car finance-comparison of hdfc bank and icici bank
TRANSCRIPT
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CAR FINANCE:COMPARISON
OFHDFC BANK
ANDICICI BANK
Submitted To:Dr. HARSH PUROHIT
Submitted By:Milisha Srivastava (4519)Nandini Jain (4524)
Shruti Sethi (4558)
Trapti Jain (4565)Yesha Jain (4566)
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acknowledgement
There are people who simply by being what they are, influence and
inspire us to do things we never thought ourselves capable of doing.We express our gratitude and well-wishes to them.
Among these are my parents, teachers, friends, and last, but not the
least, the almighty god, and ourselves.
Our parents, who have made us all competent enough to face
challenging task.
Our teacher, Dr. HARSH PUROHIT who has guided us all way.
Our friends to give us courage and confidenceto complete this project.
Almighty god for his shower of blessing and love.
In the end, we would like to thank each other for the co-operation,
help and understanding each one of us has shown till the
completion.
THANK YOU
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Contents
Introduction of car finance.
Type of schemes.
Introduction of HDFC bank.
Documentation and Eligibility of HDFC bank.
Introduction of ICICI bank.
Documentation and Eligibility of ICICI bank.
Car finance comparison of HDFC bank and
ICICI bank.
Conclusion
Bibliography
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INTRODUCTIONOF CAR FINANCE
Every one wishes to own a car but it is the financial is condition of a
person that become barriers.
Car financial is the best option for those wish to buy a car wonderful car
but their pocket restrains them to do so.
Cars are very important to our society today. Not having these
machineries, traveling from one place to another would be such an
inconvenience.
People have now started using the car finance facility to pay for their
vehicle. Car finance means financial help for your vehicle and greater
peace of mind. Car finance easy options and quick process can ensure
the best deal.
You can turn your dream into reality and own that new car have always
desired, with a little help from banks.Banks offers up to 90% of on road cost on select models and up to
95% of ex showroom price on others.
In India every bank or every institutional who is offering car loan has
different interest rate. You need to pick which one is best f or you. You
have wide varities of options and you can easily choose which one is
best for you. Banks offers loans on fixed as well as floating interest rate.
Everyone wants a luxurious life and a luxurious car is a possession that
every individual dreams to have at some point of his life. Now
days Cars are seen as a status symbol and with various car loans
available in the market now its within the reach of all the people to get
their dream come true. Whether its brand new car or motorcycle or used
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cars, there is wide range of financing schemes available with different
terms and conditions as per the model.
One can avail of the advance EMI schemes, deposit payment schemes or
margin money schemes. Finance agencies give loans on cars, two
wheelers, three wheelers, auto loan.
Competition improves efficiency, thats the reason that all the ace car
making companies also provide loans to their customers. What you need
to do is to check out which scheme is fruitful for you and then decide to
go for it.
There is major development in loan giving industry as these are trying
their best to attract the people to take advantage of competitive rates and
flexible loan terms.
TYPES OF SCHEMES
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1. Margin Money Schemes
2. Security Deposit Schemes
3. Hire purchase schemes
4. Advance EMI Schemes
5. Leasing
1. MARGIN MONEY SCHEME-
This is the most straightforward
scheme of them all. For instance, if a car costs Rs. 1 lakh, a typicalscheme would require you to pay at least 10% up front, and you would
get a loan of Rs. 90,000. The Loan to Value (LTV) ratio is 90% in this
case. The interest rate quoted will be on this Rs. 90,000.
Thus if the rate quoted is 16% for 12 installments, the EMI would be Rs.
8,166. The interest rate is charged on a monthly basis.
2. SECURITY DEPOSIT SCHEME-
This is a variation of the Margin
Money Scheme. In this, the company claims to give a loan of 100%, but
asks for, say, 10% of the amount in advance, which it will return at the
end of the loan period.
In effect, you are still getting a loan of 90%.But the reason that you are
being "shown" a lower rate is that the designer is making interest on
your deposit for the period of the loan, when your money is lying with
him. He uses that money to offset the amount that he is charging less
from you.
Some security deposit schemes offer interest on the deposit that you pay.
As long as this rate is lower than the rate that you are paying in a normal
margin money scheme, the designer can reduce the price of the loan.
