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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 Xenon XT is a utility vehicle that is made in order to offer comfort and maximum benefit and ease of pick up. The 4 wheel drive of this vehicle makes sure that ever journey taken is smooth and every experience is pleasant. The audacious looks and the bold demeanor makes it one of the best utility vehicles in India.
The Tata Xenon XT comes with a 2.2L Dicor (Direct Injection Common Rail) Engine. This engine is operated by a 32-bit electronic control unit. It is also equipped with a turbocharger using variable turbine technology (VTT). The power provided is 140 PS and a torque of 320 Nm. Inclusive of 4 valves per cylinder, reduced emission and fuel consumption, increased power and torque is generated. The Tata Xenon XT, is one of the most highly efficient vehicles available in the Indian Market
The Tata Xenon XT, is a comfortable 5 seater, offering enough space for a comfortable drive, along with room for multi utility purposes. This vehicle comes with electrically adjustable side view mirrors and one touch power windows. The excellent ground clearance ensures that each drive is thrilling, no matter the place. This is one cross terrain pick-up hat does not undermine its performance while off-roading. The doc at the back can be used in various ways, and can also be covered with a soft or hard lid or a canopy. This vehicle has proved to be the perfect choice, because of its stable structure and multiple areas of usage. There are very few reliable pick-up in India that offer usage to all the diverse requirements, and Tata Xenon XT is easily one of those few. The wide strong built can tackle any given situation and at the same time provide maximum comfort and ease of travel.
