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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 Honda Amaze is an all-new 2018 version of the Amaze. It has been modified and how! This compact sedan is built on an all-new platform, therefore ensuring better safety, stronger crumple zone and a better physique. The spacious cabin and boot make it all the more appealing. This revamped Honda Amaze, has definitely managed to truly amaze the Indian Automobile Industry. It competes with Hyundai Verna, Honda City.
Available with both Petrol and Diesel Engine types as well as Automatic and Manual transmission, makes The Honda Amaze one of the most versatile and sought after vehicles. The 1.2L i-VTEC Petrol Engine is enhanced with low friction technologies that takes the performance and efficiency to an all new high, while offering a power of 90 ps @ 6000 rpm.The 1.5L i-DTEC Diesel Engine is equipped with an all-aluminum construction that is optimized to reduce friction and noise while offering greater efficiency. This engine offers a power of 100 ps @ 3600 rpm.
The all-new Honda Amaze is longer, wider and taller than its previous version. But this hasn’t come at the cost of weight. Infact this new model is also 40 kgs lighter. The striking new shape is nothing like its previous one. The signature chrome grille bar is stretched and flat, while the c-shaped tail in the rear is chunky, giving it’s a curvier demeanor. The aggressive front and the imposing shape along with the sculpted contours, give this vehicle a solid design. Some of the features that make this vehicle unlike the others are, its headlamp integrated signature LED position lights, the front fog lamps, rear combi lamps and the alloy wheels.