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Suppose you had to put in a deposit of Rs. 10,000 in the above case, on
which 14% is being offered. The scheme lets you borrow Rs. 1 lakh,
instead of only Rs. 90,000. In effect, he is borrowing the additional Rs.
10,000 from you at 14%, and is lending you that same money at 16%.
3. Hire Purchase-Hire Purchase, the size of the installment was
known to the hirer and interest was calculated in loan balances. Under
hire- purchase, it is automatically transferred to the buyer as soon as the
last installment is paid.
4. Advance EMI Schemes-Under the modern EMI, a much
smaller amount is adjusted against the installment in repayment of the
principal and much higher against interest liability. But the hirer does
not know the adjustment and the lifetime cost and is happier to pay a
fixed sum, an affordable EMI for the period committed.
5. Leasing-Leasing is another form of financing vehicles. The
buyer pays a fully tax deductible fixed monthly rental - there is no need
to segregate monthly installment and interest and there is no security
deposit.
Decide on your vehicle, and go for it. There is nothing
to think of, except, of course, paying those
installments on time!
INTRODUCTION OFHDFC BANK
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HDFC-Housing Development Finance Corporation Limited
Indias second largest private sector bank HDFC Bank has increased the
fixed deposit rates by 150 points. Earlier I have posted about the CRRRatio hike by the Reserve Bank of India (RBI). As I have explained in
the post. CRR hike will reduce the liquidity of the banks.
With a view to attract long term deposits and prevent premature
withdrawal when the interest rates peak, HDFC, the housing finance
major, has decided to pay variable interest rate on recurring deposits.
HDFC Bank on Feb 19 increased the fixed deposit rates by up to 150basis points across maturities, a move that follows the Cash Reserve
Ratio hike of 75 basis points by the Reserve Bank of India last month
from HDFC Mumbai.
HDFC Bank was amongst the first to receive an 'in-principle' approval
from the Reserve Bank of India (RBI) to set up a bank in the private
sector from Housing Development Finance Corporation Limited
(HDFC), in 1994 during the period of liberalization of the banking sector
in India. HDFC India was incorporated in August 1994 in the name of'HDFC Bank Limited'. HDFC India commenced operations as a
Scheduled Commercial Bank in January 1995. HDFC India deals in
varieties of products like home loan, standard life insurance, mutual
fund, securities, credit cards, etc. HDFC has branch offices in all major
cities in India like Calcutta, Chennai, Delhi, Bangalore, Hyderabad, and
Ahmedabad.
PUNCH LINE We understand your world
Eligibility and DOCUMENTATIONOF HDFC BANK
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Eligibility and documentation based on this-
1. Salaries Individuals
2. Self Employed
3. Partnership Firms
4. Private Limited Company5. Public Limited Company
Salaried Individuals
Eligibility Criteria:
Minimum age of Applicant: 21 years
Maximum age of Applicant at loan maturity: 58 years
Minimum employment: 1 year in current employment and
minimum 2 years of employment
Minimum Annual Income: Rs 100000 net annual income
Telephone: Must at residence
Documents required:
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving
license( Laminated, Recent, Legible)
Income Proof: - Latest salary slip with form 16. Address Proof: - Ration card/Driving license/Voters card/passport
copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
Bank Statement:- Not mandatory
Minimum 2 years of employment
Minimum Annual Income: Rs 100000 net annual income
Telephone: Must at residence
Self Employed
Eligibility Criteria:
Minimum age of Applicant: 21 years
Maximum age of Applicant at loan maturity: 65 years
http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#2%232http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#3%233http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#4%234http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#5%235http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#2%232http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#3%233http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#4%234http://www.hdfcbank.com/personal/loans/new_car_loans/new_car_elg.htm#5%235 -
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Minimum employment: At least 3 years in business
Minimum Annual Income: Net profit Rs. 60000 p.a for standard
cars and Rs.100000 p.a. for mid-sized and premium cars
Telephone: Must at residence
Documents required:
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving
license( Laminated, Recent, Legible)
Income Proof:- Latest ITR
Address Proof:- Ration card/Driving license/Voters card/passport
copy/telephone bill/ electricity bill/Life insurance policy PAN
Card
Bank Statement:- Waived for small cars, for mid - sized and
premium cars if income Is greater than Rs. 1.5 lacs then bankstatement requirement can be waived.
