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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 Mahindra KUV100 NXT a head turning SUV, with inviting features and assurance of a memorable journey. Being an updated version of the Mahindra KUV100, the vehicle has only gotten better. The style and versatility makes it unlike any other vehicle in its segment. This new series has set an all new standard for the others.
Available with both Petrol and Diesel engine options, the Mahindra KUV100 NXT has something for everyone. The mFalcon Petrol and Diesel engines with superior low-end torques, long travel suspension and high angles of Approach and Departure ensure that the performance is never compromised. Both engine types are mated with a 5 speed manual transmission. The 1.2L three cylinder petrol engine offers a power of 82 bhp and torque of 114 Nm, while the 1.2L turbodiesel engine delivers a power of 77 bhp and torque of 190 Nm. The Mahindra KUV100 NXT has also decided to surprise the automobile industry with an Automatic Transmission type and electrified KUV, which are both expected soon.
The head turning style and class of the Mahindra KUV100 NXT is like no other. The new aggressive front grille with chrome inserts and the new muscular dual tone front bumper with silver skid plate make the front bold and brings a certain edge to the structure. While the new muscular body lines and the new muscular dual tone rear bumper with silver skid plate bring about a sense of power and strength to the shape. The flared wheel arches with new wheel door and sill cladding, and the new integrated spoiler with aero corners complete the bold shape of this SUV, while it stands tall. The new dual chamber sunglass inspired headlamps with LED DRLS, the new fog lamps bezel surround and the new double barrel clear lens tail lamps work too guide the way. The two-tone sporty alloy wheels, the power foldable ovrms with integrated turn indicators and the dual tone exteriors also help in shaping the personality of this SUV.
