![]() | #31 | |
Team-BHP Support ![]() ![]() | ![]() Quote:
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![]() | #32 | |
BHPian ![]() Join Date: Aug 2006 Location: New Delhi
Posts: 401
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EDIT:- Also if getting a loan through DSA/DMA discuss with them what more discount they can give if you get your car insured through them. I have seen many of my friends get 50% off on insurance. For a car like verna it could be around Rs. 13000 additional discount. Ask them to adjust in EMI and you will pay full. Last edited by rohitbagai : 2nd March 2007 at 09:56. | |
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![]() | #33 | |
BHPian ![]() Join Date: Feb 2006 Location: Chennai, Thiruvalla
Posts: 116
Thanked: 5 Times
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Things confusing | |
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![]() | #34 |
BHPian ![]() Join Date: Aug 2006 Location: New Delhi
Posts: 401
Thanked: 226 Times
| ![]() Nationalized banks don’t give such discounts. Private Banks like ICICI HDFC Etc give these types of discounts. DSA/DMA's are Direct Sales Associates/Direct Marketing Associates for the private banks. Many small financers are DSA/DMAs of private banks. They usually give better discounts than bank itself. Dealers are least bothered to give you best discounts as they have other streams of revenues. They just need DO (Delivery Order) from bank or financer to deliver you the car. Also if you have an existing relationship with the bank for example a home loan or a credit card from ICICI. The bank will give additional 0.25% discount on the overall rate of interest. On the other hand the FI report is not necessary in such a case and you can get loan disbursed more quickly. Last edited by rohitbagai : 3rd March 2007 at 00:51. |
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![]() | #35 | |
BHPian Join Date: Feb 2007 Location: Bangalore
Posts: 196
Thanked: Once
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amount yrs EMI total diff % higher 350000 3 11878 427608 77608 22.17371 350000 5 8054 483240 133240 38.06857 It seems like we payout 1,33,240 more for a 3,50,000 loan amount over 5 years. Crazy difference, if you ask me. | |
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![]() | #36 | |
Senior - BHPian ![]() | ![]() Quote:
Take the time to read through the pages and you will know which ones to sign and which to avoid. | |
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![]() | #37 | |
Senior - BHPian ![]() | ![]() Quote:
And always insist on a copy of the document that you have signed, which will be very useful for future references. Last edited by esteem_lover : 20th March 2007 at 12:27. | |
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![]() | #38 | ||
Senior - BHPian ![]() | ![]() Quote:
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![]() | #39 |
BHPian ![]() Join Date: Mar 2004 Location: Halifax, N.S.
Posts: 623
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| ![]() Brilliant Topic. Discounts can be had on used car loans too..?? I'm keen on SBI Last edited by ScarySkulls : 1st May 2007 at 09:14. |
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![]() | #40 | |
Team-BHP Support ![]() ![]() | ![]() Quote:
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![]() | #41 |
BHPian ![]() Join Date: Mar 2004 Location: Halifax, N.S.
Posts: 623
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| ![]() That is good. Asked because the rates are Really pretty high 18% reducing for pvt banks like ICICI around 14% reducing for SBI Etc. |
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![]() | #42 |
Team-BHP Support ![]() ![]() | ![]() Added a superb "Loan Amortization Schedule" excel sheet to the opening post; members can download the same. Thanks to BHPian nikunj_cal for sharing it with us. It will help you to calculate the EMI for different loan amounts, juggle between interest rates, calculate total interest, calculate foreclosure charges and so on. |
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![]() | #43 |
BHPian ![]() | ![]() Guys, Are the interest loans on cars on a downward trend these days ? saw a couple of ads with Optra being offered at 7.5% and the xeta as low as 5.9% a couple of days back. ~A |
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![]() | #44 |
BHPian ![]() Join Date: Jan 2006 Location: Bangy
Posts: 642
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| ![]() Its done by banks/financial institutions using special tie-up with car makers (who will compensate the bank for low rates). Since more than 75% of the car purchases were done with loans, car makers are now facing the heat due to high interest rates. Please do take care to read the fine prints regarding the so-called low interest rates, as there may be some other clause like pre-payment penalty, freedom for the banks to hike the rate substantially after disbursement, no freebies from dealers, higher processing/admin/whatever fees etc. |
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![]() | #45 | |
BHPian ![]() | ![]() Quote:
![]() Just a point to add , SBI calculates its installemnts on the basis of Daily reducing Balnce and my guess is so does the Excel Sheet . ICICI and UTI have their own funny ways of doing it .IMO Daily Reducing Method is the best as you end up paying more towards the principal and less towards the Interest !!! | |
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