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


Reply
 
Thread Tools Search this Thread
Old 31st August 2009, 16:16   #16
Senior - BHPian
 
Join Date: Mar 2007
Location: Delhi
Posts: 2,175
Thanked: 128 Times
Default

No cheque bounces in either HDFC or even with Citibank (loan from 1999-2004).
vasudeva is offline   Reply With Quote
Old 11th March 2010, 15:44   #17
gpa
Senior - BHPian
 
gpa's Avatar
 
Join Date: Aug 2008
Location: Bangalore
Posts: 1,734
Thanked: 215 Times
Default Loan Closure queries

Pavan,

My car loan with Kotak Mahindra (KMPL) will close on April 15, 2010 when the last EMI is deducted via the ECS facility from my bank's account.

What are the procedures for me to follow up on once this happens? I've put a few down here, please do let me know if anything needs to be added.
  1. Remove ECS auto-debit system from bank a/c to ensure no further money is deducted
  2. Contact bank 1-2 days after last EMI paid to process loan closure formalities
  3. Get NOC from bank
  4. Use this NOC to de-hypothicate vehicle from the RTO where it was registered within 30 days from date of issue of NOC.

In Jan 2010, I got a letter stating that I owed them (KMPL) ~Rs. 3,500 for non-maintenance charges towards the a/c since the a/c was opened in May 2008. I never regularized the free savings bank a/c that they gave me with this loan since I didn't want it, so am I liable to pay anything to KMPL??

Can this hinder the clearing of my loan papers?

Looking forward to your inputs.

Thanks,
gpa
gpa is offline   Reply With Quote
Old 6th December 2011, 14:56   #18
BHPian
 
singleton's Avatar
 
Join Date: Aug 2011
Location: Bangalore
Posts: 92
Thanked: 42 Times
Default Re: All your Personal Loan Queries here.

query in an old thread!!!

HDC is providing Personal Loan @14.25% reducing (It comes to around 8% Flat per annum for a 4 year tenure). The processing charges are minimal @0.6-0.8%. No other hidden charges I heard.

Many banks are providing FD rate @9% and above for that tenure. If I invest it in some other corporate bonds (which seems to be safe options), I get around 12-13% PA. Even if I pay tax on the interest that I earn during this period, shouldn't I be better off if I take a personal loan and use that amount to invest in an FD/bond which gives me >10% PA?

I think there is some error in my calculation, but can't find what it is. Will there be an opportunity for such an arbitrage?
Am I missing something here?
singleton is offline   Reply With Quote
Old 6th December 2011, 16:56   #19
Senior - BHPian
 
amtak's Avatar
 
Join Date: Oct 2006
Location: Mumbai - The city of Sea Link!!!
Posts: 2,772
Thanked: 331 Times
Default Re: All your Personal Loan Queries here.

I happened to get married a few years ago (2009) to be precise when the markets were bad. I had to take a loan from Barclays at 23% (reducing); what's the current rate now?
amtak is offline   Reply With Quote
Old 6th December 2011, 17:39   #20
BHPian
 
singleton's Avatar
 
Join Date: Aug 2011
Location: Bangalore
Posts: 92
Thanked: 42 Times
Default Re: All your Personal Loan Queries here.

Quote:
Originally Posted by amtak View Post
I happened to get married a few years ago (2009) to be precise when the markets were bad. I had to take a loan from Barclays at 23% (reducing); what's the current rate now?
The current rate is 14 to 16% reducing for banks like HDFC, ICICI, Axis etc.
singleton is offline   Reply With Quote
Old 24th August 2012, 19:18   #21
BHPian
 
Join Date: Feb 2006
Location: Pune
Posts: 487
Thanked: 110 Times
Default Re: All your Personal Loan Queries here.

I was using the personal loan emi calculator EMI Calculator for Home Loan / Car Loan / Personal Loan in India to see how a 1lakh loan would look for a 1 yr tenure.
The interest payable in a year is just Rs.8593 with an emi of Rs.9049 @ 15.5 interest. This is pretty neat if you considering renovating your place, going on a vacation, etc.
mb_jg is offline   Reply With Quote
Old 20th March 2013, 17:45   #22
NMS
BHPian
 
Join Date: Jul 2012
Location: Pune
Posts: 131
Thanked: 54 Times
Default Re: All your Personal Loan Queries here.

Hi Friends,

Trying to revive an old thread.

Off late I have been getting a lot of phone calls, stating that they are from the Reliance Loan Department.

Now what they say is pretty tempting:

Loan at 0% ROI. You only have to take an insurance policy from them.
And they say that they would be keeping the returns of the policy with themselves as an earning from the loan.
And the loan tenure is 10 years.
As I heard of this the first time I had found it quite fishy, however I had some spare time today when the guy called, so I just heard him out.
Has anyone heard of this and explored this further?
It might just be time to upgrade my car
NMS is offline   Reply With Quote
Old 20th April 2013, 12:35   #23
Senior - BHPian
 
Desmosedici's Avatar
 
Join Date: Nov 2009
Location: Mumbai
Posts: 1,381
Thanked: 405 Times
Default

Took a personal loan from HDFC in Mumbai last month. Now we want to make a partial payment however HDFC guys state that before one year no partial payment can be done. When asked whether this is a RBI rule, the manager just said its a rule and spoke with a lot of attitude so we just said ok and hung up.

