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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 X3 is a luxury crossover, with the rugged and sporty style to it. On the road, it has authoritative presence and one can’t help but feel powerful driving or travelling in this vehicle. Now in its second generation, the BMW X3, has transformed the face of a Sports activity vehicle. This vehicle makes the traveler realize how lavish and at the same time, raw and edgy travel can be. The third generation is soon to be launched in India. It competes with BMW X1.
The BMW TwinTurbo engine is not only sturdy but also low on fuel commission and emission figures. The construction is lightweight, since it’s made from aluminum, therefore resulting with an impressive performance. With an 8 speed gearbox, the BMW X3, results in not just a pleasurable drive, but also an extremely smooth and swift journey for the traveler. The soon to be launched third generation of BMW X3, is said to be offered with a variety of updated four- and all-new six-cylinder petrol and diesel engines.
With its magnetic presence and style, the BMW X3, is one of its kind. This vehicle is introduced as ‘Versatility with a new face’ and rightly so, because with the few changes in the designs from the previous generations, the BMW X3, is easily recognizable even from the side, thanks to its unmistakable silhouette. The headlights extending from both sides up to the kidney grill, add the final finishing touch to the front in the xenon technology. United with the headlights are the indicator lamps. Another feature of this car that really comes out is the underbody protection, which is in an aluminum look. A certain character line is extended up to the rear, emphasizing on a hint of the wedge shape, adding a further air of high power. The energetic demeanor of the car would make the driver and traveler immediately fall in love, and at the same time make the onlooker admire this bold vehicle.
