HDFC insurance/processing charges (Car Loan)

Hi!

I am abt to take 2.5L Car loan from HDFC Bank..wanted to ask is insurance amount mandatory?

As i have been said that this is mandatory and you need to pay 4298 additional.

Any ideas?

Hi 

I took a Loan for my car from HDFC, trust me its a neat and clean bank to deal with.I have already finished 2 car loans previously from HDFC.

yes its true u have to pay 4298 as processing fee they call. Also, in addtion to that they will deduct ur first EMI from the disbursement amount ie. 250000-4298-EMI will be disbursed to the dealer in ur case . so ur downpayment will be Onroadprice-Disbursement amount.

Next Emi will start the very next month u take the delivery of ur car. Like I got my carloan with the dealer on the 1 Nov. My car was delivered to me on 5th Nov and first(second) EMI was cut from my bank account on 5th Dec.

There interest rates for Swift in October 08 was 13.5 % , u can check out Kotak KMPL also for good options. 

Regds 

Pankaj

So you are saying that the first EMI will start after the DELIVERY date and not after my payment date ?

The question might sound naive, but this is my first time dealing with the Car loan.

Thanks for the reply.

1st / 2nd EMI (referred by Pankaj Kumar) is always deducted from next month from the month/date of disbursement.  It has no relation with delivery date, as it may be delayed for some reason (unusual of course) - normally there's a difference of couple of days only.

Hi All

Even i processing my bank loan, (Corp Bank)and i told them to realese on 31st Jan,Interest rate was12.5% and maneger told me it will come down to 12% by month end.

My Loan Amount is directly credited to dealers account but some 2000/- is less.

Any ideas why is this less? I spoke to HDFC rep, he stated that is Maruti Company and Bank charges but dealer is annoyed seems.

Does any one have ideas on this?

Any comments on the above note?

I have no idea - will enquire & post some info (about such charges & deals).  To the best of my knowledge, PSU/nationalised banks do not have anything of that sort.

Thanks. Will wait for the comments.