Now this loan was taken by my wife before our marriage and she hurried and got things done before checking anything.

I do not have any experience with personal loan hence need some help.

Loan tenure is 2 years.

Urgent help would be appreciated.

Cheers,
Raj
Desmosedici is offline   Reply With Quote
Old 20th April 2013, 19:22   #24
BHPian
 
Join Date: Apr 2008
Location: Mumbai, India
Posts: 27
Thanked: 9 Times
Default Loan against FD

I have a question about loan against FD. HDFC bank for example offers "Loan against deposit is available after three months from the date of deposit and up to 75% of the deposit amount".

Now do they mean 75% of the deposit, or depost+ 75% overdraft?

For example if I have 10 lakhs in an FD, are they going to give me a loan of 750,000 or 17.5 lakhs? I'm confused because their NRI deposits page mentions OD but the resident deposits site makes no mention of overdraft. I assume it's the same for other banks as well.
Evil is offline   Reply With Quote
Old 20th April 2013, 19:28   #25
BHPian
 
jkrishnakj's Avatar
 
Join Date: Apr 2010
Location: Bangalore
Posts: 493
Thanked: 302 Times
Default

Hi

To the best of my knowledge its 75% of your FD value, 7.5 Lakhs and not 17.5 Lakhs.
jkrishnakj is offline   Reply With Quote
Old 20th April 2013, 21:40   #26
BHPian
 
Join Date: Apr 2008
Location: Mumbai, India
Posts: 27
Thanked: 9 Times
Default Re: Loan against FD

Well that's just stupid then to pay interest on one's own money.
Evil is offline   Reply With Quote
Old 20th April 2013, 23:25   #27
BHPian
 
sharc_biker's Avatar
 
Join Date: Apr 2013
Location: Mysore
Posts: 68
Thanked: 161 Times
Default Re: Loan against FD

It is definitely 7.5 lakhs i.e. 75% of the deposit amount.
To the best of my knowledge, the FD is considered as a fixed asset and is mortgaged just like a building or a car.
Even if the building's market value is 10 lakhs, you get 7.5 lakhs (@ 75%). This is to cover the bank's risk. The same applies here.

Cheers
sharc_biker is offline   Reply With Quote
Old 21st April 2013, 01:19   #28
BHPian
 
Join Date: Apr 2008
Location: Mumbai, India
Posts: 27
Thanked: 9 Times
Default Re: Loan against FD

So NRIs get an OD equivalent to 90% of the FD then?
Evil is offline   Reply With Quote
Old 21st April 2013, 08:22   #29
BHPian
 
sharc_biker's Avatar
 
Join Date: Apr 2013
Location: Mysore
Posts: 68
Thanked: 161 Times
Default

Yes... if you opt for an NRE account.
The account is maintained in Indian Rupees then and not the depositing foreign currency.
So the currency exchange risk is borne by the depositor and hence, the bank can afford it.
I am not sure about the interest rates though.
For resident Indian accounts, it is only 2% higher than the FD interest rate given.
AFAIK, it is higher for NRE accounts.
sharc_biker is offline   Reply With Quote
Old 21st April 2013, 09:33   #30
BHPian
 
Join Date: Aug 2009
Location: "Luck-City", TG
Posts: 662
Thanked: 324 Times
Default Re: Loan against FD

Quote:
Originally Posted by Evil View Post
For example if I have 10 lakhs in an FD, are they going to give me a loan of 750,000 or 17.5 lakhs?
Quote:
Originally Posted by jkrishnakj View Post
To the best of my knowledge its 75% of your FD value, 7.5 Lakhs and not 17.5 Lakhs.
Absolutely correct. You can avail of a OverDraft (OD) against your FD upto a maximum of 7.5 lakhs. The interest on the OD amount will be 2% higher than your FD rate.
Quote:
Originally Posted by Evil View Post
Well that's just stupid then to pay interest on one's own money.
Not stupid at all. There are many scenarios where it is a very very sensible thing to do.

Do not miss a very important fact of FDs that if you break a FD and opt for a pre mature settlement, the interest paid out will not be calculated at the original interest rate as contracted but at the prevailing interest rate for a FD for the period calculated from date of making the FD to the date of breaking the FD and from that they will further reduce the amount towards penal interest (which can be 1% or even 2%).
hyd_traveller 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
Formal dressing and tailoring for all occassions (EDIT: Put all your queries here) manaa45 Shifting gears 71 17th February 2016 10:05
Help Needed : HDFC Personal Loan mobike008 Shifting gears 7 25th August 2008 17:25
Killed for a 15000 Personal loan!? tsk1979 Shifting gears 53 29th June 2007 07:33
Personal Loan for Pimping car ?? abhibh Indian Car Loans & Insurance 20 27th April 2007 19:38


All times are GMT +5.5. The time now is 07:28.

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