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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 CR-V is described as having unstoppable love for life and adventure, and rightfully so. This full size SUV, has changed the face of SUV’s on the Indian roads, and everybody who even gets a glimpse of the vehicle, only wishes he owned it too. It aids to multi personalities and can’t be restricted to just one genre of people. The fondness and appreciation for this vehicle has only grown since its arrival in the market.
The Honda CR-V offers fuel efficiency, immense power, smooth drive, a four wheel drive for majestic convenience and cruise control. It is available in a petrol engine, but with two different variants divided in that too. One is the 2.4L i-VTEC engine with Real Time 4WD, offering a mileage of 12 kmpl, a power of 190 ps/ 4000 rpm and a torque of 226 Nm/ 4400 rpm.The second variant is the 2.0L i-VTEC Engine, offering a mileage of 13.7 kmpl, a power of 156ps/ 6500 rpm and a torque of 190 Nm/ 4300 rpm. The gearbox also comes in two different transmissions, one is the 6 Speed Manual Transmission and the other is the 5 Speed Automatic Transmission.
Offering more features than asked for or expected, the Honda CR-V, has gradually become the most talked about vehicle. The charm has swept the onlookers off their feet and the travel or driver can’t help but feel a sense of pride. The vehicle comes with R17 Alloy Wheels, Fog Lamps and HID Protector headlamps with washer, tail pipe finisher and shark fin antenna. To add to the designing power, and electric sunroof has also been included, giving it a complete look. Power Foldable ORVM with turn indicators is also incorporated. Because of the tall and broad profile, the vehicle casts an overbearing shadow. The Rounded design gives it a sense of compactness, yet caters to the space that is required for long travels and comfortable journeys.
