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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.
The BMW X1 falls in the category of SAV line of vehicles, and is an introduction to the world of how an SAV vehicle is meant to be. With its athletic and reliable structure, not only looks powerful, but also is. With the demeanor of taking the road by storm, it practically runs like a car on steroids; catering to everything that is expected out of the BMW X1. It competes with Toyota Fortuner, Mercedes B Class, Ford Endeavour, Audi A3.
The BMW X1, comes with an efficient BMW Twin Power Turbo petrol and diesel engines, therefore impressively boasting of its low consumption and emission values in all engine versions. The petrol engines are 1.5 L I3 turbo and 2.0 L I4 turbo, whereas the diesel engine is 2.0 L I4 Diesel turbo. The vehicle delivers a power of 190 bhp, with a torque of 400 Nm. It comes with a six speed, manual and automatic gearbox. All the sDrive models happen to be front wheel drive, whereas the xDrive models are all wheel drive. This vehicle ensures complete driving pleasure along with all the expected needs and wants a driver will expect.
With the athletic yet, sleek design the vehicle on road is a pleasure to look at. It is perfect for the everyday urban life, and almost feels like it has been custom made for the exact same purpose too. With the SAV shape, make and charisma, it doesn’t compromise on the flexibility and charm. BMW X1, ensures a high roof line and exterior roof rails. Other features include details such as the side air blades on the tailgate and the air Curtain integrated into the air inlets at the front.The cornering lights in the LED Lighting technology ensure complete beam distribution in heavy traffic, along with an added benefit of using 50% less energy than conventional bulbs. The BMW X1, also has a day time running lights feature.
