Reply to Query asked by vijay on 10-03-2012
Pl intimate the time & rate of interest on loan of rs 500000 to be repaid in 5 to 7 yeard
Asked by vijay on 10-03-2012
The rate of loan depends on few factors like whether you are salaried or self employed? If salaried then with which company? Do you have any standing relations with your lending bank or not? But keeping all these factors aside it normally ranges from 11.75% - 13% for a new car. The option for 7 years are restricted with only very few nationalized banks which again is dependent on your service tenure and stability. To process a loan with all complete documents from your end and a clean credit rating would take normally 4-7 days for a Pvt banks like HDFC and 10 - 15 days for a nationalised bank.
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