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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.
Launched in the premium hatchback segment almost a decade ago, the Volkswagen Polo has taken over the Indian roads like no other vehicle. The manufacturers keep adding new changes and advancements that go hand in hand with the modern technologies, in order to keep updating in the current times. This is one of the more popular vehicles and its credibility makes it what it so loved.
Available in both Diesel and Petrol Engines, the fuel efficiency is commendable coupled with excellent power and drive. The 1.2L Petrol engine comes with a 5 speed manual gearbox, offers a power of 74 bhp/5400 rpm and torque of 110 Nm.The 1.2L TSi with the GT TSI Engine comes with a 7 speed automatic gearbox, offers a power of 103 bhp of 5000 rpm and torque of 175 Nm of 1500 rpm.The 1.5L Diesel is turbo charged comes with a 5 speed manual gearbox, offers a power of an average of 89 bhp and torque of an average of 230 Nm.
The compact yet fierce shape is a heart breaker on the roads. The front comes with a grille, with headlamps on the side. Fog lamps are also provided for on the bottom along with bumper grille on the bottom. ORVM with turn indicators and ‘Estrada’ Alloy Wheels are also provided for. A chrome lining has been added too, that runs across the vehicle, giving it a more defined shape and class. All the changes that have been added give it a more modern and complete look making it even more appealing.
