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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 car that is considered as the successor to the legendary Maruti800 lives up to the expectations. The car is still one of the best-selling entry-level hatchbacks in India. The car was introduced to the Indian market back in 2000. The car had everything that the 800 could offer, it became a better option with its good design and additional features such as power steering, 5th gear, etc. with a decent price tag. The car was indeed a popular pick. It then got a new look in 2012 and was called the Alto 800. The increasing competition has forced Maruti to get on its toes to roll out the new facelift in May 2016. The fresh looks, trust, and reliability from Maruti make it a very good car for a first-time car buyer.
The Alto claims to deliver 48 bhp of maximum power at about 6000 rpm. The car is tuned to flat torque curves that would reduce the need for frequent gear shifts. The car is a perfect match for city driving though it feels a little hesitant at speeds above 100 Kmph. Style Maruti got a completely fresh look to its Alto with the new Aero Edge Design. The headlamps, front bumper grille are new. There is not much addition on the sides and the back. The car does come in fresh colours like Cerulean Blue and Mojito Green added to the palette. The interiors are little sophisticated than before. The in-dash entertainment system is now added with USB and Aux-in support.
The car offers features like power windows and remote keyless entry. The cabin incorporates more head and knee room, new door trims and some more storage spaces than before. The raised headrest also adds to the comfort of the seats.
