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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 GLS stands tall with its commanding personality and high-quality design. Updated from the Mercedes Benz GL, the Mercedes GLS is high on effortless charisma. Even though changes have been made internally and externally in this all new upgraded version of the SUV, the reliability is untouched.
Available with both Diesel and Petrol type engines, the Mercedes Benz GLS screams of versatility. The V6 Diesel Engine offers power delivery in the most softest and velvety way, giving even the most experienced automotive enthusiast goose bumps. The Diesel Engine delivers an output of 190 kW (258 hp) and a torque of 620 Nm. The V6 Petrol Engine however was designed, assigning particular importance to compactness and low weight. The flow control system adjusts the volumetric flow rate depending on the pressure level. The Petrol Engine delivers a power of 245 Kw (333 hp) and torque of 480 Nm. The 9G-TRONIC Automatic Transmission further improves efficiency and helps reduce fuel consumption along with offering impressive and smooth barely perceptible gear shifting.
The strong and dynamic Mercedes Benz GLS is designed to perfection. This SUV speaks volumes of its power and strength, based on its design structure. The rugged and long front comes with LED Intelligent Light System, followed by the Mirror Package that offers more comfort and improved visibility. The shape of this SUV easily flows to form the rest of the body and includes features like Aluminum-look with illuminated running boards with rubber studs and alloy wheel options. The tail lamp internals and the chrome strips added to the tailgate conclude the shape in a majestic manner. Even though the original shape of the GL is maintained, the Mercedes Benz GLS, has a unique charm.
