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  Tuesday, 17 July 2012
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My dealer asking me to take loan from ICICI Bank at 12.25% instead of SBI on Santro. As per him - there is only 1% difference in rate of interest - also he has taken special approval for me to got interest rate reduced from 13% to 12.25%. Been loan amount is just Rs. 2.5 Lacs - it will make impact of Rs. 2500 - It is true. What is the real impact of 1% rate reduction.
11 years ago
·
#287
Hello Bhaskar,

Car Loan is not done on simple rate of Interest calculation.
A 1% reduction in rate for 3 years will lead to overall impact of Rs. 6500 approx for 5 years and Rs. 3900 for 3 years on a small loan amount of Rs. 2.5 Lacs

You can yourself calculate EMI by changing different tenor and loan amount below :-
Car Loan EMI Calculator
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