Auto finance for Alto LXi

varunroy · 18th October 2006, 22:42

Hello everyone.

Thinking of buying an Alto LXi with electronic power steering. Need you valuable comments on the car.

Also The best rate I have received from Finance Cos. is 2145 per lakh for a 5 year period ,the EMI works out to Rs. 6199. This offer comes from Kotak Mahindra. I am hopeful of bringing them down to 2120 per lakh.

Thanks guys for all your feedback.

So long....

batman · 25th October 2006, 07:26

Hi Varun,

The best offer that I got from HDFC(with advance EMI) was Rs.3190 per lakh (for Swift-VXI) & from ICICI (with advance EMI) was Rs.3178 with a clause that the Insurance must be taken from ICICI Lombard.

My Collegue has got a deal from ICICI (with advance EMI) for Santro for Rs.3170 (EMI per lakh).

(All the rates are for 3 years)

Regards,

batman

mail4ajo · 26th October 2006, 01:48

I got Rs 2112 EMI per lakh for 5 year at 9.75 % from SBI in June 2006. I too got the ALTO LXi. The adjective I can use for the car is great!!! See my other threads and posts on the car. SBI works good for me beacuse after 12 EMI's I can pay in lump sums and slowly close the loan with any preclosure damage. They are transparent and charge a proccessing fee of 0.5% on the loan amount. No advance EMI and hidden charges. All the best....

varunroy · 26th October 2006, 18:54

HDFC called me today. They are willing to advance 100% of Ex-showroom cost and there first offer is 2100 per lakh. Can bring them down further but they are not clean bankers and always have a hidden agenda. Will keep posted.

So long....

GTS · 26th October 2006, 19:15

My experience with HDFC is pretty ok (I am an SB a/c customer too).

While looking out for a financier, HDFC gave me 2096 per lakh for 5 yrs for a Baleno Lxi and that was the max I could bargain for.

ess_a · 26th October 2006, 19:51

Quote:

Originally Posted by mail4ajo

SBI works good for me beacuse after 12 EMI's I can pay in lump sums and slowly close the loan with any preclosure damage. They are transparent and charge a proccessing fee of 0.5% on the loan amount. No advance EMI and hidden charges. All the best....

I second that... My alto is also financed by SBI... And the lumpsum payment part is awesome... Other pvt banks have wayyy too many hidden charges and clauses... My EMI works out to be roughly 31xx per lakh, for three yrs... Dont know the exact fig.... Dad pay it!!
P.S.- I have heard pvt banks to sometimes charge more than what they contracted for (viz one or two extra months' EMI!!!!)... Be doubly sure of the quoted EMI fig and the duartion of the loan... They show way to many calcutaions to scare the hell out of us...

ported_head · 26th October 2006, 20:02

Quote:

Originally Posted by GTS

My experience with HDFC is pretty ok (I am an SB a/c customer too).

While looking out for a financier, HDFC gave me 2096 per lakh for 5 yrs for a Baleno Lxi and that was the max I could bargain for.

Exact same quote for finance on the Swift too.

mail4ajo · 26th October 2006, 21:20

If you have your papers(address proof, IT returns, Payslips, bank statements) perfect, SBI is the best option. Really transparent, not one paisa less, one paisa more...

GTS · 26th October 2006, 22:03

I prefer banks other than nationalised institutions, coz the next time I want any finance, I can show the previous repayment track, but in the nationalised banks like SBI or SBH, SBT, Canara Bank etc, each time one has to go through the formalities.

Ofcourse I wouldnt stick with a private bank if their interest rates are high!

Btw what does HDFC come under?

prince1a · 27th October 2006, 16:29

Check out Corporation Bank's rate. It's 9.25 i Think... Anyway lower than SBi's when i took loan.

varunroy · 30th October 2006, 18:59

This is the latest from HDFC. 2020 per lakh for 5 years. Its like a fish market. When somebody calls up I tell them that I have almost finalised with XYZ. After finding out rate they offer you 30 to 50 bucks less than that. I then ask them to Fax their offer so that I have a firm commitment from them.

The only advantage with the nationalised banks is that there is no foreclosure charges. In all other respects they are tedious and even the interest rate is much higher, Moreover they take a long time to process your loan, besides they always insist on a Guarantor. Loans with Mnc banks are processed in 24 hours if your papers are in order. If you have a previous track record then its even faster,

So long....

hyper-VTEC · 8th November 2006, 23:35

Quote:

Originally Posted by varunroy

This is the latest from HDFC. 2020 per lakh for 5 years.

Hi Varun,

What are the other rates that you received from banks like Citibank/ICICI etc.

abhibh · 9th November 2006, 00:15

Rs 2020 is quiet good. When i last time asked i was given the lowest quote of Rs 2110 per lac for 5 years.

Wheeliej · 3rd January 2007, 17:02

Hi there; a friend of mine is looking to buy a car; SBI is offering (for today only) 2100 per lac for a 5 year loan for a new car. Is this good? or should i look further?

ICICI has quoted 2469 and 2379 (DSA and branch respectively) for a 2nd hand car for 5 years. UTI bank has offered a 5 year personal loan @ 2225. Am thinking of recommending UTI bank since the car is not a collateral, we can avoid valuation for the car AND we can get 100% loan.

ramki067 · 30th March 2007, 16:52

Quote:

Originally Posted by mail4ajo

If you have your papers(address proof, IT returns, Payslips, bank statements) perfect, SBI is the best option. Really transparent, not one paisa less, one paisa more...

