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  1. Saurabh Khare
  2. Finance, Insurance
  3. Friday, January 14 2022
Greetings Team MyCarHelpLine !

Please help me with the following queries :

1. Should I go for Floating Car Loan offered by PNB @ 6.85% or Fixed Car Loan by SBI/ICICI @ 7.25% ? Please advice me if you have a better deal.

2. I have obtained Insurance quotes from various parties viz. American Express ( partnered with ICICI Lombard ) , National Insurance. Please advise me which add-ons are best suited for me ? Should I later negotiate with dealer based on the quotes in my hand ? I have attached the quotes I have received so far. Please advice me if you have a better deal.

3. Should I go for Bharat(BH) Series Registration ? For availing BH Series, I shall have to register vehicle in the name of my mother in law who works at Indian Railways in Lucknow. Kindly advice whether the effort ( opting Co-applied Car loan and drafting rental agreement in Pune with mother in law included) would be worth it or should I for normal registration just in my name ?

4.Should we buy the accessories from dealer ? Should we go for PPF or Ceramic for midnight black color and from where ?

5.Can you help me with PDI checklist ?

Waiting eagerly for your support :)

Thanks,
Saurabh Khare,
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Gagan Modi Accepted Answer
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Dear Saurabh ji,

Hi, hope doing great

Sure, happy to assist !!

1. Car Loan Car Loan Interest rates in floating are dynamic in nature.
As interest rates have almost bottomed out in 2021 and inflation a concern - its expected that this soft trend of interest rates will reverse in 2022 and in coming years. So - recommendation for you is

a) If loan horizon going to be 3 yrs then basis existing 40 bps differential in between SBI and PNB - it may still be worth to take chance with PNB
b) However, if loan horizon going to be 5 yrs or even higher 7 yrs then recommend to lock in rates with SBI and opt in with 7.25% for better peace of mind. Do note that existing 7.25% rates are at its historic lows in SBI and is unprecented.

2. Add on Insurance: Some recommended must add on covers are :-
a) Zero Depreciation : Covers depreciation aspect on plastic, paint and rubber parts
b) Engine Protection : Covers engine damage due to oil leak or water ingress
c) Key Loss Cover : Considering Hefty cost of Car Keys in present times where if key lost can cost in rs 15000 and low premium of just 400 to 500 approx - recommended to opt for cover.

Rest based on risk appetite may consider
a) Return to Invoice : covers car at 100% On road price as new car are prone to theft, as against regular insurance which is done at 95% of exshowroom price as IDV
b) Consumable cover : covers consumable items like nut, bolts, seals, fluids if required to be replaced due to accidental damage

May read more on Car Insurance add on covers

3. For Bharat Series: 2 Factors which depends
a. Are you in transferrable job or plan to relocate to other location
b. Are you saving in going with BH Series number plate (on 15 yr cycle) as against state level number plate

If answer to it is yes then should opt for same
You can compute Road tax on
> Bharat Series Car Tax Calculator
> Pune Road Tax Calculator

4. Accessories Packages are not recommended.
Generally is seen that accessories are priced at premium over dealer counter but still some accessories
> which involve Wiring work
> Chrome Accessories (as after market chrome accessories are mostly of mediocre quality)

are recommended to opt from showroom
PPF is pretty expensive treatment - may cost to tune of 1.5 Lakh to 2 Lakh for a car like XUV700
Ceramic - well you need to be specific on why going with Cermac, what exact is your expectation towards Ceramic - as Ceramic life varies basis number of coating and dont expect to offer protection against dirt

5. PDI Checklist : Pls refer Car PDI Checklist

Hope should help !!


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