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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 S Class is currently in its sixth generation. This flagship luxury sedan is the German carmakers most prized innovation. After making a few cosmetic changes, the Mercedes Benz S Class was re-launched for the Indian market only recently. Even though the body may be slightly new, the same bold and powerful vibe is maintained, making the Mercedes Benz S Class one of the more versatile vehicles available in the Indian Automobile market. It competes with Mercedes E Class.
The Mercedes Benz S Class comes with both Petrol and Diesel Engine options. The3.0L Petrol Engine offers a power of 330bhp, while the 3.0l V6 Diesel Engine offers a power of 255 bhp. The Mercedes Maybach S500 that comes with a 4.7L V8 offers a power of 425 bhp, while the 6.0L V12 engine offers a power of 522bhp. However, no matter which engine type is chosen, one thing in common is the unique effortless superior performance. The smoothness in operation and pulling power goes on to prove Mercedes’ commitment and responsibility towards those who choose driving enjoyment over anything else. The automatic transmission system has been specially designed to reduce disturbing noises and vibrations along with ensuring ease of gear changing.
The shape and design structure of the Mercedes Benz S Class is no mystery. The contours on this premium Luxury Sedan stand out in sharp relief. The upright radiator grille topped by the unmistakable star herald posses a bold front. The side profile is defined by the perfectly carved body lines that extend into the rear and roofline of this luxury sedan. The shape is beautiful and serene. Every curve is well defined, giving the Mercedes Benz S Class a royal and elegant charm like no other vehicle in its segment. A sense of superiority and power goes hand in hand with this beauty.
