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| Home > Individuals > Personal Finance |
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Auto Loans
| Want to get behind the wheels, but have no money? Do check on these sites, may be you can get behind one very soon… |
Check this before you avail auto loans!
Are there any hidden costs like processing fee?
What is the cost of foreclosure of the loan?
What is the IRR / (effective interest rate) after including costs like processing fee?
Do they deduct the first month’s installment from the loan amount at the time of disbursal? (this is a hidden cost as the net loan is lower than the amount agreed upon)
Do they ask for any deposit? The rate of interest is always lower on the deposit as compared to loan. This is a hidden cost again.
Do they take blank cheques or blank promissory notes? You must insist on them writing a figure on these. Similarly, the personal guarantees should not be unlimited, but limited to the extent of loan amount and the interest chargeable
The following are some websites on car loans:
Have to register yourself with the site
Loan calculator
Allows you to apply online with HDFC Bank, Sundaram Finance
Gives you the different financing options
Describes the different Car Finance Schemes available - Like margin money, One advance installment scheme, Multiple advance installment scheme,Security deposit scheme, Customized scheme-staggered installment etc.
The site also has a feature which compares popular schemes.
Gives you some definitions and terminology used in Car Finance
Tells you the eligibility criteria required for obtaining the loans
Loans online section: allows you to seek loan from the various financial institutions listed here.
EMI Calculator to give you the monthly installments payable for the loan.
Gives an over view of the car loan schemes offered by some financial institutions and banks.
OTHER LINKS
| www.sundaramfinance.com | www.icicibank.com | |
| www.in.hsbc.com | www.statebankofindia.com | |
| www.canbankindia.com | www.bankofpunjab.com | |
| www.hdfcbank.com | ||
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