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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 strong, sturdy and rugged Toyota Fortuner has taken over the market by a storm. This full size SUV, has easily become one of the bestselling vehicles in its segment because of its power and much talked about features. The style and comfort that this vehicle brings is unbeatable and impressive. It compete with Audi A3, BMW X1, BMW X3, Ford Endeavour.
Available in two variants, the Toyota Fortuner is a beast on the street. The 2694 cm3 (cc) Gasoline Engine produces a power of 122 Kw (165 PS) and torque of 245 Nm.The 2755 cm (cc) Diesel Engine produces a power of 130 kW (177 PS) and torque of 450 Nm (AT) / 420 Nm (MT).The six speed automatic transmission, offers smooth and effortless transmission, along with a six speed intelligent manual transmission. Hill assist control, Paddle shift along with the Active Traction Control is also made available. Two driving modes are also included, which are Eco & Power Drive Modes, that guarantee and easy switching, depending on the requirement. The Electronic drive control is also included to boost the ease of performance.
The all new Toyota Fortuner continues to catch the eyes of the onlookers and awes all the admirers, with the help of its classy and sturdy design structure. The LED lights with the aero fins in the rear and the sharp Bi-Beams LED Headlamps in the front, guide the way in the darkest of nights. The front grille which is wide, offers a distinctive shape and structure to the front. The cuts and edges on this SUV highlight its shape and make sure that its size and strength comes through with the help of its design and structure. The tough alloy wheels also help in adding to the strength and height of the Toyota Fortuner.
