EMI Problem - help needed

givemered · 26th October 2007, 15:00

Dear all,
I'm planning to purchase a Ford fiesta 1.4 ZXI and taking a 90% loan for 5 years. following are the price details:
Ex-showroom : 633,500
Loan amount( 90%) : 569,000(actual it shd be 570,150 but the financier
(Kotak mahindra) said loan amount will be 569,000)
Interest rate : 8.19%
EMI : 13,370( for 5years)

but when i calculated using emi calculators available in the net and the loan amortisation schedule availabe in this forum, it gives me an EMI value of 11,590.

can some one tell me which EMI value is correct? also whether the loan amount shd be 569,000 or 570,150?

thnx for ur time.

regards,
bala

moralfibre · 26th October 2007, 15:58

Hi givemered, use this excel sheet for reference:

Download excel sheet.

And go through this thread - Article

Should answer your queries.

amohit · 26th October 2007, 16:08

According to me it shud be 11590/- (Used my home loan emi calculator). Kotak are not very gud ppl to do business with. Confront them and ask for their calculations.

All the best.

deepak_ms · 26th October 2007, 16:29

you can check EMI here also. According to this he is charging you around 14.44%.

thefreak · 26th October 2007, 17:31

My calculations say that the EMI should be 11510.52.

8.19%? you sure? Man you are a hard bargainer in that case!

Jaguar · 26th October 2007, 17:50

Even I feel the interest quoted here is incorrect. As far as I know, the current interest rates are around 11-12%.

- Jag

givemered · 26th October 2007, 18:54

Thnx everybody
Deepak yes i calculatd now and the interest comes to 14.45%. i will have to check with that guy again. eiher EMI or the interest rate is wrong.
Jaquar even i read in a latest thread here, that interst rate is around 11-12%
will chk with that guy again and update here.
thnx everybody for ur time.

BaCkSeAtDrIVeR · 26th October 2007, 20:29

Why dont you approach an old generation bank? They will be slow to approve the loan; but the terms will be straight forward. SBI, Bank of Baroda, Corporation Bank, Canara Bank ... in that order of preference for me. Your tastes / perception may vary.

givemered · 28th October 2007, 21:28

I checked with the KOTAK person. he said the interest rate(8.19%) he mentioned was Flat interest rate. He said the diminishing interest rate is 14.45%.(have to ask him whether it is daily/monthly/yearly).
seems that it is too high.

But when i told him that this is too high and that market rate is 11-12%(thnx to Team-bhp) he gives these reasons:
- that for NRI it is very difficult to get car loans.
- i don't own a house. he says normally they ask for own house document. but since i don't have one i'm giving land document and he says this is a disadvantage on my side.

Is this true? i'm also enquiring with other private banks??
i have read in some of the threads here abt some cash payout or finance payout? can some one tell me wat is this and how this will affect my EMI???
I'm desperately looking for some help from BHPians...
thnx for ur time in advance.

Eddy · 29th October 2007, 00:20

The bugger is talking non-sense. He tried to mislead you earlier by telling you the flat rate and now this house BS. Do try some other bank.

All the best !!

CaAT · 29th October 2007, 10:51

Don't be fooled by interest rates.

The lowest rate you can get for a loan of around 5 Lacs is 11% to 11.25 on a monthly reducing basis. This translates into an EMI of 2125 to 2150 per month per lac.

thefreak · 29th October 2007, 12:22

Quote:

Originally Posted by givemered

I checked with the KOTAK person. he said the interest rate(8.19%) he mentioned was Flat interest rate. He said the diminishing interest rate is 14.45%.(have to ask him whether it is daily/monthly/yearly).
seems that it is too high.

But when i told him that this is too high and that market rate is 11-12%(thnx to Team-bhp) he gives these reasons:
- that for NRI it is very difficult to get car loans.
- i don't own a house. he says normally they ask for own house document. but since i don't have one i'm giving land document and he says this is a disadvantage on my side.

Is this true? i'm also enquiring with other private banks??
i have read in some of the threads here abt some cash payout or finance payout? can some one tell me wat is this and how this will affect my EMI???
I'm desperately looking for some help from BHPians...
thnx for ur time in advance.

Tell the guy you are talking to, to sucker off. Tell him very clearly that you aren't going to be taking a loan against property and in case he insists just tell him to keep his money and go over to SBI and take a loan there. I have had the misfortune of dealing with these Kotak guys. It has been 16 days and they are still asking for more paper work.

