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Old 8th October 2008, 17:38   #46
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I plan to close my SBI loan in December. They said that I need not pay foreclosure charges after expiry of 50% of the loan term which comes up in December. Anyone has experiences preclosing SBI loans? I read Kuttapan's post.
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Old 11th October 2008, 06:14   #47
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Thanks, SLK for your calculation...does seem like a miniscule amount in retrospect doesn't it.........the reason why I am contemplating foreclosure is 1.to be EMI free
2. the new Honda City is tempting me , however I also do know that the Swift vdi has got a two month waiting list.Damn ! why does it rattle so much ?
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Old 12th October 2008, 20:30   #48
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Originally Posted by palioman View Post
I have a loan for 3 lacs, started in May this year, at an interest of 11%..the EMI is 9700 per month and the prepayment penalty is 2%.
which bank did u take the loan. one of my friend is paying ~9400 EMI for his 4 lacs loan. he took the loan may 2008.
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Old 12th October 2008, 23:36   #49
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Originally Posted by benkey2 View Post
which bank did u take the loan. one of my friend is paying ~9400 EMI for his 4 lacs loan. he took the loan may 2008.
That loan must be for ~ 4.5 years. And not 3 years!!
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Old 17th February 2009, 18:34   #50
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Hi I currently own a M 800 AC Nov 2006 model.

I took a 100% ON Road funding of Ex-Showroom price in Bangalore, it was 2.15 lacs for a 5 year loan from ICICI Bank thru ECS debiting my salary account directly. No Security Cheques have been given to them neither I have a copy of Loan Agreement.

My First EMI started from 05th Jan, 2007. EMI amount is Rs. 4876/-. Not sure how much interest I am charged. Have paid 26 EMIs till now and the Pre closure charges are 5.6%.

The questions I want to ask are;

1) I plan to upgrade to a bigger car, may be Swift DDIS VDI or Palio SDX or a Bolero SLX (yet to decide on this). I plan to take this car (whichever I buy) on a maximum funding on a 5 year loan mostly from SBI.

2) If I have to do this upgrade in few months from now, pls. suggest what are points which I need to keep in mind and need to follow so that I can plan my purchase accordingly.

PS: Mods, if I have posted this post in a wrong thread, move it to a correct location.

Await suggestions.
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Old 1st November 2009, 13:07   #51
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Hello BHPians,
I am planing to move from Hyderabad to New Delhi. I would like to clarify few thingst
1. Should i foreclose my SBI 3 lac loan runing into 7th month. SBI foreclosure charges =2%.
a) How much time would it take to get final NOC from RTO? I am planing to leave Hyd on 10 Nov'09.
b) I shifted from the address at which my vehicle is registered to a newer address. Can my NOC be sent to my permanent address

What is the procedure for transfer of loan from one location to another--different states? How much time would it take
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Old 2nd May 2010, 18:52   #52
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Friends, need help !

I am planning to foreclose my Loan o/s of Rs. 4.8 lacs with HDFC Bank after 13 months of taking the loan.

I have to shell out 5 percent of o/s as prepayment penalty. Is there any way that the Bank will waive this prepayment charges ?
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