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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 Volvo S60 and the Volvo S60 Cross Country are vehicles that are designed and made in order to make life simpler. The preferences of the customers were kept in mind at the time of conceptualizing this vehicle and that is why it delivers such unmatched excellence. Technology and safety are given immense importance and at the same time, power and comfort is looked after too. The muscular presence is almost intimidating but the style is not compromised upon. The Volvo S60 and the Volvo S60 Cross Country are luxurious and extremely flattering vehicles.
Available with both Diesel and Petrol engines, the Volvo S60 and the Volvo S60 Cross Country offer performance like no other. Advanced Handling is offered in the Volvo V40 Cross Country, along with an increased ground clearance and sturdy construction, every journey is a dream. The torque vectoring and control traction control enhance the driving experience.A heightened sense of control and functioning to simplify a journey is what Volvo S60 and the S60 Cross Country emphasize on. The T6 Petrol comes with a 2.0L Engine that offers a power of 306 bhp and a torque of 400 Nm, while the 2.OL Diesel engine delivers a power of 181 bhp and the 2.4L Diesel Engine delivers a power of 215 bhp.
The robust and muscular bodies of the vehicles are highly appealing and very eye catching. The confident design and demeanor sets it apart from the other vehicles in its segment. Every curve and edge given to these sedans are very perfectly placed making it look complete from every angle. Even though the Volvo S60 and the Volvo S60 Cross Country are sedans, the body structure is made to look a lot more powerful than an ordinary sedan. These vehicles can easily be termed as design marvels. The front grille and headlamps offer a strong front, while the shoulder line that stretches into the roof and the rest of the body is beautifully carved. The rear has a strong finish, thus aiding to the proportion.
