I dont understand why Honda is taking such a long time in deciding the final price hike since budget was issued almost 15days back.

Now I'm seeing my New CBR and my old R1 in my dreams next to next.. this wait will surely make my go crazy..

Any updates Manish??

well my friend...... eagerly awaiting ur bikes news.....

all the best and congrats

@prateek2210: hi prateek.. I've booked the bike on 4th April through Aditya Honda, Vasai. Since I'm going through financing, its taking some time.
HDFC people are eager to provide loan but their rate of interest is too high. And that too flat.

I've been communicating with nationalised bank "CANARA BANK", where i'm having account since 10yrs. I've furnished almost all the concerned documents they require, tomorrow have to submit Balance sheet of my construction firm. But the pain is, they said, "it will take 15working days to approve the loan." That statement disappointed me and am feeling very low.

Since I wanted bike by 25th of this month(very very special day), my hopes have lost and my excitement too..

Tomorrow I'll go to bank, and request them to speed up the process but I know that these nationalized banks are not too keen in doing much business.

Tomorrow I'm visiting PRS, Vicky Jaising store and will check all the biking gears available with him.


@LoneWolf: thanks dude.. I loved the helmet you bought. Even I want the same like yours.. Will check out whether PRS, Mumbai have that.

waiting for your Falcon too..

hehe well hope u get it man.... i got mine by accident...... it was hiding under the cloth by chance i removed it and found my Aladdin's lamp my wish for the perfect lid had finally come true.....

Manish this is what happens in these type of nationalized banks, they are least bothered to server customers in a better way. We always seek these banks just to avoid the rate of interest when compared to HDFC/ICICI.
Hope the bank does a speedy process and you get the Beast delivered as per your expectations
Best Of Luck Buddy

It happens Manish, I can understand the frustration but try convincing the officials. And a GOOD THING does take quite sometime to knock at your door.

And about the important date just think its worth waiting

And keep the fire burning in you

Hey Manish,

Congratulations on booking the Beauty!!!
The trend of biking in india is finally changing with more and more members taking the SBK's.

Hmmmm, dunno when my dream will come true............

DId you try corporation bank ?

Manish, i have found Corporation Bank to be very proactive for SBK loan
Try if you have a branch near you that can assist you

or hdfc also lil bit slow but they keep u upto date

i had other problem also which made them uneasy

i had never take a loan in my life and this was my first loan.....

their eyes were wide open

@loneWolf: same issue with me. This is my 1st loan and so there are so much formalities.
Actually I should have applied for the loan prior booking of the bike, this would have speeded the process of delivery but I was too dependable on HDFC. Later I came in contact with Canara, and was too happy with their ROI @ 11% reducing while HDFC offered me 7.8% flat which goes to 14% when compared with Canara.

I'll be saving 1 lac approx. by going through Canara. So i think 10days is worth a wait against the interest money benefit.

Yaar Sometimes i feel why the heck this income tax and all.. just pay and take ur bike.. bahut jhanjhat hai yaar..

like the last line but can u please elaborate on the roi of thing 7.8 to 14 % couldnt understand it brother.... saving a lakh

zara hamein bhi sikao yara

Loan Calculation Procedure.

@LoneWolf: I'll tell you how these banks are calculating interest.
1) HDFC Bank way on Two Wheelers.
Say you applied for Loan of Rs.1,00,000/=(One Lacs Only) for period of 1year.
And lets assume the rate of interest is 10% per annum flat.
Your EMI = Rs.9166/=
Your 1st installment will be: Rs.9166.00 i.e Interest= 10000/12months = Rs.833 + Principal (1,00,000/12months) = 8333/-

Your 2nd installment will be. Rs.9166.00 i.e Interest still =Rs.833/- which was on 1,00,000/- .
Since you've paid Rs.8333/- from your principal in 1st month, they should charge you interest on balance principal amount i.e (1,00,000 - 8333) = Rs. 91667/= i.e Rs.763/=.

Thus every month though your principal amount is getting reduced, but HDFC bank is still charging you interest on 1,00,000/-.

Thus you pay Rs.10,000/- interest on Rs.1,00,000/- by the end of the year.

This is called FLAT rate of interest.


2) Canara Bank Rate of Interest Procedure:
Lets assume the same situation.
Loan Amount = Rs.1,00,000/-
Loan Period= 1 year i.e 12months.
Rate of Interest = 10% per annum reducing.
Now since this is REDUCING LOAN i.e I'll will be charged only for the principal amount and not the actual loan amount taken.

1st EMI will be on 1,00,000/- i.e @ 10% = 8791.59/-
i.e Principal Amount (7958.26) + Interest on 1,00,000 since this is 1st EMI= Rs.833/=

Now on 2nd installment: I'll be charged interest of 10% on remaining principal i.e. 92041.74 i.e Rs.767.01
So EMI will remain same= 8791.59/- but in detail it will be:
Principal amount = Rs.8024.57 + Interest on balance principal 767.01

Thus my principal amount will reduce quickly and I'll be paying interest only on balance principal.

Thus by the end of Loan i.e 1year, I'll be paying Rs.5499.06/- as interest on Rs.1,00,000/= only. i.e 45% saving.

This method of calculation is REDUCING LOAN.


Private banks like ICICI, HDFC etc. charge Flat Rate of Interest on Two Wheelers while Nationalised banks like canara charge Reducing Rate of Interest.

And hence I'm applying through Canara Bank.

MAN ur a smart Superbiker !!!!!!

but i think they will laugh me off seeing my age and i have not a single account with these guys...

+ CANARA bank ...... it will be a real hassle with them as ur facing......

but really impressed bro.... ur r&d is way good.....well till now being offerd 8.5% so lets see wht happens....

@LoneWolf: man.. I'm businessman 1st and then a Sbker.. and that makes me calculate all this.. and hey hey.. I'm too 24..
Canara bank is just pain in a$$.. hope their manager is not reading this

Well I love you canara bank..

I hope my loan gets sanctioned.. Fingers crossed..