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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 all new Lexus NX is here to change the game. The comfortable ride and stylish design sets it apart from the others. Its shining bright in all its glory and no other vehicle in its league can compare to its class, demeanor and functioning. The Lexus NX is the luxury brand’s entry into the compact SUC-Crossover segment, and it has already blown car enthusiast away. For those who want to make a statement, now know exactly which vehicle to ride in next.
The Lexus NX comes with a petrol engine type and a 6-speed gearbox that is sure to deliver unbeatable performance. The all-wheel drive keeps the door open to opportunity wide open by monitoring the vehicle and road conditions to keep the vehicle on its intended path. An option to select the drive mode, further increases versatility. The driver gets the opportunity to choose based on what is best suitable for him. Some of the features that are responsible for such amazing performance are, the exhaust manifold-mounted turbocharger, that reduces lag along with improving responsiveness along with the fuel economy and the available adaptive suspension. Years of research and development has led to creating an engine that offers quick acceleration while giving greater efficiency. The performance benefits make this a breathtaking package.
The Lexus NX is the most compact SUV in Lexus India’s line-up. The design is futuristic and modern. This urban crossover has the perfect aggressive stance that one would expect from a Lexus SUV. The crossover is smart in its style and own right and can be easily distinguished from its competitors for all the right reasons. Some of the features that make this stylish vehicle what it is, are; conventional roof rails that compliment the overall design, the illuminated door handles, scratch resistant paint that protect the glass like exterior and the outer sliding moonroof that The premium triple-beam LED headlamps make a statement before the vehicle even arrives, thus promising an entry like the kind that makes the onlookers want more.
