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Zero Dep & Insurance
Depot 0 + Accessories 3,348 = 3,348
The 2020 manufactured all Mg Hector is available for sale Price In Mumbai, price range starting at as low as Rs 1,21,80,00,.00* going up to Rs. 21,98,441*. This 5-seater comes with Petrol engine types and offers an average mileage of 14.16 Kmpl and is available with Manual transmissions. Other key specifications of the Mg Hector include a length of 4655 mm, ground clearance of 192 mm, fuel Tank capacity of 60 litres and Anti-Lock Braking System (ABS). The Mg Hector is now out for sale in 5 colours.
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 wait is over as MG Motor India has finally launched its first vehicle for the Indian market i.e., the SUV MG Hector. It has already created a wave as it is the first connected car in the SUV segment. The MG Hector is offered in four variants- Style, Smart, Super, and Sharp. It has three powertrain options and two gearbox operations. MG Motor India launched the fantastic features of Hector through a mega launch event. Remote location, real-time navigation, emergency response, geofencing, voice assistance with an Indian accent.
The MG Hector offers one diesel and two petrol engine options. The petrol version is a 1.5 liter turbocharged one with 250Nm torque and 143PS of maximum power. Whereas the diesel version is of 2.0 liter, which produces 350 Nm torque and 170PS of maximum power. A mini hybrid system of 48V is another form of the petrol engine available. The hybrid one has a 7-speed dual-clutch transmission apart from the regular 6-speed manual transmission.
The most prominent feature of MG Hector is its connectivity. The company has invested a lot of technology to offer what it calls the ‘Internet Inside.’ The look and design of the Hector exude power with sophistication. The butch looking front with a black mesh grille and sleek chrome outlines, as well as the latest trend positioning of headlamp and daytime running lights, creates impressive style. Overall the look, style, and design are of admirable quality. The Software comes updated with over-the-air downloads. The system is 5G ready with SUV Internet protocol version 6 and an e-sim from Airtel, which is the first machine-to-machine embedded sim.
