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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.
This compact sedan is slowly but steadily going on to become one of the most admired and sought out vehicle in its segment. It is perfect for a journey with family or a trip with friends. With features that are looked out for in a sedan, the Tata Zest, promises to deliver all of those and more. Its athletic demeanor has managed to find its space on the Indian roads and make a place for itself in the Indian market.
A dynamic drive is offered and a dynamic drive is what is delivered by the Tata Zest. Its fuel efficiency and high potential has easily won this sedan plus points, in comparison to other vehicles in its segment. The different variants offered are;Revotron 1.2T, turbocharged MPFi Petrol engine delivering a power of 90 PS and a torque of 140 Nm at between 1750-3500 RPM. This comes in three different modes, which are Sport, Eco and City. Quadrajet 1.3L engine delivers a power of 90 PS and a torque of 200 Nm at 1750-3000 RPM.F-TRONIC Automated Manual Transmission in a diesel powertrain, which not only provides ease in driving, but also exceptional performance. The Sport option in the auto mode and shift assist manual mode, are offered to choose between.
The sturdy design and strong body is what adds to robust depiction of this sedan. The futuristic styling and the perfect blend of cuts and curves, is what sets this vehicle apart from the other competitors in its segment. The LED projector headlamps aid not just in visibility, but also help in accentuating the style. The patent Tata Signature grille with its logo in the front of the Tata Zest and the perfect marriage of the grille and shape of the headlamps, give it a well carved structure. To continue the symphony in design, the positioning of the tail lights, completes the structural requirement. The simplicity along with modern touches, is what one must expect from this sedan.
