Thread Starter
#1
Hello Folks,
I have finalized my first car - Hyundai Grand i10 Petrol Asta (O). But I am complete newbie to purchasing a car and have got a few queries some of which might sound silly.
1) How much is the current interest rates for a fixed interest loan in Chennai? The ex-showroom (Chennai) price is coming to Rs.5.92 lakhs and the On-road price is coming to around Rs.6.81 Lakhs. I am planning to make a down-payment of Rs.3.81 lakhs and balance 3 lakhs will be my loan amount for a period of 2 years.
2) If I take the loan from my existing bank where I hold a current account, how would the loan payment be given to the car dealership? I know it sounds silly but I don't know how there will be communication between my bank and the car dealer.
3) Should I go for ECS or the old practice of PDS cheques? What precautions should I take before handing over the PDC cheques as these banks might trouble me when I need to get the NOC after the loan is paid fully?
3) Which company's car insurance should I take? Tata AIG or Bharathi Axa, Bajaj Allianz and some more are the options. Which one is recommended? I got a qoute from Tata AIG for a Comprehansive Insurance + zero depreciation cover (bumper to bumper insurance) + 3rd party insurance + some other addons like Key replacements, personal accicental cover of Rs. 2,00,000 etc etc for a premium of Rs.15780. Is the qoute correct?
The car dealership has qouted around 20K for the comprehensive insurance without zero dep addon from Bharathi Axa which I think is high.
4) They (Tata Aig insurance) are taking the IDV as 5% less than the ex-showroom price right from day 1 when the car is bought. Is that normal?
5) Again this policy is being taken directly from Tata AIG and not from the car dealer. So how will the car be insured and who will handle all the documentation? Will the car dealer allow this?
6) How do I calculate the Reg Fee, Road tax etc from the Ex-showroom price? My Dealer is qouting Rs. 70K for this.
Any help or suggestions will be appreciated.
I have finalized my first car - Hyundai Grand i10 Petrol Asta (O). But I am complete newbie to purchasing a car and have got a few queries some of which might sound silly.
1) How much is the current interest rates for a fixed interest loan in Chennai? The ex-showroom (Chennai) price is coming to Rs.5.92 lakhs and the On-road price is coming to around Rs.6.81 Lakhs. I am planning to make a down-payment of Rs.3.81 lakhs and balance 3 lakhs will be my loan amount for a period of 2 years.
2) If I take the loan from my existing bank where I hold a current account, how would the loan payment be given to the car dealership? I know it sounds silly but I don't know how there will be communication between my bank and the car dealer.
3) Should I go for ECS or the old practice of PDS cheques? What precautions should I take before handing over the PDC cheques as these banks might trouble me when I need to get the NOC after the loan is paid fully?
3) Which company's car insurance should I take? Tata AIG or Bharathi Axa, Bajaj Allianz and some more are the options. Which one is recommended? I got a qoute from Tata AIG for a Comprehansive Insurance + zero depreciation cover (bumper to bumper insurance) + 3rd party insurance + some other addons like Key replacements, personal accicental cover of Rs. 2,00,000 etc etc for a premium of Rs.15780. Is the qoute correct?
The car dealership has qouted around 20K for the comprehensive insurance without zero dep addon from Bharathi Axa which I think is high.
4) They (Tata Aig insurance) are taking the IDV as 5% less than the ex-showroom price right from day 1 when the car is bought. Is that normal?
5) Again this policy is being taken directly from Tata AIG and not from the car dealer. So how will the car be insured and who will handle all the documentation? Will the car dealer allow this?
6) How do I calculate the Reg Fee, Road tax etc from the Ex-showroom price? My Dealer is qouting Rs. 70K for this.
Any help or suggestions will be appreciated.