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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 Tata Sumo has been around in the Indian market for a very long time, and has seen all that there is to see. In spite of the competition available because of the entry of new vehicles in this segment, the Tata Sumo still has managed to be the most loved and popular Multi Utility vehicle of all times. Unmatched power and rugged style is what sets it apart from the others.
The Tata Sumo, offers exceeding power and best in class torque for high pulling power and reduced gear shifts. It is made perfectly for a rocky drive and renders the most reliable performance. The Tata Sumo New Gold, comes with a CR4-BS4 Engine, with a capacity of 2956 cc, offering a power of 85 at 3000 RPM, and torque of 250 Nm at 1000-2000 RPM. It also comes with a common-railed turbo charged and intercooled BS-IV Complaint.The Tata Sumo Gold, comes with a BS4 engine, with a capacity of 2956 cc, offering a power of 70 PS at 3000 RPM, torque of 223 Nm at 1600-2200 RPM. The performance of this vehicle is further enhanced due to the double wishbone suspension and high performance clutch.
The Boxy and athletic look is the signature Tata Sumo shape, and even with the facelift and changes, this shape has been maintained. The wide posture makes it not only stable, but also gives it a more assertive demeanor.There has been a change in the headlight design and a new sportier grille has been added. The large clear rear lamps cluster and roof mounted antenna make it look bigger and bulkier. Designer decals and black accentuated exteriors prove it’s a clear winner in terms of its shape and design. New door handles, spare wheel below cabin and clean back without spare wheel further accentuate the design structure.
