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Cars Q&A

1) EMI amount for 7 years i.e. 84 months 2) Whether Down payment is required, if yes, how much? 3) Finance to be made from SBI Dalhousie Sq. Branch, if yes, confirm.
By Sanjoy Kumar SArkar 03 March 2010
Expert`s comment:

For any loans down payment of atleast 20 percent is to be made.Though some of the banks offer 100 percent finance , the formalities will be much tougher and so do the intrest rate.

Answer by Shiva Shankar 03 March 2010

If you are choosing EMI for 7 yrs then you would end up paying almost double the cost of the car.& SBI is giving offer for 100% on road price finance but again it'll be very costly deal for you.As Intrest rate will be on a very higher side.As car is the asset wchich always depriciate so try to cover the loan ASAP.If possible try to make down payment as mush as you can pay.

Answer by Kapil 03 March 2010

i am planing to buy swift vxi and icici bank is ready to give 90% finance .i have to pay EMI for 5years so at the end of the 5years i am paying 1lakh extra ...i want to now is this is best offer for me OR shall i go for other bank

Answer by Vikas 04 April 2010
Expert`s comment:

The offer seems to be good if not best. Even if you go for other finances with 90 percent loan amount for new car costing around 500000 Rs with loan amount of 450000 at intrest rate of 16 percent the total intrest would be around 72000 Rs. Considereing general intrest rate of other banks also the offer seems to be good.It would have been better if you had given exact loan amount and intrest rate so that we could compare the same with other banks intrest rates.

Answer by Shiva Shankar 04 April 2010
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