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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 car is not only a superior and supreme car from Ford, in India, but it is one of the most popular vehicles that has ever been made. Operating on innovative technology and commendable style, one can’t help but keep their eyes glued to this beauty. With next generation features and love from all over the world, the Ford Mustang continues to be the best of its kind.
Available with one engine and transmission type, it doesn’t cease to impress with its performance. The 5.08l V8 Ti-VCT Engine extracts maximum power from every compression leaving the drive and traveler alike with a splendid journey. A power of 295 Kw and torque of 515 Nm is made available promising nothing but the best. The Electronic Line-Lock keeps the front brakes locked during the acceleration to warm the rear tires for a better grip. The LCD screen on the instrument cluster shows the accelerometer, acceleration time and other performance metrics. Along with an Electric Power Assisted Steering, selectable drive modes that let you choose between ‘sport’, ‘snow/wet’ and ‘track’ is also made available. The Ford Mustang offers the thrill of using a 6 speed select shift with paddle shifters that gives a performance of an automatic, while being a manual transmission vehicle
The design structure of the Ford Mustang is truly captivating. It is a classic, yet modern in its own ways that makes it even more exotic. The HID headlamps are sharp along with the patent tri-bar tail lamps. The body is low and slender with highly impressive aerodynamic features. The roof line is sharp making the vehicle look compact yet fierce. Along with a thrilling design, a sense of power is also offered, which automatically makes one feel strong enough to take on the world
