Interest free car loans ... !!

khaadu75 · 23rd June 2006, 22:00

Hey, Today I heard about a company that provides car loans from ICICI Bank for new/used cars and the best part is that they literally return your interest amount back every 6months with PDC's !!

Its something like this ...

Loan Amount = 4 lacs
Interest Rate = 10%
Loan Tenure = 3 yrs
Total Interest due in 3 yrs = 1,20,000/-

But this company will give you 6 PDC's ( 1 for every 6 months ) which in total will be to a total of 90% of Rs 1,20,000, thus u get 1,08,000 back . Each PDC will be for an amount of 108000/6 = 18,000 bucks .

It sounds unbelievable , doesnt it ?? I dont know what to make of this .. so if any of you guys have heard of this let me know the catch in this scheme , if any ??

I hope you guys have understood it ... I'm pretty bad in explaining through words !!!

Cheers

wolfinstein · 23rd June 2006, 22:29

does it include the discount on financing or are they returning discount to you, after eating the intrest of the amount over the promised return period...Bhai..Nothing..well almost nothing is Intrest Free..Either they make money on the value of the car or they charge you in some other way...But Absolutely Never Free..!

khaadu75 · 23rd June 2006, 22:57

Quote:

Originally Posted by wolfinstein

does it include the discount on financing or are they returning discount to you, after eating the intrest of the amount over the promised return period...Bhai..Nothing..well almost nothing is Intrest Free..Either they make money on the value of the car or they charge you in some other way...But Absolutely Never Free..!

Hey, I agree nothing is free but its pretty close to being free if you compare it with a regular loan . And thats the reason I posted ..maybe others have experienced something like this . As for the 5% of loan amount as discount -- well that amount is not available to us but thats only 20K in my example .

Just trying to figure this scenario out .;... coz even a second hand car looks very tempting with this scheme .

Cheers

PS -- I forgot to mention one thing ... if your cheque bounces on even one payment in those 3 yrs u lose the eligibility for the refund !! Its a very strange scenario ....

wolfinstein · 23rd June 2006, 23:00

Hmm..Good..But is it a direct deal from the bank or a bank appointed DSA Financer ( Which generally are Car Dealers/Agents/Tele-Market/Classified Ad's) and also remember that you might be paying them an Advance EMI which is infact the Agents or Dealers comission-Opt for a plan that does not have this option..as its an additional EMI you pay for free...!

khaadu75 · 23rd June 2006, 23:08

Hey, Its a DSA or agent of ICICI Bank or something like that ... will be calling them myself tomorrow and see what I can figure out about the deal !! Also there is no advance EMI ... in a new car loan the applicant doesnt get the 5% discount of the loan amount !!!

Thats what it seems like so far ... and buying a second hand car wud be a cake -- cheaper car at chepaer rate of interest -- wat more cud one want ???

Cheers

premchetan · 27th June 2006, 17:06

Does someone has more information on this interest free loans from ICICI.
Khaadu75 did you call the bank and found out anything.
Good riding

whatcanthisbe · 27th June 2006, 19:29

what is pdc ? pls explain

moralfibre · 27th June 2006, 20:10

PDC is a Post Dated Cheque.

mithun · 25th September 2006, 05:35

Is there any new updates regarding this "interest-free" loans ?

Is the ICICI disbursing this "interest-free" loans even now ?

Has anyone availed of this opportunity ?

esteem_lover · 27th September 2006, 17:53

i think it is a load of crap. icici or any other bank will not give anything free of interest. mods, please close this thread.

khaadu75 · 27th September 2006, 18:41

Quote:

Originally Posted by esteem_lover

i think it is a load of crap. icici or any other bank will not give anything free of interest. mods, please close this thread.

Hey, Id rather that you keep ur commenst to your self --- and the Mods know what they are doing without you having to tell them what is crap and what isn't !!!!

Either comment on the topic or else pls don't post ... there are other ways to increase your post count ..

Cheers

santhoshx · 28th September 2006, 10:21

When ever there is an offer, it looks promising. I guess we need it figure out what is hidden in this offer. That is more important. Please post when you get an update on this offer

esteem_lover · 28th September 2006, 12:47

sorry, no offense meant to anyone in particular. Just that there is no need to mislead anyone.

Quote:

Originally Posted by khaadu75

Hey, Its a DSA or agent of ICICI Bank or something like that ... will be calling them myself tomorrow and see what I can figure out about the deal !! Also there is no advance EMI ... in a new car loan the applicant doesnt get the 5% discount of the loan amount !!!

Thats what it seems like so far ... and buying a second hand car wud be a cake -- cheaper car at chepaer rate of interest -- wat more cud one want ???

Cheers

@khaadu75 : BTW, please do post what happened after that call you said you were going to make. that should throw some light on this.

p.s. what does increasing the post count mean ?

hyper-VTEC · 27th October 2006, 22:09

khaadu, did you get a chance to call the DSA and find out about the scheme. I would appreciate if you could post in your comments

EVO6 · 30th October 2006, 01:00

Khaadu,
I am sure there is some catch.. There is no way the bank can give u interest free loans.. From the looks of it all i can say is that.. The interest that u pay them first they will earn some money on that and probably thats what they wud be returning back to you..
Kinda wierd tho.. did u get anymore info on that..
And what 5% discount is everyone talking about...

