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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 GLE is known to make the best of every ground, because of its powerful structure and functionality. This SUV is almost as good as the ML-Class with a few new changes, completley new name and a changed personality. After a long wait, this SUV became the brand new eye candy as soon as it hit the Indian Streets. It competes with Mercedes E Class, BMW X3.
The Mercedes Benz GLE comes with both Diesel and Petrol Engine options. The V6 3.0L Diesel Engine offers a power of 258 bhp and torque of 619 Nm, while the 2.0L 4 Cylinder Diesel Engine offers a power of 203 bhp and torque of 500 Nm. The 5.5L Twin Turbo V8 Engine offers a power of 525 bhp and torque of 700 Nm. This is mated to a 7 speed AMD SPEEDSHIFT Transmission. The 5 DYNAMIC SELECT modes allow adjustment of parameters such as characteristics of engine, transmission, steering and suspension. The 4MATIC Permanent All-Wheel Drive System, Suspension with Steel Springs and other such features make the performance of the Mercedes Benz GLE, so dynamic.
This SUV is a design marvel in itself. Even though the structure of the ML-Class is maintained, a brand new personality is given to the Mercedes Benz GLE. The sturdy SUV body is accommodating and big enough to intimidate and at the same time offer a sense of belonging. New bumpers have been fitted on the front and rear giving the shape a slightly new boost of design. The aluminum roof rails add height to the already big body, while the LED Intelligent Light System and the Mirror package help guide the way. The aerodynamically optimized light-alloy wheels further lift up the body giving it a larger than life feel. The body is available in various colour options, making it all the more versatile based on personal preferences.
