WOW! I thought that the rates are higher, if the tenure is shorter.
^^/quoteI think you are correct. But sometimes we have seen the other way also.
Finally my car loan is approved. Yet to see the approval letter, but confirmed by the bank agent. It has taken almost 10 working days by ICICI to approve the loan.
It bacomes very easy if u have a relationship with ICICI like salary a/c, FDs, credit card .
Is it true that there is a flat 5% penalty, if you try to pre-close anytime after the 6th month?
Also, is it normal to pay the first month EMI in advance, along with a processing fee of 3,550/-? Besides the processing fee, does ICICI have any hidden charges that I need to be aware of?
Thanks
