November Bill for Rs 701.41
EMI starts from the December Bill at (22,700 / 3) = 7,566.67.


So my last payment will be in the February Bill.

Also I generally dont pay the entire amount on the pay by date.
I however pay it in full before the billing date.
So I pay after Salary received and not at the end of the month.
Effectively means that I pay before the 5 of the next month for the bill of this month.
Always avoid carrying forward your balance.

If I use Simple Interest formulae I get an ROI of 12.35%.
bblost is offline   Reply With Quote
Old 27th November 2008, 16:04   #52
Senior - BHPian
 
harry10's Avatar
 
Join Date: Jul 2008
Location: Faridabad/Delhi
Posts: 2,214
Thanked: 531 Times
Default

Quote:
Originally Posted by bblost View Post
.

Always avoid carrying forward your balance.

If I use Simple Interest formulae I get an ROI of 12.35%.
As far as i am aware we dont pay any interest for 3 months EMI on ICICI Platinum card and 6 months EMI on Citibank Platinum card. As i use both and have availed this previously so am aware of this.
harry10 is offline   Reply With Quote
Old 27th November 2008, 16:16   #53
Team-BHP Support
 
bblost's Avatar
 
Join Date: Jul 2007
Location: Hyderabad
Posts: 9,551
Thanked: 6,308 Times
Default

Quote:
Originally Posted by harry10 View Post
As far as i am aware we dont pay any interest for 3 months EMI on ICICI Platinum card and 6 months EMI on Citibank Platinum card. As i use both and have availed this previously so am aware of this.
The banks may call it as Processing Fee + Service Tax
I simply call it as interest.
bblost is offline   Reply With Quote
Old 28th November 2008, 09:28   #54
Senior - BHPian
 
amtak's Avatar
 
Join Date: Oct 2006
Location: Mumbai - The city of Sea Link!!!
Posts: 2,772
Thanked: 331 Times
Default

Submitted my docs at HDFC bank and bargaining for interest rate and the loan tenure period. Keeping my fingers crossed.
amtak is offline   Reply With Quote
Old 28th November 2008, 10:53   #55
BHPian
 
BenjiRoss's Avatar
 
Join Date: Jul 2008
Location: Tamilnadu
Posts: 559
Thanked: 74 Times
Default

Quote:
Originally Posted by amtak View Post
Submitted my docs at HDFC bank and bargaining for interest rate and the loan tenure period. Keeping my fingers crossed.
How much is the loan amount and what is the interest rate you are being offered.
BenjiRoss is online now   Reply With Quote
Old 28th November 2008, 12:37   #56
Senior - BHPian
 
amtak's Avatar
 
Join Date: Oct 2006
Location: Mumbai - The city of Sea Link!!!
Posts: 2,772
Thanked: 331 Times
Default

Hi BR, Please check your PM. Thanks!
amtak is offline   Reply With Quote
Old 28th November 2008, 13:31   #57
Team-BHP Support
 
mobike008's Avatar
 
Join Date: Sep 2006
Location: Hyderabad
Posts: 10,515
Thanked: 7,188 Times
Default

Quote:
Originally Posted by mobike008 View Post
Not really !

I have done it a couple of times and HDFC is very customer friendly on this subject. ICICI as usual fleeces

Giving an example:

Purchase Amount : Rs.15,000
HDFC one time charge : Rs.1200 ( Not sure the exact amount, i think it was lower than this amount)
6 Month EMI = 15000/6 = Rs.2500/month

So it is makes sense once in a while and only when their is an urgency
My bad, actually its the otherway round. I availed this on ICICI Credit Card and not HDFC.

For EMI, i find ICICI more customer friendly than HDFC. And, yes its processing charge and ST but, even i think of it as interest. A measly amount for a 6 month convenient re-payment mechanism
mobike008 is offline   Reply With Quote
Old 3rd December 2008, 14:32   #58
Senior - BHPian
 
amtak's Avatar
 
Join Date: Oct 2006
Location: Mumbai - The city of Sea Link!!!
Posts: 2,772
Thanked: 331 Times
Default

I have a query, If a person's name is reflecting in the CIBIL list, won't all banks be rejecting his loan application? Or one bank will lend and other won't.
amtak is offline   Reply With Quote
Old 3rd December 2008, 14:55   #59
BHPian
 
Join Date: Jun 2005
Location: New Delhi
Posts: 613
Thanked: 116 Times
Default

A bit off-topic, but relevant:

I have a Deutsche Bank credit card, which previous had credit limit of 1.75 lakhs. My average monthly spend on this card was 15-20K and I always paid bills on time. About a week back I received a SMS from DB saying that my limit has been reduced to 29K. Looks like banks are playing at very safe right now.

\N
ntomer is offline   Reply With Quote
Old 3rd December 2008, 15:04   #60
BHPian
 
sam003's Avatar
 
Join Date: Nov 2006
Location: Delhi
Posts: 527
Thanked: 58 Times
Default

Quote:
Originally Posted by ntomer View Post
A bit off-topic, but relevant:

I have a Deutsche Bank credit card, which previous had credit limit of 1.75 lakhs. My average monthly spend on this card was 15-20K and I always paid bills on time. About a week back I received a SMS from DB saying that my limit has been reduced to 29K. Looks like banks are playing at very safe right now.

\N
Strange, but check with your bank why they did that. Generally they do this if you are not using your card for long, then only they reduce your credit limit but in in situation like yours where you are regularly using it. It can be mistake too, check with your Bank.
sam003 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 208 5th July 2017 15:56
Loan query - is this loan deal OK (From HDFC) BenjiRoss Indian Car Loans & Insurance 100 2nd September 2010 16:51
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 15:46.

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