Funny Rates and EMI's for indica financing This is a continuation from my sage of buying an indica continued from over here . http://www.team-bhp.com/forum/what-c...esel-2l-3.html
Felt that this was the more appropriate place to post
yesterday, at the tata dealership, a salesman had flatly denied the existense of financing for indica diesels at all.
we came across a TATA loan mela today.
now THEY cant say that they're not offering loans
they said they did offer 7.99% finance.
we asked for how much it would be for a loan of 1.5 L over 3 years
they calculated and gave me an EMI of 5025.
Given that it was ICICI doing the finance , i smelt a rat . In addition, I'll have to forgo the 10k cash/14k accessories discount to avail finance.
Asked dad and met his banker at South Indian bank. Asked for a loan. they said 13.5% , and the emi for a loan of 1.5L over 3 years. SURPRISE ! EMI = 5090.
over the 36 months , the 65 buck difference works out to only 2340. Net saving = 10k -2340 = 7660.
How come such a small difference in EMI's with such a large difference in the offered interest rates?What gives ?
Dad was thinking about going for ICICI since he'd already done the paperwork, but after reading about the horror stories here , I'm having second thoughts ... |