Partnership Firms
Eligibility Criteria:
Minimum Income: Net profit Rs. 60000 p.a for standard cars and
Rs.100000 p.a. for mid-sized and premium cars
Minimum turnover: Turnover Rs. 4.5 lacs Telephone: One phone at least at business and at residence of the
loan executing partner
Documents required:
Proof of Identity: - non applicable.
Income Proof:- Audited balance sheet, Profit & Loss Account for
latest two years and the latest 2 years IT returns of the company Address Proof:- Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate
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Bank Statement:- Waived for small cars, for mid - sized and
premium cars if income Is greater than Rs 1.5 lacs then bank
statement requirement can be waived
Private Limited Company
Eligibility Criteria:
Minimum Income: Net profit Rs. 60000 p.a for standard cars and
Rs.100000 p a for mid-sized and premium cars
Minimum turnover: Turnover Rs 4.5 lacs
Telephone: One phone at least at business premises
Documents required:
Proof of Identity:- NA
Income Proof:- Audited balance sheet, Profit & Loss Account for
latest two years and the latest 2 years IT returns of the company
Address Proof:- Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate
Bank Statement:- non applicable
Public Limited Company
Eligibility Criteria:
Minimum Income: Net profit Rs. 60000 p.a for standard cars and
Rs.100000 p a for mid-sized and premium cars
Minimum turnover: Turnover Rs 4.5 lacs
Telephone: One phone at least at business premises
Documents required:
Proof of Identity:- NA
Income Proof:- Audited balance sheet, Profit & Loss Account for
latest two years
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Address Proof:- Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate
Bank Statement:- NA
INTRODUCTIONOF ICICI BANK
ICICI -Industrial Credit Investment Corporation of India
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ICICI Limited was established in 1955 by the World Bank, the
Government of India and the Indian Industry, for the promotion of
industrial development in India by giving project and corporate finance
to the industries in India.
To understand about this big bank, we need to understand how it became
so big a force to reckon with. ICICI (Industrial Credit InvestmentCorporation of India) promoted the ICICI bank in 1994 with its stake
reducing to 46% after the IPO in 1998. ICICI is a well-known name in
India along withIDBIand was formed in 1955 at the initiative of the
World Bank, Indian Government and Indian Industries. Both of these
institutions have an exceptional brand-image and one of the highest
possible ratings from CRISIL and other rating organizations.
ICICI can be considered an oligopolistic corporation along with IDBI(please M2M me, if you want to discuss this!). ICIC listed in NYSE in
2000. In 2001 it underwent a tight marriage with Bank of Madura in a
stock-only amalgamation. This was a tough marriage and I guess they
are still suffering from this hiccup, which kind of substantiates their
mediocre performance today, in my perspective.
This and the merger with the ICICI Corporation have caused some
management strain and some tough merger time. I could only wish theycome over this and serve the customers in a better manner.
ICICI Bank has grown from a development bank to a financial
conglomerate and has become one of the largest public financial
institutions in India. ICICI Bank has financed all the major sectors of the
economy, covering 6,848 companies and 16,851 projects. As of March
31, 2000, ICICI had disbursed a total of Rs. 1, 13,070 cores, since
inception.
Total assets: Rs.146, 214 cores (December 31, 2004)Network : 530 branches
ATMs : Over 1,880
Abaroad Subsidiaries : United Kingdom and Canada
Abroad branches : Singapore and Bahrain
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Representative offices : United States, China, United Arab Emirates,
Bangladesh and South Africa.
ICICI Bank is the largest private sector bank in India. No doubt about it.
It was the confluence of one of the biggest financial corporation and
a once great bank known for its service and promptness.
Punch line- Hum Hain Na!!!
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Eligibility and DOCUMENTATIONOF ICICI BANK
Eligibility and documentation based on this-
1. Salaries Individuals2. Self Employed
3. Partnership Firms
4. Private Limited Company
5. Public Limited Company
Salaried Individuals
Eligibility Criteria: Minimum age of Applicant: 25 years
Maximum age of Applicant at loan maturity: 58 years
Minimum employment: 1 year in current employment and
minimum 2 years of employment
Minimum Annual Income: Rs 250000 net annual income
Telephone: Must at residence
Documents required:
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving
license( Laminated, Recent, Legible)
Income Proof: - Latest salary slip with form 16.
