[jango]

Originally Posted by Rtech

Before you decide on ICICI, just take a looksi at these threads:

Beaten by ICICI (ICICI goons thrash loan defaulters friend)

Killed over a loan (Killed for a 15000 Personal loan!?)

Just make sure you pay you EMI's on time!!!

@ Rtech that was a sweet advice from the MOD :-)

[msmarur]

Hello DJ,

I am also planning to buy Santro Xing XL. Can pl let me know the person whom you dealt with at Advaith, Bangalore regarding the loan.

You can mail me details at marur@lycos.com

regards,
Madhu

Originally Posted by djay99

Hi guys,

I am planning to buy a small car and looking at Santro xing XL.
On road price is 4.06 lacs and after discounts its 3.75 lacs. I stay in bangalore and spoke to Advaith motors.
Finance from ICICI bank on reducing monthly basis:

Loan amt 3lac.

3 years 8.14% interest 9235/month EMI
4 Years 9.29% interest 7425/month EMI
5 Years 10% interest 9235/month EMI

If i opt for loan with above interest rates then on road price will be 4.06 lac and if i get loan from other banks then 3.75Lac

Above all 1.5K is processing fee and 1month advance emi has to be paid.
I have preapproved loan offer from ICICI bank and dealers said i dont need to submit salary slip and IT return cert. Just photo ID proof, 2 photos, residence proof is fine. Also loan will be processed in 2 to 3 days and i will get car on 4th day.
I dont have Form 16 as of now since this is my 1st year employment.
Is it possible to get a loan from nationalized bank with these docs:

Salary slip, last 6months bank statement indicating salary credit, photo proof, residence proof and my dad as guarantor?

Please advise.

DJ

[djay99]

Originally Posted by k2_4_u

@DJ

What type of Discounts did Advaith offer to you to make it 3.75 lakhs? Did it include cash discounts/insurance/free accessories etc?

I am in the process of finalizing a dealer for a new Santro and this info would be really helpful.

Cheers!

Hi K2,
Advaith offered me 1 year free insurance, mp3 player with front speakers, remote locking, mats, and other small things.
When i spoke to them on phone, a lady told me "I can get Santro XL for 3.75lacs if i dont opt for a loan from ICICI bank. They have tie up with ICICI and they are giving loans at reduced interest"

I dont want to go with ICICI. I spoke to Canara bank and they agreed to finance the car @ 11% pa for 4 year term.
Dont go with ICICI finance since you will be loosing over 20K initially in this way " XL on road is 4.06lacs in Bangy.
1 year free insurance = 4.06-0.11 = 3.95
Corporate 3.95-.04=3.91K

If you go with ICICI finance, you wont get 1 year free insurance and other stuffs. You will get only mp3 player.

Bargain more and you can get rear speakers, seat covers and spoiler as my frnd did without ICICI finance.

Why dont you guys check Chevy spark?
Its a very good car. Has good pickup, gr8 build quality, better road grip and brakes as compared to santro.
I do agree that spark does not have low end torque which helps cars in city drive but spark is better package than santro which i found.

In bangalore you get Spark LS[AC, Power Steering, Front Power Windows, Body colored bumpers] for 4.23 - 0.04 for corporates = 4.19 lacs for metallic color.

Got questions then reply.

[djay99]

Originally Posted by msmarur

Hello DJ,

I am also planning to buy Santro Xing XL. Can pl let me know the person whom you dealt with at Advaith, Bangalore regarding the loan.

You can mail me details at marur@lycos.com

regards,
Madhu

Hi,
I spoke to lady named Shashi from Advaith motors. You can refer to post #18 for further details.

[gopinathann]

The interest rate which you say is great. Even SBI will give 11.5% for SBI staff and 12.5% for others. When I enquired ICICI Bank executive, after bargaining he came to 11.2% since I had taken a car loan with him 3 years back. If you go to private bank documentation is easy, nationalized bank will ask lot of documents.

[djay99]

You are right gopi. SBI is giving loans at 12.25% interest rates.

[djay99]

Originally Posted by gopinathann

The interest rate which you say is great. Even SBI will give 11.5% for SBI staff and 12.5% for others. When I enquired ICICI Bank executive, after bargaining he came to 11.2% since I had taken a car loan with him 3 years back. If you go to private bank documentation is easy, nationalized bank will ask lot of documents.

Do u have any idea abt loans from State Bank of Hyderabad?

[gopinathann]

Originally Posted by djay99

Do u have any idea abt loans from State Bank of Hyderabad?

Sorry, I don't know anyone in Hyderabad. In chennai my friends father is working in SBI. So I got these details from him. Even the staff have to submit lot of documents & guarantor needed to take a loan.