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.
Mahindra Scorpio has been one of the most trusted SUV vehicles in India since over a decade. It was the first SUV that was made available in the Automobile market in our country. Over the years, changes have been made to improve the performance, shape and structure to suit the requirements and needs of their customers. It competes with Toyota Fortuner, Ford Endeavour.
The Mahindra Scorpio is powered by the 2.2L mHawk Diesel engine. This is an all new, powerful engine that promises to kick up a storm each time the gas is stepped on. The Mahindra Scorpio offers a power of 140 bhp (103 Kw)and Torque of 320 Nm. This 6th gen Turbocharger enhances the on road and off road performance. An all new Petrol power plant has also been added to engine variant of the Mahindra Scorpio that offers the same power as its Diesel equivalent. Although the Petrol gets a 6 speed automatic gearbox. The all-new 6 speed transmission enhances the performance, while saving fuel and maintaining and smooth drive.
The design structure of the Mahindra Scorpio is more of less like its previous versions. The sturdy and strong body is maintained, with a few changes that only intensify all of its features even more. The front grille is a new addition. The chrome inserts are statement making and imposing. While the all new alloy wheels further accentuate the height and the stance of this vehicle. The tailgate has been redesigned with a chrome applique and an aeroblade wiper command Another addition to look out for are the new Sleek Red Lens LED Tail Lamps that are sure to light up the way for the cars approaching from behind, while the Projector headlamps with LED Headlamps in the front adds a touch of superiority to the vehicle. Fog Lamps with Chrome Bezel and the new ORVM’s with integrated side turn indicators provide convenience. The striking bonnet scoop does a great job in completing the structure of the vehicle while helping improve performance with the help of the ‘low-drag intake’ design that lets in the air into the intercooler.