23rd June 2006, 22:00	#1
khaadu75 BANNED Join Date: Jun 2004 Location: same as the proposed venue for F1 ;-) Posts: 1,146 Thanked: 20 Times View My Garage	Interest free car loans ... !! Hey, Today I heard about a company that provides car loans from ICICI Bank for new/used cars and the best part is that they literally return your interest amount back every 6months with PDC's !! Its something like this ... Loan Amount = 4 lacs Interest Rate = 10% Loan Tenure = 3 yrs Total Interest due in 3 yrs = 1,20,000/- But this company will give you 6 PDC's ( 1 for every 6 months ) which in total will be to a total of 90% of Rs 1,20,000, thus u get 1,08,000 back . Each PDC will be for an amount of 108000/6 = 18,000 bucks . It sounds unbelievable , doesnt it ?? I dont know what to make of this .. so if any of you guys have heard of this let me know the catch in this scheme , if any ?? I hope you guys have understood it ... I'm pretty bad in explaining through words !!! Cheers
	() Thanks

23rd June 2006, 22:29	#2
wolfinstein BHPian Join Date: Feb 2006 Location: New Delhi Posts: 994 Thanked: 20 Times	does it include the discount on financing or are they returning discount to you, after eating the intrest of the amount over the promised return period...Bhai..Nothing..well almost nothing is Intrest Free..Either they make money on the value of the car or they charge you in some other way...But Absolutely Never Free..!
	() Thanks

23rd June 2006, 23:00	#4
wolfinstein BHPian Join Date: Feb 2006 Location: New Delhi Posts: 994 Thanked: 20 Times	Hmm..Good..But is it a direct deal from the bank or a bank appointed DSA Financer ( Which generally are Car Dealers/Agents/Tele-Market/Classified Ad's) and also remember that you might be paying them an Advance EMI which is infact the Agents or Dealers comission-Opt for a plan that does not have this option..as its an additional EMI you pay for free...!
	() Thanks

23rd June 2006, 23:08	#5
khaadu75 BANNED Join Date: Jun 2004 Location: same as the proposed venue for F1 ;-) Posts: 1,146 Thanked: 20 Times View My Garage	Hey, Its a DSA or agent of ICICI Bank or something like that ... will be calling them myself tomorrow and see what I can figure out about the deal !! Also there is no advance EMI ... in a new car loan the applicant doesnt get the 5% discount of the loan amount !!! Thats what it seems like so far ... and buying a second hand car wud be a cake -- cheaper car at chepaer rate of interest -- wat more cud one want ??? Cheers
	() Thanks

27th June 2006, 17:06	#6
premchetan BHPian Join Date: May 2006 Location: pune Posts: 38 Thanked: 0 Times	Does someone has more information on this interest free loans from ICICI. Khaadu75 did you call the bank and found out anything. Good riding
	() Thanks

27th June 2006, 19:29	#7
whatcanthisbe BHPian Join Date: Mar 2006 Location: http://www.wandering-online.com Posts: 499 Thanked: 6 Times	what is pdc ? pls explain
	() Thanks

27th June 2006, 20:10	#8
moralfibre Team-BHP Support Join Date: Dec 2004 Location: MH-12 Posts: 8,559 Thanked: 14,438 Times	PDC is a Post Dated Cheque.
	() Thanks

25th September 2006, 05:35	#9
mithun BANNED Join Date: Jan 2006 Location: Cochin Posts: 2,195 Thanked: 268 Times	Is there any new updates regarding this "interest-free" loans ? Is the ICICI disbursing this "interest-free" loans even now ? Has anyone availed of this opportunity ?
	() Thanks

27th September 2006, 17:53	#10
esteem_lover Senior - BHPian Join Date: Jul 2006 Location: Madras/Py Posts: 7,556 Thanked: 513 Times View My Garage	i think it is a load of crap. icici or any other bank will not give anything free of interest. mods, please close this thread.
	() Thanks

28th September 2006, 10:21	#12
santhoshx BHPian Join Date: Aug 2006 Location: Bangalore/New Jersey Posts: 47 Thanked: 0 Times View My Garage	When ever there is an offer, it looks promising. I guess we need it figure out what is hidden in this offer. That is more important. Please post when you get an update on this offer
	() Thanks

27th October 2006, 22:09	#14
hyper-VTEC BHPian Join Date: Oct 2006 Location: Bengal...ooroo Posts: 658 Thanked: 280 Times View My Garage	khaadu, did you get a chance to call the DSA and find out about the scheme. I would appreciate if you could post in your comments
	() Thanks

30th October 2006, 01:00	#15
EVO6 BHPian Join Date: Apr 2005 Location: Pune Posts: 488 Thanked: 13 Times	Khaadu, I am sure there is some catch.. There is no way the bank can give u interest free loans.. From the looks of it all i can say is that.. The interest that u pay them first they will earn some money on that and probably thats what they wud be returning back to you.. Kinda wierd tho.. did u get anymore info on that.. And what 5% discount is everyone talking about...
	() Thanks