I am looking around for good deals to finance my Honda City dream. So far I have tried only HDFC bank. As a preferred customer, after a lot of negotiation, they have offered the following deal
1) ROI offered – 8.5% (some doubt about this. see point 2)
2)Approx emi per lac – 3146/36 months , 2460/48months , 2049/60months – I did a quick check at carwale, and 2049/60m came to 8.75%. Can anyone confirm ?
3) Reducing balance (Not specified if daily, monthly, quarterly or yearly)
4) Documents required – Identity proof / residence proof / six months bank statement / quatation copy from dealer(with name and address) / advance receipt copy
5) Processing time – 4 – 5 working days
6) Processing fees – Rs.3650(no waiver)
7) Prepayment charges – up to 6% on outstanding principle. (this seems to be a bit steep. What are the ususal pre-payment charges?)
Can someone provide any inputs if I am getting a good deal ? Are there other banks who can provide me a better deal ?
Regards
Manumani