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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 E Class is a masterpiece in the form of a saloon. This one of a kind vehicle is sassy in every way and possesses elegance like no other. The Mercedes Benz E-Class is one of the first few premium executive sedans that was made available to the India market. Currently this saloon is in its fifth generation. It competes with Audi A6.
E Class Available in both Diesel and Petrol engines, the Mercedes Benz E-Class is one of the finest saloons in India. The V6-cyliinder E 350 d Diesel engine comes with common rail direct injection and furl preheating, while the OM654 E 220 d, 4 cylinder in-diesel engine is the latest generation that gives a lot but takes little. The significantly less noise and vibrations bring an experience of petrol engines. The Diesel engines deliver a power of 225 bhp and torque of 625 Nm. On the other hand, the Petrol E 200 Engine is a 4 cylinder in-line engine with direct injection, variable valve control and turbocharging that boats better output and torque figures with low emissions and low consumption. The Petrol engine offers a power of 181 bhp and torque of 300 Nm. The transmission made available for both engine types is a 9G-TRONIC automatic transmission with 9 forward gears that enable efficiency, comfort and dynamism of an entirely new dimension.
The Mercedes Benz E-Class is shaped to charm. The front of this saloon is wide and long. The LED High performance headlamps with DRL and the front grille with the logo combine to give it an authoritative stance. The broad shouldered tail end creates an exciting silhouette. The windscreen with rain sensors, the mirror package and the rear offer a feeling of completion. The powerfully extended vehicle body is characterized by short overhangs, a long wheelbase, large wheels and taut, well defined flanks displaying a fresh, stylish and dynamic interpretation of the feature line. The Mercedes Benz E-Class is sure to turn heads no matter where it goes.
