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| Posted On :- 30/04/2008 | |
| Question Asked :- | |
| I have been offered a car loan at an interest rate of 10.44 % for Honda City on fixed basis with monthly reducing balance by a H.D.F.C. DSA. The same DSA was offering me an interest rate of 9.59 % in Sept.2007. for the same car but I was not in a position to buy then but now when I can buy, he is offering higher interest rate.He sighted the increase in interest rate owing to H.D.F.C. bank revising the rates.I can't recall any instance where H.D.F.C. bank announced an increase in interest rates on car loans since september. I.C.I.C.I. bank has just done it in April and H.D.F.C. Bank is still mulling about it.Is the D.S.A. speaking truth? Has there been an aanouncement of increase in car loan rates by H.D.F.C. Bank in the period of September 2007-April 2008. If yes then is it an ideal interest rate or are there other banks who have got a better deal in your knowledge.Other thing the guy is asking for a processing fees of 3150 Rs. also which was less in september. Is'nt he lying? | |
| Answer :- | |
| Car loan interest rates have not risen during September 2007-April 2008 to the best of our knowledge. But the interest rate offered to you seems to be fair compared to the present scenerio. Infact there is news that HDFC is going to increase their interest rates by next month. So it is best to seal the deal if the bank is really offering you 10.44%. But make sure there are no hidden cost to it which the bank has not disclosed to you. For which you will have to read the agreement carefully before signing it. | |
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