HDFC or AXIS for Corolla Altis Finance??

Hey..

I have a Swift VDi , which is under HDFC Car Loans of 3 years Tenure. I have completely 14 months of perfect EMI payments and now I want to close that loan by paying the rest over amount in one shot and then apply for a new loan for my new Altis.

So, how easy is to close the loan before its time ? And do they charge anything ? I have around 3.2 lacs pending to pay to the bank. So, if im closing it, will I pay 3.2 or less than that , since Im paying it upfront full ??

And yes, for the new car loan, is AXIS Bank a good choice ??

I have heard that AXIS Bank is super fast in approving the loans. I have BIG bank statements of ICICI , HDFC and SBI. So, shall I approach Axis bank ?

I dont have any account with Axhis bank. So, can I start with them for the new car loans ?

They claim to settle everything in the same day for the complete approval..

Also their Rate of interest is 9.5 %.

So, what shall I do ?

Thing is, I cant wait for the new car and I need it ASAP!

Hi

Axis bank provides a intreset rate of 8%

Wow. Thats cool. Buddy, can you answer the other part of my question ?

Is Axis bank a good choice to go with ??

HDFC has never been a pain, as they are too good. But if interest rate and bank officials and are good,then I can go with Axis. All I need is a FAST PROCESSING in 1 day !

Axis bank is good.However it would be equally worth to check with HDFC & drive a hard bargain between the 2.You will need to pay penalty as deatiled in your loan document for premature closure of loan alongwith the outstanding principal.

Oh ho

Ok, if im paying that 3.2 lacs directly to close the loan account. What will be the extra fees ? Any ideas or estimation Vishal ?

SAD!

Read the backside of the loan document.It has the details.Around 5% in this case.I had 2 loans running simultaneously with HDFC.first I took in 2005 & second in 2008 june.Last month my 1st loan got cleared.