We try our best to show you the most accurate prices and other content, however, these details are subject to change without prior notice. If you find any discrepancy, please bring it to our notice by writing at : [email protected]
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 Renault Kwid, is Renault’s take on the compact vehicle that is both powerful and efficient. It is the smallest vehicle in its segment, but doesn’t fail to impress with its practicality and performance. It offers an SUV type stance, therefore leaving an impact on the busy streets or the free highways. With various features to provide the ultimate experience, the Renault Kwid is here to stay.
The Renault Kwid comes in the Petrol Variant fitted with a KWID 0.8L engine or KWID 1.0L engine, both offering unmatched performance and excellent power. Manual and Automatic Transmissions are made available in this vehicle therefore providing versatility and a better driving experience. The small yet strong vehicle has ultimate capability which is best tested on the streets along with its competitors, that it can easily give a run for their money. There is very little scope for another vehicle to take its place and Renault has really managed to produce a one of its kind vehicle with the Renault Kwid.
The design structure is strong and bold at the same time. The sides are sculpted to offer a dynamic stance along with a high waistline that gives the vehicle its desired length. With lower black rimmed bumpers, this sporty vehicle has an SUV feel to it. The structured grille design along with the logo and headlights with the C-shaped chrome trim and fog lamps provide a muscular front along with roof rails, mud flaps, weather guard economy, side cladding and tail lamp chrome, enhancing its shape even more.
