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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.
About Being another Utility vehicle by Tata, the Aria has set new rules, boundaries and an altogether different platform for itself. The Tata Aria is created on a technology called hydroforming. Its shape and power gives it one of the highest places in its segment, compared to other multi utility vehicles. It is attractive in the first look, and once the features are made aware of, one can’t help but fall in love with this vehicle. Performance The Tata Aria provides features of and SUV and an MUV. Available in a manual disesl make, the 16 valve 2.2L Dicor Engine offers a power of 138 BHP at 4000 RPM and torque of 1700 RPM. The Variable Turbine Technology is also made available and comes with a twin overhead camshaft with 32-bit ECU. Another feature included is the easy switch from the two-wheel drive to four-wheel drive. The comfortable suspension helps in the driving performance and ensure safety. The Tata Aria is the perfect blend of excellent performance and power. Design The easy yet elegant design sets it apart from most of the vehicles in its segment. The all disc brake, alloy wheels and sturdy shape, give it a sporty edge. The aggressive front grille and height accentuate the superior demeanor of the vehicle. The chrome touch along the sides of the car is classy and tends to catch the eye. The crossover is a treat to the onlookers and one can’t help but wonder about the hidden features this strong vehicle has to offer. Comfort Comfort is given priority in the Tata Aria, therefore various features to aid to the comfort and convenience are added. The keyless entry with immobilizer and perimetric alarm system, the NAVTEQ Navigation system, superior quality leather seats , electrically adjustable ORVM’s, auto wipers seatbelt height adjustment, cruise control, are some of the features that offer utmost comfort. Keeping safety in mind, 6 airbags, reverse parking sensors with camera, anti-lock breaking system with electronic brake forced distribution and traction control is provided for, in the Tata Aria, making it one of the most premium vehicle’s in its segment. Mileage The Tata Aria offers an average mileage of 15.05 kmpl.
