Team-BHP - Suzuki SX4 or NHC type 1 second hand EDIT: SX4 now booked

- - Suzuki SX4 or NHC type 1 second hand EDIT: SX4 now booked - EDIT 1 -Swift VDi booked (https://www.team-bhp.com/forum/hatchbacks/22789-suzuki-sx4-nhc-type-1-second-hand-edit-sx4-now-booked-edit-1-swift-vdi-booked-6.html)

Quote:

Originally Posted by nikunj_cal (Post 429993)

Are you sure the maruti rates are at 8 - 8.5% ?? At least all the dealers are quoting me 14 % + for UTI Bank , I am personally going for a SBI Loan ( 7 years @12% after a corporate discount of 0.5%) for my Swift Ldi which is the cheapest of the lot. Can you please tell me as to which bank is offering 8 - 8.5% ?/ i am very much interested . TIA

Nikunj, I guess Sriky's talking about financing from Maruti Finance. They offer the best rates for new Maruti vehicles. Some of the dealers don't even mention this option to customers and push financing schemes from other banks/FIs instead, which are much costlier.

I am not sure, but I think the dealers get a cut from these vendors. You should definitely check out the Maruti Finance option for your car.

well its something like this nikunj and spindoc,

at a flat rate per year it comes to 8-8.5% and for monthly reducing balance the rates are 12-14% but basically its perhaps one and the same talk.

Quote:

Originally Posted by GeekSrik (Post 430119)

well its something like this nikunj and spindoc,

at a flat rate per year it comes to 8-8.5% and for monthly reducing balance the rates are 12-14% but basically its perhaps one and the same talk.

Aaah ok , phew , really relieved now :) . I thought i was being had , in fact is u see it that way then @12% reducing balance turns out to be around 6.89 % , so i guess SBI is again the cheapest . The best part that i found was that even though SBI offers no discount on upfront payment , it still works out to be cheaper than what UTI , ICICI and other banks offer !!

Quote:

Originally Posted by nikunj_cal (Post 430178)

Oops... I guess I got it all wrong! That (higher interest rates) was basically what I heard from my friend, who had spoken to some dealers about financing options for a Swift VDI.

Anyway, that's really heartening to know.:)

Quote:

Originally Posted by GeekSrik (Post 430289)

SBI also has a no penalty on prepayment at any point of time. they are quite good to deal with and they provide loan in 3 days time.

No SBI does have a 2 % of the outstanding PRINCIPAL foreclosure charge for all loans. All the rates of SBI are very transparent as well as all terms and conditions are mentioned in the SBI site !!

But again if you compare it with a 5-6% of UTI Bank it is damn cheap !!!

ICICI bank claims that it has no foreclosure charges but u can never trust them ( Besides their high interest rates more or less make up for the Zero Foreclosure charges)!!

nikunj

icici does have a foreclosure value of 4% + 12.24% service tax on that 4% - damn this government policies for taxation, they keep taxing everything from cars upto tissue paper.

Prepayment and foreclosure are treated differently by banks. Most banks like SBI, ICICI etc does not have pre-apyment penalty for upto 90% of outstanding principal balance, but there will be a foreclosure penalty. This means that they would like you to keep the loan active for its full term irrespective of what EMI you pay. For example, when I took a loan 6 years back, I paid EMIs for about 18 months and then prepaid 90% of the outstanding in one shot. Paid a reduced emi for the remaining amount for 6 more months and then again prepaid 90% of the rest. Then I foreclosed the loan in another 6 months after having paid a small foreclosure penalty for the balance amount.

you cannot prepay part of either personal or car loans. that holds only for home loans.

update: waiting for the sx4 pricing by tomorrow. if its favourable, i m on the way to owning one. if its not favourable, the honda still remains and can be settled upon.

any idea when the new honda city is expected with airbags/abs etc?

Quote:

any idea when the new honda city is expected with airbags/abs etc?

Diwali time. but this SX4 pricing might just induce a change in Honda's plans.

Geek - Now that the pricing is out ,go on and get your new SX4.

Quote:

Originally Posted by anandpadhye (Post 431386)

marutisx4.com still not going beyond the animation...
Is SX4 not officially launched yet?

The site is up and running, clear your cache and try again