Hi all,
I'm planning to go for finance for Alto Lx. I'm getting my salary slip from this month only( I was working on contract so no sal. slips till now) coz i changed my job. Now i can get address proof,bank statements. IT returns can't be optained as i'm not a tax payer till now and sal. slip will be getting for this month next month starting. So having these in mind can i go for SBI loan(wishing to go for it), will they ok with only address proof and bank statements(I'm a member of SBI for 4 yrs now)?Please advise.

Regards,
Kiran.

18th October 2006, 22:42	#1
varunroy BHPian Join Date: Oct 2005 Location: Bangalore Posts: 385 Thanked: 13 Times	Auto finance for Alto LXi Hello everyone. Thinking of buying an Alto LXi with electronic power steering. Need you valuable comments on the car. Also The best rate I have received from Finance Cos. is 2145 per lakh for a 5 year period ,the EMI works out to Rs. 6199. This offer comes from Kotak Mahindra. I am hopeful of bringing them down to 2120 per lakh. Thanks guys for all your feedback. So long.... Last edited by varunroy : 18th October 2006 at 22:43.
	() Thanks

25th October 2006, 07:26	#2
batman BHPian Join Date: Jun 2006 Location: Chennai Posts: 113 Thanked: 181 Times	Hi Varun, The best offer that I got from HDFC(with advance EMI) was Rs.3190 per lakh (for Swift-VXI) & from ICICI (with advance EMI) was Rs.3178 with a clause that the Insurance must be taken from ICICI Lombard. My Collegue has got a deal from ICICI (with advance EMI) for Santro for Rs.3170 (EMI per lakh). (All the rates are for 3 years) Regards, batman
	() Thanks

26th October 2006, 01:48	#3
mail4ajo Senior - BHPian Join Date: Mar 2006 Location: San Antonio, TX Posts: 1,957 Thanked: 330 Times View My Garage	I got Rs 2112 EMI per lakh for 5 year at 9.75 % from SBI in June 2006. I too got the ALTO LXi. The adjective I can use for the car is great!!! See my other threads and posts on the car. SBI works good for me beacuse after 12 EMI's I can pay in lump sums and slowly close the loan with any preclosure damage. They are transparent and charge a proccessing fee of 0.5% on the loan amount. No advance EMI and hidden charges. All the best.... Last edited by mail4ajo : 26th October 2006 at 01:49.
	() Thanks

26th October 2006, 18:54	#4
varunroy BHPian Join Date: Oct 2005 Location: Bangalore Posts: 385 Thanked: 13 Times	HDFC called me today. They are willing to advance 100% of Ex-showroom cost and there first offer is 2100 per lakh. Can bring them down further but they are not clean bankers and always have a hidden agenda. Will keep posted. So long....
	() Thanks

26th October 2006, 19:15	#5
GTS BHPian Join Date: Jul 2006 Location: Chennai Posts: 69 Thanked: 6 Times	My experience with HDFC is pretty ok (I am an SB a/c customer too). While looking out for a financier, HDFC gave me 2096 per lakh for 5 yrs for a Baleno Lxi and that was the max I could bargain for.
	() Thanks

26th October 2006, 21:20	#8
mail4ajo Senior - BHPian Join Date: Mar 2006 Location: San Antonio, TX Posts: 1,957 Thanked: 330 Times View My Garage	If you have your papers(address proof, IT returns, Payslips, bank statements) perfect, SBI is the best option. Really transparent, not one paisa less, one paisa more...
	() Thanks

26th October 2006, 22:03	#9
GTS BHPian Join Date: Jul 2006 Location: Chennai Posts: 69 Thanked: 6 Times	I prefer banks other than nationalised institutions, coz the next time I want any finance, I can show the previous repayment track, but in the nationalised banks like SBI or SBH, SBT, Canara Bank etc, each time one has to go through the formalities. Ofcourse I wouldnt stick with a private bank if their interest rates are high! Btw what does HDFC come under?
	() Thanks

27th October 2006, 16:29	#10
prince1a Newbie Join Date: Jun 2006 Location: Cochin Posts: 12 Thanked: 7 Times	Check out Corporation Bank's rate. It's 9.25 i Think... Anyway lower than SBi's when i took loan.
	() Thanks

30th October 2006, 18:59	#11
varunroy BHPian Join Date: Oct 2005 Location: Bangalore Posts: 385 Thanked: 13 Times	This is the latest from HDFC. 2020 per lakh for 5 years. Its like a fish market. When somebody calls up I tell them that I have almost finalised with XYZ. After finding out rate they offer you 30 to 50 bucks less than that. I then ask them to Fax their offer so that I have a firm commitment from them. The only advantage with the nationalised banks is that there is no foreclosure charges. In all other respects they are tedious and even the interest rate is much higher, Moreover they take a long time to process your loan, besides they always insist on a Guarantor. Loans with Mnc banks are processed in 24 hours if your papers are in order. If you have a previous track record then its even faster, So long....
	() Thanks

9th November 2006, 00:15	#13
abhibh Senior - BHPian Join Date: Sep 2005 Location: Back in the HOOD near you! Posts: 2,768 Thanked: 39 Times	Rs 2020 is quiet good. When i last time asked i was given the lowest quote of Rs 2110 per lac for 5 years.
	() Thanks

3rd January 2007, 17:02	#14
Wheeliej BHPian Join Date: Mar 2006 Location: Bangalore Posts: 284 Thanked: 47 Times	Hi there; a friend of mine is looking to buy a car; SBI is offering (for today only) 2100 per lac for a 5 year loan for a new car. Is this good? or should i look further? ICICI has quoted 2469 and 2379 (DSA and branch respectively) for a 2nd hand car for 5 years. UTI bank has offered a 5 year personal loan @ 2225. Am thinking of recommending UTI bank since the car is not a collateral, we can avoid valuation for the car AND we can get 100% loan.
	() Thanks