[attakasa_paiyan]

guys any insight on the current jan 2008 loan rates?

[NetfreakBombay]

Got my loan disbursed yesterday from HDFC. No dealer/DSA was involved, got 10 % rate with 100% on road funding.

They quoted 12% to begin with, buzzed down after got lower quotes from dealer (with loan discount).

They matched that quote by bringing down interest rate to 10.

[jkdas]

Loan amount has to do with car model? Said they can give only 70% of car's value; Kotak Mahindra for Safari.

[NetfreakBombay]

Yes.

Could not get 100 % on road funding for cars that bank can't dispose quickly and at good rates(in case of default).

So if as per bank's internal stats, if it takes 10 working days to dispose off X months old Maruti Alto with Y km on ODO, but it takes 30 working days for Palio then bank will ask for higher down payment for Palio.

[jerish666]

Originally Posted by NetfreakBombay

Got my loan disbursed yesterday from HDFC. No dealer/DSA was involved, got 10 % rate with 100% on road funding.

They quoted 12% to begin with, buzzed down after got lower quotes from dealer (with loan discount).

They matched that quote by bringing down interest rate to 10.

How did you manage to get loan without DSA?I hope it is not floating interest.

[NetfreakBombay]

Its not floating for sure, got agreement reviewed by finance group at my workplace.

works out best if you have a salary account with bank.

In that case you get loan discount directly from bank, and they can give you much better rates since they don't have to pay any commission to DSAs.

In my case, non discount rate was 11%, rate came down to 10% after showing them discount that other banks were offering.

[m-hawk]

WoW that s a quote for the interest to be paid on your car loan i thought that s what they are paying for F D s but i forgot i am going through car forum s .

I think the interest payable is fair enough !! I f u banking with the same bank you can ask for a waiver of processing fees !!

[NetfreakBombay]

Did not have to pay processing fees, but had to pay stamp fee of approx 3k.

Usually, banks charge higher rates but give commission to dealers, and dealers give part of that money back to buyers. So, even a 14% loan is actually a 11-12% loan if you take out that commission.

In my case, there was no middleman so bank had lower costs, that resulted in lower rate.

[jkdas]

Had to cancel my booking thanks to confusion created by Kotak agents. Was quoted 14% by one and 11.5% by another.

[greenhorn]

Forget the Rates, ask for the EMI's for the same amount and period. I mean, that is what you're gonna end up paying right

[NetfreakBombay]

Yes, banks (or rather DSAs) do not quote "real" interest rates. If you punch that rate, amount and duration in excel or any other tool you might not get quoted EMIs.

Thats one of the reasons I avoided DSAs.

[himanshugoswami]

guys,

We got a loan today for a new car for my mother in Delhi. the loan is 2 lakhs for 3 years from Central Bank of India (we have had accounts with this branch for over 30 years!)

the ROI is 10.5%

in case the bank lowers its interest rate during the tenure, our rate will also get reduced

part pre payment at any time with no penalty

prepayment with no penalty

no file charges

hell, no charges at all! even teh Rs 100 stamp paper was paid for by the bank

total time taken to proces the loan and give us the draft- 2 hours!

nationalised banks rock man....no more private banks for me for any loan!

P.S. the car is a zen estilo LXI- 3.4l OTR delhi!- sold off the Indica LSI after 6 years,

[jkdas]

Got a quote over phone from SBT.

Did a reverse calculation.




Isn't it good?

[NetfreakBombay]

Quote for 4 years seems to be on higher side. You should get ~10% rate wit hthe bank that has your salary account.

[visu03]

In hyderabad my friend was able to get 10% for 3 years from Axis bank for buying a Logan