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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 TUV 300 is a compact SUV, with an old school design structure and modern technology. This vehicle is highly appealing because of the robust and sturdy structure and its battle tank demeanor. It is one of the most reliable compact SUV’s for the Indian roads. The power and performance of the Mahindra TUV 300 is very difficult to compete with.
Available in one fuel type and two transmission options, which is either a five-speed manual transmission or a five-speed AMT transmission. The Mahindra TUV 300 comes with a 1.5 Litre Diesel Mhawk100 Engine that generates a power of 73.5 KW (100BHP) and torque of 240 Nm. The Dual Mass Flywheel helps to almost completely remove engine vibrations and therefore results in elimination of drive-train rattles and further leads to low NVH. This vehicle is made to be able to handle rough and bad roads because of its high angle of approach and departure.
Another important aspect of the performance is the high ground clearance that ensures a smooth ride no matter the terrain. This vehicle is a rear wheel drive and stays to its roots of a true conventional SUV type, and the power goes to the rear wheels therefore helping to get out of any mucky situation or incase it gets stuck, while the heavy duty suspensions on this vehicle are designed for the roughest of roads.
The design structure of the TUV300 is sporty and boxy. A battle tank inspiration for the shape is what gives it, its strength and toughness. It is the toughest looking SUV in India. With raised shoulders and high front nose, flat roof and high ground clearance along with a straight bonnet it is an old school sturdy SUV. The bold front grille with premium black chrome insets enhance the front while the first in class static bending headlamps give it a more chiseled shape. The metallic grey alloy wheels and the metallic grey roof rails give the vehicle a distinctive character. The tailgate mounted spare wheel cover, the premium black chrome accents and the straight bonnet design complete the structure.
