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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 ISUZU MU-X came into India in 2012 and has gradually picked up pace. It is the advanced version of the previously available MU 7. It is an off roader which is also a seven seater family car. ISUZU has changed the game by combining the two and therefore creating something that suits two different segments, with no compromise on the performance, power or style. It competes with Toyota Fortuner.
The MU-X is available with a Diesel engine and Automatic Transmission. Offering a power of 174 bhp at 3600 rpm and torque from 1800 rpm, it really has set itself apart from the other vehicles in its segment. Built on the system of the common rail high pressure Diesel-Direct Injection (Ddi) System with DLC (Diamond like Carbon) tipped injector making sure that the perfect amount of fuel is injected, at the right pressure and at the right time therefore providing maximum engine performance. The DLC coated injectors provide long service since the surface coating is resistant to wear and tear. Further the VGS turbocharger with VSS mixes fuel and air to improve performance at a low engine rpm therefore providing better engine efficiency and lesser turbo lag. The SOHC 16-Valve also improves efficiency, along with the intercooler that increases combustion efficiency.
The design is rugged and appealing. The shape and demeanor does make heads turn and its desirability on the Indian roads only seems to be increasing. The double slat chrome grille, the multi-spoke diamond cut alloy wheels and the two tone front and rear bumpers all add to the attractiveness of the vehicle. The wheels arches are muscular therefore providing for a commanding stance. The headlamps also seem to go hand in hand with the muscular structure and also increase visibility for the driver. Another feature is the rear roof spoiler that completes the athletic structure. It also does have a darker lower portion which does add length and also give an illusion of floating along with a sense of superiority on the roads.
