Bank Car Loan Offers for Jimny

General
1

Just stating this topic for listing down the bank loan offers that are currently available. We can add to this list in following format.

  1. Bank Name
  2. Amount fixed at 10L to make comparison simple.
  3. Duration 5 or 7 years
  4. Interest rate (For CIBIL score >771)
  5. EMI amount per Lac
  6. Total EMI for 10 Lacs
  7. Fixed or Floating Interest
  8. Processing Charges if any.
  9. Prepayment charges if any.
  10. Stamp Charges for Loan Agreement, if any.

We can reach out to our bankers and get this information quickly and post it here. It will be very beneficial to all of us here who are considering taking a loan.

2 Likes
2
  • Bank Name - Bank of Baroda
  • Amount fixed at 10L to make comparison simple.
  • Duration 5 or 7 years - 7 Years
  • Interest rate (For CIBIL score >771) - 8.75%
  • EMI amount per Lac - 1610
  • Total EMI for 10 Lacs - 16100
  • Fixed or Floating Interest - Flexible
  • Processing Charges if any. - Waived presently
  • Prepayment charges if any. - NIL
  • Stamp Charges for Loan Agreement, if any. - Rs. 3000 approximately
1 Like
3

I am also told that the Bank of Baroda has one of the best auto loans with the ability to close your loan by paying it up early without any penalty.

4

*Car Loan Processing Fees, Prepayment Charges - Car Loan Service Charges | ICICI Bank Car Loans India

5

Something is not right, how can be the EMI be 2.12L for a 10L loan for 7 years.

6

EMI Amount is ₹ 20,205 per month.
Interest Payable is ₹ 2,12,281.
Right, since it’s per lac, I’ll make the corrections.

7

Still something is off. How can 7.8% have higher EMI than 8.75 that BOB is offering. Are you sure the EMI is for 7 years. Looks like 5 year to me.

10

Thanks for the information. Due to recent interest rate hikes the EMI’s have also gone up substantially. I remember the interest rate to be under 7% just a couple of years back.

11

Ya thats true.
Very Very expensive now

12
  • Bank Name - BANK OF BARODA
  • Amount fixed at 10L to make comparison simple.
  • Duration 5 or 7 years - 7 Years
  • Interest rate - 8.9 (Diminishing)
  • EMI amount per Lac - 1603
  • Total EMI for 10 Lacs - 16030
  • Total interest - 346530
  • Fixed or Floating Interest - Floating
  • Processing Charges if any. - 1770 upto 10L & 2360 for above 10 L
  • Prepayment charges if any. - Nil
  • Pre closure charge: Nil
  • Stamp Charges for Loan Agreement, 200
1 Like
13

Bank Name - SBI
Amount fixed at 10L to make comparison simple.
Duration 5 or 7 years -5
Interest rate (For CIBIL score >771) - 8.80
EMI amount per month -20662 per month
Total EMI for 10 Lacs - 1239720
Fixed or Floating Interest - Fixed
Processing Charges if any. - NIL
Prepayment charges if any. - 2% before 1 year, after that NIL
Stamp Charges for Loan Agreement, if any. - 200

1 Like