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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.
AboutThe Alto has been a part of the Maruti Clan since a very long time and it has received so much love from the Indian families because of the reliability and faith in the brand and vehicle. Most average Indian Families have owned this vehicle at least once. The durability is commendable and the Alto K10 has set a standard for the other vehicles in its segment. PerformanceThe Maruti Suzuki Alto K10 offers best in class mileage and powerful performance with the help of the 1 Litre K-Next Engine that offers a power of 68 PS at 6000 RPM and torque of 90Nm. Available with a five speed manual gearbox, the advanced vehicle now also offers Auto Gear Shift, making it even more popular. Not just that, this vehicle also offers the 1.0L Engine coupled with CNG Compatibility, therefore venturing into all markets and catering to all needs. DesignThe easy design structure is bold couples with sharp aerodynamics, enhancing the sportiness and increasing the style quotient. The front has wide horizontal lines on the hood, chrome front grills that stand out and an all new bumper. The sweptback headlamps enhance the magnetism of the front of this vehicle. To further accentuate the features, body colored ORVM’s with body colored door handles are maintained. The side has a unique profile which comprise of the inclined windows giving the vehicle a more futuristic look. The clean and modern design structure is appealing and the onlookers can’t help but be in awe of this vehicle. The Rear of the Maruti Suzuki Alto K10 is modified for a wider shape and a fresh new tailgate and jewel finished tail lamp cluster that highlight the structure even more. ComfortOne of the biggest reasons this vehicle is so loved is because of the ample amount of space and comfort offered for a perfect journey. The Dual Tone interiors along with other essential features all provide immense convenience and ease for a memorable travel, be it a solo journey, with family or friends. To provide safety Fog Lamps and Drive side airbag is incorporated for unforeseen circumstances. The Maruti Suzuki Alto K10 is a complete package and perfect in every way and for every situation. MileageThis hatchback offers an average mileage of 24.07 kmpl (Petrol and Diesel) and 32.26 km/kg (CNG).
