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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 Mahindra Marazzo is the perfect travel vehicle, with its 8-seater setting and Diesel power supply. This stylish vehicle is designed in collaboration with the Mahindra design studio and Pininfirina. It has grown to become one of the favorites in its segment because of the features that it offers and the price of the vehicle.
The Mahindra Marazzo comes with a 4 cylinder diesel engine that offers a power of 90.2Kw(121 HP) at 3500 rpm and 300 Nm of Torque at 1750 rpm. The transmission type is a six-speed manual gearbox. The 4-cylinder engine is also deisgned to minimize noise and vibrations. The transverse engine is mounted horizontally across the width of the engine compartment which therefore results in bigger cabin space for the passengers for a comfortable journey.
The Mahindra Marazzo shows off a new-age design structure with its distinctive shark inspired design. This vehicle makes a statement on the Indian roads and has heads turning thanks to its shape, structure and selection of quirky color range. The front of the Mahindra Marazzo is inspired by the teeth of the shark, and the aggressive grille inserts give it a unique touch. The tail lamps are also shark inspired and the striking, strong and elegant tail lamps also help assert the design structure. The prominent front head lamps are twin chamber projector that are stylish and have a high utility value too, while the Outer Rear View mirror is sleek and neatly packaged in the vehicle. Another unique design feature on the Mahindra Marazzo are its entry assist lamps. The door handles have a premium chrome finish while the alloy wheels dictate a style stamen in itself. The fog daytime running lights and the integrated rear spoiler with LED stop lamps also help carve out the design structure on this vehicle.
