Hi all
can anyone clarify abt interest rates currently being offered at SBI and HDFC ? which is better ? I'm getting pre-approved offers from both. thanks
SBI is far better than HDFC even though their interest rates are same. Right now there is no prepayment penalty, processing fee waiver and loan up to 85% and in some cases 100% on road prices by both SBI and Bank of Baroda up until this month. SBI rates are 10.45% and Bank of Baroda are 10.5%. HDFC also is charging 10.5% but please go through following charges of HDFC before even considering loan through them
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Enclosed below are HDFC Bank New Car Loans Interest Rates & Charges
Description of charges New Car Loans
FC Charges No foreclosure allowed within 6 months from date of availing the car loan
6% of Principal Outstanding for preclosures within 1 year from 7st EMI
5% of Principal Outstanding for preclosures within 13-24 months from 1st EMI
3% of Principal Outstanding for preclosures post 24 months from 1st EMI
Pre Payment Charges ( pre-payment is allowed only once a year ) 5 % on the part payment amount in case part prepayment is within 13-24 months from 1st EMI
3% on the part payment amount in case part prepayment is post 24 months from 1st EMI
Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs)
Part payment will be allowed twice only
At any point of time, part payment will not increase beyond 25% of Principal Outstanding
Stamp Duty At actuals
Late Payment Penalty 2% per month
Processing fees (Non - refundable) Up to 2.5 Lakhs: Rs. 2825/-
Over Rs. 2.51 Lakhs up to 4 Lakhs: Rs. 3850/-
Over Rs. 4.01 Lakhs to 5 Lakhs: Rs. 4300/-
Over Rs. 5.01 Lakhs up to 10 Lakhs: Rs. 4650/-
10 Lakhs plus: Rs. 5150/
Cheque swapping charges NIL
Loan cancellation / re-booking charges In the event of cancellation, interest charges from disbursement date till refund of disbursement amount will be borne by the customer
Legal, Repossession & Incidental charges At actuals
Duplicate no due certificate / NOC NIL
Loan Reschedulement charges Rs. 1000/-
Special NOC NIL
CIBIL Charges (only on request) Rs. 50/-
Cheque/ ECS Return Charges Rs. 450/-
Rack interest rate 11.50% to 13.75% depending on the segment of vehicle
Inter State NOC
Refundable Fixed Deposit of Rs. 5000 will be charged. It will be the borrower's responsibility to provide the transferred Registration certificate to the bank.