Address Proof: - Ration card/Driving license/Voters card/passport
copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
Bank Statement:- Not mandatory
Minimum 2 years of employment Minimum Annual Income: Rs 100000 net annual income
Telephone: Must at residence
Self Employed
Eligibility Criteria:
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Minimum age of Applicant: 28 years
Maximum age of Applicant at loan maturity: 65 years
Minimum employment: At least 3 years in business
Minimum Annual Income: Net profit Rs. 60000 p.a for standard
cars and Rs.200000 p.a. for mid-sized and premium cars
Telephone: Must at residence
Documents required:
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving
license( Laminated, Recent, Legible)
Income Proof:- Latest ITR
Address Proof:- Ration card/Driving license/Voters card/passport
copy/telephone bill/ electricity bill/Life insurance policy PAN
Card Bank Statement:- Waived for small cars, for mid - sized and
premium cars if income Is greater than Rs. 1.5 lacs then bank
statement requirement can be waived.
Partnership Firms
Eligibility Criteria:
Minimum Income: Net profit Rs. 60000 p.a for standard cars andRs.100000 p.a. for mid-sized and premium cars
Minimum PAT(profit after tax) Rs 200000
Telephone: One phone at least at business and at residence of the
loan executing partner
Documents required:
Proof of Identity: - non applicable. Income Proof:- Audited balance sheet, Profit & Loss Account for
latest two years and the latest 2 years IT returns of the company
Address Proof:- Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate
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Bank Statement: - Waived for small cars, for mid - sized and
premium cars if income is greater than Rs 1.5 lacs then bank
statement requirement can be waived.
Private Limited Company
Eligibility Criteria:
Minimum Income: Net profit Rs. 60000 p.a for standard cars and
Rs.100000 p a for mid-sized and premium cars
Minimum PAT(profit after tax) Rs 200000
Business stability should be more than 3 years
Telephone: One phone at least at business premises
Documents required: Proof of Identity:- NA
Income Proof:- Audited balance sheet, Profit & Loss Account for
latest two years and the latest 2 years IT returns of the company
Address Proof:- Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate
Bank Statement:- non applicable
Public Limited Company
Eligibility Criteria:
Minimum Income: Net profit Rs. 60000 p.a for standard cars and
Rs.100000 p a for mid-sized and premium cars
Minimum PAT(profit after tax) Rs 200000
Telephone: One phone at least at business premises
Documents required:
Proof of Identity:- NA
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Income Proof:- Audited balance sheet, Profit & Loss Account for
latest two years
Address Proof:- Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate
Bank Statement:- NA
CAR FINANCE COMPARISONOF HDFC BANK AND ICICI BANK
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HDFC bank:
1.It covers the widest range of cars and multi-utility vehicles in
India.
2.
HDFC bank Avail 100% finance on your favorite car.3. Flexible repayment options, ranging from 12 to 84 months.
4. Borrow up to 3 times your annual salary (for salaried
professionals) and 6 times your annual income (for self
employed professionals).
5. Speedy processing - within 48 hours.
6. Repay with easy EMIs
7. HDFC bank provides attractive Interest rates.
8. Hassle-free documentation.
9. If you are an existing HDFC Bank Car Loancustomerwith aclear repayment of 12 months or more we can Top-Up your
car loan to the extent of the original loan value.
Customer Privileges
1. If you are an HDFC Bank account holder, we have special rates for
you.
2. If you have had a Preferred Account or a Corporate SalaryAccountwith HDFC Bank for more than six months, you can get fast approvals
on your loans with minimal documentation.
ICICI bank:
1. Choose any car manufactured in India within a certain age.
2. Borrow up to 80% of the value of the car.
3. Flexible repayment options, ranging from 12 to 60 months.
4. Borrow up to 3 times your annual salary (for salaried professionals)
and 6 times your annual income (for self employed professionals.
5. Available for almost all car models at attractive interest rates.
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6. Repay with easy EMIs.