26th October 2007, 15:00	#1
givemered Newbie Join Date: Oct 2007 Location: chennai Posts: 9 Thanked: 0 Times	EMI Problem - help needed Dear all, I'm planning to purchase a Ford fiesta 1.4 ZXI and taking a 90% loan for 5 years. following are the price details: Ex-showroom : 633,500 Loan amount( 90%) : 569,000(actual it shd be 570,150 but the financier (Kotak mahindra) said loan amount will be 569,000) Interest rate : 8.19% EMI : 13,370( for 5years) but when i calculated using emi calculators available in the net and the loan amortisation schedule availabe in this forum, it gives me an EMI value of 11,590. can some one tell me which EMI value is correct? also whether the loan amount shd be 569,000 or 570,150? thnx for ur time. regards, bala
	() Thanks

26th October 2007, 15:58	#2
moralfibre Team-BHP Support Join Date: Dec 2004 Location: MH-12 Posts: 8,451 Thanked: 13,973 Times	Hi givemered, use this excel sheet for reference: Download excel sheet. And go through this thread - Article Should answer your queries.
	() Thanks

26th October 2007, 16:08	#3
amohit BHPian Join Date: Jul 2007 Location: Bangalore Posts: 451 Thanked: 52 Times	According to me it shud be 11590/- (Used my home loan emi calculator). Kotak are not very gud ppl to do business with. Confront them and ask for their calculations. All the best.
	() Thanks

26th October 2007, 16:29	#4
deepak_ms BHPian Join Date: Jan 2007 Location: KA55 / KA50 Posts: 196 Thanked: 6 Times	you can check EMI here also. According to this he is charging you around 14.44%.
	() Thanks

26th October 2007, 17:31	#5
thefreak BHPian Join Date: Aug 2007 Location: New Delhi Posts: 362 Thanked: 7 Times	My calculations say that the EMI should be 11510.52. 8.19%? you sure? Man you are a hard bargainer in that case!
	() Thanks

26th October 2007, 17:50	#6
Jaguar Senior - BHPian Join Date: May 2006 Location: Bangalore Posts: 1,208 Thanked: 2,547 Times	Even I feel the interest quoted here is incorrect. As far as I know, the current interest rates are around 11-12%. - Jag
	() Thanks

26th October 2007, 18:54	#7
givemered Newbie Join Date: Oct 2007 Location: chennai Posts: 9 Thanked: 0 Times	Thnx everybody Deepak yes i calculatd now and the interest comes to 14.45%. i will have to check with that guy again. eiher EMI or the interest rate is wrong. Jaquar even i read in a latest thread here, that interst rate is around 11-12% will chk with that guy again and update here. thnx everybody for ur time.
	() Thanks

26th October 2007, 20:29	#8
BaCkSeAtDrIVeR BANNED Join Date: Jun 2007 Location: Kochi Posts: 2,522 Thanked: 752 Times	Why dont you approach an old generation bank? They will be slow to approve the loan; but the terms will be straight forward. SBI, Bank of Baroda, Corporation Bank, Canara Bank ... in that order of preference for me. Your tastes / perception may vary.
	() Thanks

28th October 2007, 21:28	#9
givemered Newbie Join Date: Oct 2007 Location: chennai Posts: 9 Thanked: 0 Times	I checked with the KOTAK person. he said the interest rate(8.19%) he mentioned was Flat interest rate. He said the diminishing interest rate is 14.45%.(have to ask him whether it is daily/monthly/yearly). seems that it is too high. But when i told him that this is too high and that market rate is 11-12%(thnx to Team-bhp) he gives these reasons: - that for NRI it is very difficult to get car loans. - i don't own a house. he says normally they ask for own house document. but since i don't have one i'm giving land document and he says this is a disadvantage on my side. Is this true? i'm also enquiring with other private banks?? i have read in some of the threads here abt some cash payout or finance payout? can some one tell me wat is this and how this will affect my EMI??? I'm desperately looking for some help from BHPians... thnx for ur time in advance.
	() Thanks

29th October 2007, 00:20	#10
Eddy Team-BHP Support Join Date: Apr 2007 Location: Delhi Posts: 9,387 Thanked: 13,301 Times	The bugger is talking non-sense. He tried to mislead you earlier by telling you the flat rate and now this house BS. Do try some other bank. All the best !!
	() Thanks

29th October 2007, 10:51	#11
CaAT BHPian Join Date: Oct 2007 Location: Pune Posts: 117 Thanked: 0 Times	Don't be fooled by interest rates. The lowest rate you can get for a loan of around 5 Lacs is 11% to 11.25 on a monthly reducing basis. This translates into an EMI of 2125 to 2150 per month per lac.
	() Thanks