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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 Mercedes Benz C-Class is one of the most appealing saloons in its segment. This sedan has accumulated a great fan following because of its beautiful structure and even better performance. Onlookers can’t seem to get their eyes of this vehicle on the roads. It is a simple vehicle that is classy and stands out a great deal in comparison to its competitors. It competes with Mercedes E Class, Mercedes B Class, Audi A3.
Available in both petrol and Diesel Engines, the Mercedes Benz C-Class delivers performance beyond expectations. The 7G-TRONIC PLUS automatic transmission includes DIRECT SELECT lever on steering wheel, while the AGILITY CONTROL suspension with selective damping system and higher ground clearance offer a sound driving dynamics. The Drive mode selector lets the driver select 5 different driving modes and adjust parameters such as engine, A/C and steering characteristics. The engine types include 2.0L Petrol Engine and 2.2L Diesel Engine. The makers have made sure to give the buyers various options from their range of variants made available for the Mercedes Benz C-Class.
The Mercedes Benz C-Class is one of the most beautiful vehicles manufactured by its makers. It’s shaped to look beautiful in every way and from every angle. The radiator grille is high gloss black with the logo positioned in the center. The boot lid comes with chrome handle strip while the door sill has chrome inserts. This sedan is surrounded by side windows in polished aluminum and a panoramic sliding sunroof. Intelligent full LED headlamp system with an adaptive main beam is also provided. The air vents are made larger and the new bumper design gives an all new aggression to the saloon. The Mercedes Benz C-Class is made to look even more authoritative and strong, offering a sense of power to the travelers and driver alike.
