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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 Volkswagen Polo GT is a premium hatchback that was introduced into the Indian market in order to meet the demands of a comfortable, yet adequately sized car. It is a perfect fit on the Indian roads because of its advanced features and classy style. With the upgraded design and features, this vehicle has easily become popular among the masses.
Available in Petrol and Diesel Engines, this vehicle also comes with both Automatic and Manual transmissions. The various variants to choose from make it even more versatile and attainable. The 1.5L TDI Diesel Engine comes with a 5 speed Manual Transmission which offers a power of 110 ps (81 kW) at 4400 rpm and torque of 250 Nm at 1500-2500 rpm. The 1.2L TSI Petrol Engine comes with a 7 speed Automatic Transmission as well as a Manual Transmission which offers a power of 105 ps (77 kW) at 5000 rpm and torque of 175 Nm at 1500-4100 rpm. With an outstanding fuel tank capacity and exceptional performance, it truly one of the best vehicles in the hatchback segment currently available in the Indian market.
The standard Volkswagen Polo design is maintained with a few changes that have only enhanced the personality of this vehicle. The GT badging on the front grille, fog lamps as well as the head lamps accentuate the front and give the vehicle a wider and elongated stance. The Estrada Alloy wheels add a sporty and modern look to the vehicle. The vehicle looks complete with the right curves and finish lines. Even though it is just a hatchback, the demeanor of this vehicle is strong and reliable. The vehicle looks wider and stands tall compared to most of its competitors.
