Finance for Santro Xing XL from ICICI

djay99 · 22nd June 2007, 15:12

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

varunroy · 22nd June 2007, 20:37

Quote:

Originally Posted by djay99

Hi guys,

5 Years 10% interest 9235/month EMI

DJ

Getting a loan from any Nationalized Bank would be the best choice. With your dad being the guarantor I dont see any problems. Only thing is they take a weeks time to approve your loan. Even their Process fees is very low. There is no foreclosure penalty as against 5% of the total outstanding Principal with MNCs, cheque bounce charges are only about 30/- as against 500 with MNC banks.There are also many other hidden charges which you come to know much later.

I shall be talking to my friend shortly and find out about the going rates at the moment. I think the rates quoted by you are quite high but then I could be wrong. I shall PM you ASAP.

So long....

squarecut · 23rd June 2007, 12:32

Loan 3 lakhs
5 Years 10% interest 9235/month EMI

This is not 10% interest. This is 27.4 % interest.

djay99 · 25th June 2007, 12:03

Hi Squarecut. It will be 10% interest pa for 5 year term with 9235/month for 3 lac loan.
Varun plz confirm whethet IT returns/Form 16 is required or not.

tsk1979 · 25th June 2007, 13:08

djay, the EMI should be 6374 for a 3 lac loan for a period of 5 years.

djay99 · 25th June 2007, 15:34

Am extremely sorry. Its 6300/month for 5 years @10%pa.

tsk1979 · 25th June 2007, 16:25

The Rate is okay, but I would suggest you go through the fine print very very carefully before signing anything.
Since you do not have Form 16(first job) nationalized banks will be very difficult. So you have to go to a Private bank.
You should also go with these rates to Standard chartered bank(They offer good service in BLR) and to HDFC, or maybe Kotak too. Bargaining with multiple banks can get you a better rate.
The best thing would be to take as much cash discount as possible from dealer and deal with the banks yourself.

subbarao · 28th June 2007, 21:20

Hi,

The form16 is not compulsory in Canara bank, even though i have form16, i am not submitted to CB, go & enquire in CB.........

djay99 · 2nd July 2007, 11:55

Hi Subbarao. Whats the interest rate you got and for what tenure?
I enquired from Canara bank MG road branch, they are offering int rate of 11% for 4 year term for 3lacs.

Rtech · 2nd July 2007, 12:10

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!!!

Shankyz · 2nd July 2007, 18:36

Quote:

Originally Posted by djay99

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

Above all 1.5K is processing fee and 1month advance emi has to be paid.

DJ

wonder, how he is offering you a 8.14% ROI for 3 years ? I was quoted 11.5% for 3 years and a processing fee of 1950.

djay99 · 2nd July 2007, 20:21

Hi Shank,
Yes they offered me 8.14% on a monthly reducing basis for 3 yrs. If i go for 31 months then interest will be only 6.99% pa. I am in bangalore. In your place may be this offer is not available.

california_dude · 9th July 2007, 04:49

If you want to have a not so good car loan experience the go to ICICI

for me Its not a bank its a JOKE

Quote:

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!!!

djay99 · 9th July 2007, 12:48

I have decided to buy Chevy Spark and getting finance done from Canara bank. I think this is a better deal.
You guys checkout the car. Its a class ahead of santro.

k2_4_u · 9th July 2007, 13:07

@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!

22nd June 2007, 15:12	#1
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,475 Thanked: 544 Times View My Garage	Finance for Santro Xing XL from ICICI 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
	() Thanks

23rd June 2007, 12:32	#3
squarecut BHPian Join Date: Feb 2007 Location: Jabalpur Posts: 87 Thanked: Once	Loan 3 lakhs 5 Years 10% interest 9235/month EMI This is not 10% interest. This is 27.4 % interest.
	() Thanks

25th June 2007, 12:03	#4
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,475 Thanked: 544 Times View My Garage	Hi Squarecut. It will be 10% interest pa for 5 year term with 9235/month for 3 lac loan. Varun plz confirm whethet IT returns/Form 16 is required or not.
	() Thanks

25th June 2007, 13:08	#5
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	djay, the EMI should be 6374 for a 3 lac loan for a period of 5 years.
	() Thanks

25th June 2007, 15:34	#6
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,475 Thanked: 544 Times View My Garage	Am extremely sorry. Its 6300/month for 5 years @10%pa.
	() Thanks

25th June 2007, 16:25	#7
tsk1979 Team-BHP Support Join Date: Feb 2005 Location: San Jose, CA Posts: 23,717 Thanked: 22,825 Times View My Garage	The Rate is okay, but I would suggest you go through the fine print very very carefully before signing anything. Since you do not have Form 16(first job) nationalized banks will be very difficult. So you have to go to a Private bank. You should also go with these rates to Standard chartered bank(They offer good service in BLR) and to HDFC, or maybe Kotak too. Bargaining with multiple banks can get you a better rate. The best thing would be to take as much cash discount as possible from dealer and deal with the banks yourself.
	() Thanks

28th June 2007, 21:20	#8
subbarao BHPian Join Date: Oct 2005 Location: Bengaluru Posts: 241 Thanked: 40 Times View My Garage	Hi, The form16 is not compulsory in Canara bank, even though i have form16, i am not submitted to CB, go & enquire in CB.........
	() Thanks

2nd July 2007, 11:55	#9
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,475 Thanked: 544 Times View My Garage	Hi Subbarao. Whats the interest rate you got and for what tenure? I enquired from Canara bank MG road branch, they are offering int rate of 11% for 4 year term for 3lacs.
	() Thanks

2nd July 2007, 12:10	#10
Rtech Team-BHP Support Join Date: Apr 2004 Location: Bombay Posts: 5,770 Thanked: 359 Times View My Garage	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!!! Last edited by Rtech : 2nd July 2007 at 12:11.
	() Thanks

2nd July 2007, 20:21	#12
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,475 Thanked: 544 Times View My Garage	Hi Shank, Yes they offered me 8.14% on a monthly reducing basis for 3 yrs. If i go for 31 months then interest will be only 6.99% pa. I am in bangalore. In your place may be this offer is not available.
	() Thanks

9th July 2007, 12:48	#14
djay99 Senior - BHPian Join Date: Jun 2007 Location: Ireland Posts: 1,475 Thanked: 544 Times View My Garage	I have decided to buy Chevy Spark and getting finance done from Canara bank. I think this is a better deal. You guys checkout the car. Its a class ahead of santro.
	() Thanks

9th July 2007, 13:07	#15
k2_4_u Newbie Join Date: Jul 2007 Location: Bangalore Posts: 21 Thanked: 4 Times	@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!
	() Thanks