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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 GLC is a Luxury SUV that promises to take on any Journey and any destination at any time. It became a part of the Indian Automobile Industry a little less than two years ago, and since then there has been no going back. It has posed as a tough competition to its rivals in the same segment, while its big frame and strong demeanor stands tall and undefeated. It competes with BMW X3, BMW X1, Audi A6.
The Mercedes Benz GLC comes with both Petrol and Diesel Engine options. The GLC 220 d 4MATIC is the Diesel engine that offers a power of 125 Kw (170 hp) and a Torque of 400 Nm, while the GLC 300 4MATIC is the Petrol engine that offers a power of 180 kw (245 hp) and torque of 370 Nm. The power delivery, no matter the engine type, is soft and velvety. This large SUV accelerates in such a smooth manner that it makes driving and/or riding in this vehicle almost like a dream. The engines are efficient right from the start and ooze endless power. The 9 speed automatic transmission takes efficiency, comfort and dynamics to a completely new level.
This beautifully designed Luxury SUV looks strong and confident at the same time, thus giving the Mercedes Benz GLC a unique design structure. The body of this SUV is wide, tall and proportional. The Off road exterior line include chromes packaging, while the LED High performance headlamps on the side add the required dimension to the finishing of the front curve. The light-alloy wheels in 5-spoke design offer the required ground clearance while the anodized roof rails highlight the height of the SUV. The broad and well-built body is almost intimidating on the roads and gives a sense of power to the travelers and driver alike.
