We try our best to show you the most accurate prices and other content, however, these details are subject to change without prior notice. If you find any discrepancy, please bring it to our notice by writing at : punit644@gmail.com
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 NuvoSport is a unique and stylish new introduction by Mahindra in the SUV segment. It is built on the lines of the Scorpio but with a twist of style and is a lot more interesting that the previous SUV which had become extremely famous in the Indian Market. It is a perfect blend of performance, style, technology and safety.
This SUV comes with a peppy 1.5L Mhawk 100 Diesel Engine that offers a power of 74.6 Kw and torque of 240 Nm. it also comes with a 2 stage turbocharger for a more sporty driving experience. This vehicle also provides two transmissions, i.e. Automatic Transmission as well as Manual Transmission. Another feature that makes it so much more stable and strong is the New Generation Chassis which is what the Mahindra Scorpio was also based on. Along with strength we also get a comfortable suspension technology that provides higher flexibility and greater shock absorption, therefore promising a smoother and easier ride. The front suspension is Double wishbone with coil spring whereas the rear suspension is multilink with coil spring.
The Mahindra NuvoSport is sure to stand out on the road because of its sporty design and aggressive stance. The bold grille adds to the aggressive stance, while the trendy daytime running lights add a certain spark to the front of the vehicle. The bonnet which is muscular along with the bonnet scoop makes the vehicle look even more athletic. This vehicle comes with sporty 40.6 cm (16’’) alloy wheels, and the tailgate mounted spare wheels completes the typical Mahindra SUV look. The sporty rear spoiler is also one of the features that add to the good looks.
