I am booking salvia 1.0 style AT. Not booked yet. Requirement is safety, driving and comfort .
Planning a loan amount of 10 Lak ruppees. Not sure of which bank to approach and is best in current scenario . Also on road price is coming approx 19.38 LPA in Karnataka
First let me correct - SBI lowest rate is from 7.85% onwards
As SBI introduced new category of Elite Credit Rated profiles with CIBIL Score of 775 offered rate of 7.85%
Secondly - opt for loan for 3 yrs, as interest rates are higher for tenure if less than 36 months
For Insurance - is NIC as Partner company with Dealer workshop
Suggest to call up dealer workshop and ask for body shop manager number
Speak to him and let know directly that you buying Skoda car and need do check
a) if they have National in preferred list
b) his Feedback on National Insurance in claim process as hes the person who deal with Insurance claim on regular basis
Do note that Insurance company service level can significant vary in locations.
Skoda Slavia: Great choice with Skoda Offers in
> Styling with Loaded Features
Feels so much better than Kushaq.
Although car is much improved, but certainly not niggle free. Having said same - if Slavia Do opt for additional 2 yr extended warranty to make it to 6 yrs and try to get in Latest September VIN Series as a request to dealer.
2022 is a lot different car where concerns started on high Inflation note
It was in around April 2022 when inflationary concerns were not only impacting India but across the world
So as to correct same - RBI increased repo rate thrice so as to curb inflationary concern and to a great extent is successful too as inflation concerns are well under control.
Repo Rate which was 4% in early 2022 increased to 5.4%
Post same - a significant impact on Commodity Prices happened, and the way commodity prices (Aluminium, Steel, Copper etc) reduced in recent months marked a control on inflation
RBI is to hold in 2 more review meetings
> End September
> December 2022
and to mark an end - at max 1 more rate hike predicted, in upcoming review meet.
But we are now anticipating 2023 a year which will be on reduction in rates so as to boost the economy.
So essentially - Floating rates option after all rates hikes been done now looks more promising provided loan tenure is 5 years or more. Also is Higher probability of rate reduction to happen in 2023 and in near future making Floating rate now a more viable option.
Best Bank for Car Loan
Banks offer differential interest rates based on CIBIL Score.
See at present under Fixed Rate
> SBI is offering Finance at 7.95% if CIBIL is 757 or above but is fixed rate - hiked by 70 bps in last 1 year
Under Floating Rate
> Bank of Baroda from 7.95% for someone with CIBIL > 771 - hiked by almost 95 bps in last 1 yr
> PNB is offering finance from 8.15%, for someone with CIBIL > 750 - hilked by almost 1.2% in last 1 year
Although Floating rates increased too much in last 1 year, but considering future with fact of reduced commodity prices - now Floating rates will be more viable as probability of rate reduction is higher in 2023 - provided loan horizon is 4 yrs or more.