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Zero Dep & Insurance
Depot 0 + Accessories 3,348 = 3,348
EMIs or Equated Monthly Installments refer to the monthly payments you make to the lender to repay your loan. These payments include the principal amount as well as the interest i.e. EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula:
{P x R x (1+R)^N / [(1+R)^N-1]}
where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.
To process your loan application with the chosen lender, you would be required to submit your KYC documents, which include your identity proof and current address proof, a copy of your PAN Card, your bank statement and your income proofs (Form 16/Salary Slips/ITR). You can get the exact requirement from your loan consultant after applying with us here.
The lenders generally finance 90% of the On-Road Price of the car. Some customers may be eligible for 100% funding too. This means the minimum possible down payment that you have to pay includes the RTO and insurance charges. Down payment is the difference between the On-Road Price of the car and the amount funded by the lender. For example:- Rohit from New Delhi is planning to purchase Honda Amaze, which has an ex-showroom price of ? 7,05,000 in New Delhi. RTO charges for this car in New Delhi will be ? 68,018 and Insurance charges will be ? 29,880. A leading financier approved his new car loan for 90% of the On-Road Price of the car. Therefore, he will have to pay the 10% of On-Road Price (10% of ? 802898 = ? 80289.8) as a down payment to purchase the car.
Most lenders offer car loans for tenures ranging from 1 year to 5 years. You can choose the loan tenure as per your preference. Some lenders like HDFC Bank, Axis Bank, ICICI Bank also offer car loans with tenure up to 7 years.
Generally, new car loan customers choose a 5-year tenure. For a longer tenure, EMIs will be lower but the borrower will end up paying more interest against the loan amount and for a shorter tenure, EMIs will be higher and the customer will end up paying lower interest against the loan amount. So, if the customer is getting a loan for 7 years and doesn’t want to commit to a higher EMI then he should choose a loan tenure for 7 years.
When you are paying off a part of the car loan by making larger payments than the EMI, before the end of the tenure, then it is called part prepayment. By part prepayment, your principal outstanding will be reduced and also reduce your future EMIs. Usually, banks accept part prepayment of upto 25% of the principal outstanding amount in a year, charges against the part prepayment depends upon the due month of the EMI.
For example: HDFC charges 5% on the part payment amount in case part prepayment is within 13-24 months from 1st EMI and 3% on the part payment amount in case part prepayment is post 24 months from 1st EMI.
After the car loan is approved, a customer will have to sign an agreement including a NACH (National Automated Clearing House) form, a centralised system implemented by National Payments Corporation of India (NPCI), launched with an aim to consolidate multiple ECS (Electronic Clearing Service) systems running across the country allowing paperless debit transactions between banks.
Getting into such an agreement would mean that the customer has granted permission for auto-debiting of the EMI amount from his bank account on a date as mentioned in the agreement till the last EMI of the loan amount.
If you are looking for an SUV that feels a cut above similarly-sized SUVs, then Audi Q3 won’t disappoint you. This SUV is the right blend of prestige, luxury and practicality. It has clean proportionate lines with the signature parking and daylight running LEDs that give a mean look to the car at night. Audi Q3 is a beautiful car that not only comes with a powerful and peppy engine but also boasts of a new design, lots of interior space and the right blend of good ride and handling. It comes with all-wheel drive with dynamic torque distribution, Haldex clutch that is electronically-controlled and EDL (Electronic Differential Lock). It competes with Mercedes B Class, BMW X3, BMW X1.
Audi Q3 comes with an efficient 2.0 litre diesel unit, a new generation of the four-cylinder engine. You can be assured of greater refinement and more power delivery. There are two output ratings the engine is available with- 130 kW (35 TDI Quattro) and 130 kW (35 TDI Quattro). The engine is mated to a 7-speed dual clutch transmission through which power is directed to all four wheels. With a powerful engine, Audi Q3 feels responsive at most times.
This stunning car has a coupe like appearance and design features such as the 3Dgrille, optional LED headlights and chrome plated tailpipe. It comes with eye-catching exterior as well as interior design elements. Interior of the Audi Q3 is very expressive. From leather covered steering wheel in 4-spoke design to leather covered gear knob, high resolution MMI display and the powerful Audi music interface, everything about this car is stylish. The car has a panoramic sunroof that is divided into two sections. The front glass section can be raised and opened electronically. It also includes an electrically operated sun blind for the front and rear passengers. The optional LED headlights provide low energy consumption and come with enhanced contrast, ensuring increased safety of the passengers.
