Need Advice: How to negotiate on new car loan

[Alex292929]

We’re buying a new car and need advice:
-Loan Amount: ₹7L
-Down Payment: ₹1.5L
-Offer Details (Kotak): 9.3% p.a. (Fixed), ₹7,500 processing fee, 24-month tenure.

Looking for:
1.Tips to negotiate better terms.

2.Suggestions for other bank to apply to (can consider one more- Should I apply directly with banks or through the dealer).

3.Advice on whether fixed or floating rates would be better for 2025.

Would appreciate any insights!

 

[Aniket Sharma]

We’re buying a new car and need advice:
-Loan Amount: ₹7L
-Down Payment: ₹1.5L
-Offer Details (Kotak): 9.3% p.a. (Fixed), ₹7,500 processing fee, 24-month tenure.

Looking for:
1.Tips to negotiate better terms.

2.Suggestions for other bank to apply to (can consider one more- Should I apply directly with banks or through the dealer).

3.Advice on whether fixed or floating rates would be better for 2025.

Would appreciate any insights!

Fixed is better than floater now as the repo rate is no where going to decrease now for 3 years

 

[Hope]

Go with any government bank,
Union/sbi is good , no processing fee on both (on mostly all govt banks)
No foreclosure charges in union anytime you can, in sbi ig after two year no charges
I say go with union, u will get less interest rate also if your cibil is good and apply directly through bank,

 

[Jackk]

Guys need some clarification with regards to car loan, if the loan was disbursed on say 15th of a month and the set emi date is of 10th from next month, so in that case, bank would charge interest for the period between 15th to 10th apart from scheduled emi payment ? I have recently been charged interest amount for such a period. Is this normal and how it is supposed to be? Pls enlighten.