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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 X5, now in its third generation is a mid-size, luxury cross over. It currently comes in the category of a SAV, i.e. Sports Activity Vehicle. This vehicle was introduced to the world as an SAV instead of and SUV, because of its performance on the road despite its size. The BMW X5 is a versatile vehicle, with the correct proportion of style and flexibility. It does complete justice to the driver and the traveler with its unparalleled power and durability.
A 300-hp turbocharged inline-six is standard; a 445-hp twin-turbo V-8 and a 255-hp turbo-diesel inline-six are optional. The BMW X5 comes with the patented BMW xDrive, which monitors the driving situations and distributes the adequate required power between the axles. The BMW X5, also has been made in a perfect formula in order to reduce the fuel commission and CO2 commission. The maximum torque that can be obtained in 1 minute is 560/1500-3000 rpm and the maximum output the car produces in 1 minute (in kW (hp)) is 190 (258)/4000 rpm. This vehicle guarantees not just a majestic, but also the best road holding in all situations.
It is easy to recognize the BMW X5 on the road, given its versatility and dynamic appearance. The Air Blade on the D-pillar makes the car look wider and at the same time increases the air flow. The broad BMW kidney grill gives the vehicle an impressive sturdy finish. One eye catching element of optimized design is the focus on aerodynamics and smoothness. The front of the vehicle has been made to look sharper giving it a bold personality. The short distance between the A-pillar and the front axle shift highlights the all-wheel drive. The elements are combined artistically in the front, sides and rear giving the car a more polished and complete demeanor.
