COM­PAR­A­TIVE STUDY: BFSI

Read (and Re-Read) the Fine Print

Consumer Voice - - Contents -

Buy­ing a Car through Bank Loan?

Read (and Re-Read) the Fine Print

Car loans are a dime a dozen. Al­most ev­ery bank wants you to take your car loan from them, ap­ply­ing their per­sua­sive power through ad­ver­tis­ing in the var­i­ous mass me­dia. Low in­ter­est rates, flex­i­ble re­pay­ment terms, low monthly pay­ments, in­stant ap­proval – they all claim to have a USP. Some­where a par­tic­u­lar bank an­nounces through ‘jin­gles’ in a TV ad a ‘car loan mela’ for a par­tic­u­lar pe­riod, es­pe­cially dur­ing the fes­tive sea­son. An­other bank may have tieups with car deal­ers/man­u­fac­tur­ers wherein con­sumers get a cash dis­count if they avail of a bank loan for fi­nanc­ing that par­tic­u­lar car make. So, in the­ory any walk-in con­sumer in a bank has only to state their re­quire­ment and sub­mit proof of in­come and car in­voice. The ques­tion is: which bank may you ap­proach, keep­ing in mind the deal that works best for your bud­get and ex­pec­ta­tions? the most im­por­tant vari­ables based on con­sumer per­cep­tion, we iden­ti­fied eight prod­uct at­tributes – in­clud­ing max­i­mum loan, rate of in­ter­est and time taken for sanc­tion – as­sign­ing a to­tal of 80 points. The rest 20 points were as­signed to­wards con­sumer feed­back.

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