1 EMI amount for 7 years i e 84 months 2 Whether Down

Shiva Shankar
Expert

Hi,
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.

Kapil

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.

Vikas

hi
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

Shiva Shankar
Expert

Hi,
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.