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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 Maruti Swift has been an integral part of the Indian Automobile Industry since over a decade. Not only does it make its presence felt even to this day, it has left a very big impact because it is one vehicle that almost every Indian family has owned. Brand new features and an even firmer determination and commitment to deliver the best, makes this one the fastest and highest selling hatchback in our country.
Available in both Petrol and Diesel engine types, along with Manual and Automatic Transmissions too, is a clear game changer. The powerful 1.2L VVT Petrol Engine delivers an unmatched driving experience and offers an average mileage of 22kmpl, while the 1.3L DDiS Diesel Engine that is designed to outperform every challenge, delivers an average mileage of 28.4kmpl. The 5 speed Manual Transmission is a thrill in itself because of the light and short throw that allows to execute quick shifts. The Automatic Transmission on the other hand is as smooth as it can get, making the drive flawless. The Maruti Swift has left no stone unturned in offering the much expected thrill and power.
The Maruti Swift has new visibly noticeable changes that surely are a pleasant surprise. The new version is 85 kgs lighter even though it is bigger in size. The rear door handle and the front aggressive grille are the first two things that catch the eye first. The broader bumper makes the Swift a lot more assertive too. The rear comes with a bigger boot section ensuring that nothing has to ever be left behind because of lack of space. While the LED Projector Headlamps with DRLs LED Rear Combination lamps, Precision Cut Two Tone Alloy Wheels and the Outside rearview mirror add a certain distinction to the shape.
