Re: Loan can be for 7 years as well
by Gaurav Gupta on Dec 05, 2011 02:42 PM
Yes you are correct. 7 Years tennure is given in case the loan amount exceeds 15 laks. Audi, BMW, VW, Mercedes, Skoda are using a 7 year loan period to make the EMI's more affordable.
On one hand they ask "Is there a pre-payment penalty on auto loans by some banks" (I think it means not all banks impose this) When you answer yes, they say it is a wrong answer and the answer is "Depends on the lender bank"
Rediff is full of idiots and going down the drain...
Ex-smart customers prefer to default the repayments, render their lenders to initiate vehicle attachment process; at the same time produce fraudulent certificate w.r.t. missing documents, co-operate the bank to drag the vehicle and after some period, place a dummy person in the open auction of the confiscated vehicles. If this is not possible, they simply dismember the costly parts of the vehicle within six months and then surrender it to the financing bank. That is how the NPAs of all nationalized banks are increasing.
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