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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.
AboutThe Land Rover Discovery is the most versatile SUV that this car maker has introduced to the Indian roads. With the best in-class all-terrain, toing and wading capacity, the Land Rover Discovery is nothing less than a dream to drive. Ingenious use of space and the 7 full size seats promise a memorable journey for the travelers too. PerformanceThe Land Rover Discovery comes with a Diesel Engine and Petrol Engine both. But various variants are only available with the Diesel Engine. The buyer is spoilt for choice when it comes to this SUV. The optional Terrain Response 2 System monitors driving conditions and automatically selects the driving modes to achieve the best powertrain setup for the driving conditions. The TD6 Diesel Automatic engine comes with a 4 wheel drive and 8 speed transmission offering a power of 190 kW and Torque of 600 Nm. while the Si6 Petrol Automatic Engine comes with a 4 wheel drive and 8 speed transmission offering a power of 250 kW and torque of 450 Nm. All the engines are designed in a way to ensure smooth shifting with exceptionally rapid response in every drive.DesignThe Land Rover Discovery is beautiful, strong, athletic and proportionate. Its sharp features and muscular stance. The front of the vehicle looks powerful and distinctive accompanied by short front overhangs. The tapered rear end gives the Land Rover Discovery a more streamlined and dynamic finish.This vehicle is powerful and epitomizes the most compelling modern British design. Even though it is modern, it still has a versatile character to it which sets it apart from the other Land Rover vehicles. This SUV turns heads on the Indian roads because of its shape, design and fabulous structure. Even though it is a 7 seater SUV, it doesn’t look unnecessarily bulky or big. It’s designed in a way to look comfortable and appealing, while displaying its sporty side too. ComfortThe premium leather seats are comfortable, classy and beautiful. Various features have been incorporated to make the traveler’s journey and the drivers experience luxurious. Clever storage solutions can be found in the interiors that show that space has been valued ad utilized to the fullest by the Land Rover Discovery. The right use of technology also makes this vehicle a dream SUV. The comfort is enhanced with the help of the powered gesture tailgate, power inner tailgate, activity key and the in control Touch Pro. For safety, this SUV provides airbags and an extensive stability program. MileageThis vehicle offers an average mileage of 12.97 kmpl.