7.Additional loan on existing loan - If you are a existing ICICI Bank
Auto loan customer with a clear track record of 12 months or more, then
you can get an additional loan to the extent of your existing loan amount
at attractive rate of interest.
Customer Privileges
Special benefits for ICICI Bank account holders.
If you have had a Preferred Account or a Corporate Salary Account with
ICICI Bank for more than six months, you can get fast approvals on your
loans with minimal documentation.
Comparative analysis
Icici is the no1 financier for car loans in the country.Network of more
than 2500 channel partners in over 1000 locations. Tie- ups with all
leading automobile manufacturers to ensure the best deals.Flexible
schemes & quick processing. Hassle - free application process on the
click of a mouse.
1. Loan on Phone for Customers:if you are an ICICI Bank customer,you
can Go for a pre-approved car loan.Call Customer Care numbers or by
send an sms car loan to 5676766. (e.g.If you are in Mumbai, car loan
Mumbai).
2. Loan on the Strength of Your Income: Submit income proofs as
required and avail of finance up to 100% of the on-road cost of the car!
*.
3. Contribute 20%. No Need for Income Proof: you can contribute 20%
or more of the ex-showroom price of the car.No need for any incomeproof then! Walk away with the car keys.
4. Instant Funding for Credit Card Holders: if you hold a credit card for
more than a year with a good repayment record.Get a loan up to 90% of
the ex-showroom price of the car. No need for any income documents!
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And no field investigation too.
5. 100% Loan for Fixed Deposit Holders: If you have a fixed deposit
with ICICI Bank, you can get a loan up to 100% of the ex-showroom
price of the car. No need for income proofs.
ICICI bank also have several other car loan options based on your lifeinsurance premium receipts, bank statements, RC Book, etc.
Used Cars
ICICI Bank Used Car Loans. ICICI offer up to 90% of the car value,
and up to a7-year repayment duration. They finance cars which are up to
10 years old at the end of the loan tenure. You can also take a loan on a
car you already bought or transfer your loan to ICICI Bank from another
financier.
Car Overdraft
A current account on wheels! Convert your car into cash by taking an
overdraft up to 90% of the assessed value of the car.
Conclusion
Private sector lender HDFC Bank today toppled ICICI Bank as the
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country's most valued private sector bank, after its shares surged over six
per cent on the Bombay Stock Exchange.
The market capitalization of ICICI Bank, the top private sector lender in
terms of asset size, today fell to Rs 39,516.58 crore against Rs40,001
crore of rival HDFC Bank.
At the end of the trade today, the shares of HDFC Bank settled up 6.31
per cent at Rs 940.50 on BSE. During the day the scrip had surged 10.09
per cent to Rs 973.90.
In comparison, ICICI Bank gained 2.44 per cent at Rs 355.10. In the
intra-day trade, the scrip had surged 7.69 per cent to a high of Rs 373.30
on BSE.
Overall, ICICI Bank moved down to 18th position in terms of market
cap, against a place among the top-10 companies till last year.
At the end of Friday's trading, the country's biggest state-run lender State
Bank of India's market cap stood at Rs 65,697.02 crore after its shares
rose by 1.09 per cent to close at Rs 1,034.65.
The banking sector stocks today witnessed a surge following positive
global cues with HDFC Bank emerging as the biggest gainer among all
the blue-chip stocks. Here is a latest interest rate of some of the most
popular banks providing car loans.
Bank of Baroda 10.5
HDFC Bank 14.0
ICICI Bank 14.25
Punjab National Bank 12.5-12.0
SBI Bank 11.75
ICICI bank and HDFC bank have carried forward their style statement intheir approach to business. ICICI bank think big in all for growth and
hungry for market share. HDFC bank is more conservative and caution,
grows at a measured pace, without taking any undue risk. ICICI bank
assets in the retail space stand at 56000 Rs crores and 18000 crores for
HDFC bank.
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Both banks targeted the same customer, the upper
middle class, the marketing channels used by both, including direct sales
agent, were the same.
BIBLIOGRAPHY
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www.hdfcbank.com
www.icicibank.com
Google.com
Yahoo.com
http://www.hdfc/http://www.icici/http://www.hdfc/http://www.icici/