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Downpayment, EMI and Tenure for Chevrolet Beat

Car finance can be a tricky business, it's confusing to say the least. Every offer on car finance can be resented in many different ways and chances are that the one that looks most promising option works out to be the most costliest option in the long run. Be careful and alert.


Hello,  I want buy Chevrolet Beat with the down payment of 1 Lakh... Could you please let me know if it's possible. And how many years do I need to pay the EMIHello,  I want buy Chevrolet Beat with the down payment of 1 Lakh... Could you please let me know if it's possible. And how many years do I need to pay the EMI

 


Downpayment, EMI and Tenure for Chevrolet Beat

Yes it's possible to buy a Chevrolet Beat with a downpayment of Rs.1 lac. Basis an individual's credit rating (as per CIBIL) banks provide car loans to working individuals quite easily, provided teh CIBIL score is upwards of 700. In most cases, if your salary account is with HDFC, one also gets pre-approved car loan offer at good rates

The calculation for providing car loan could either be 85% of ex-showroom price  OR 85% of on-road price net of discounts. Most car financier normally offer 85% of ex-showroom loan only, This can go upto a maximum of 90 to 95% depending upon cibil rating and past loan track record.

Loan tenure with private banks do not exceed 5 years, in rare cases, they might go to 7 years, but in such cases there is a tie-up between the bank and its normally not a prevalent practice. However, SBI does offer a 7 years loan tenure to select audience basis their credit rating and financial track record.

Tenure of loan period is your prerogative, however, banks does look into your financial profile before offering the loan and tenure. Our advice would be to not go beyond 5 years, ideally , 3 years if possible. Most car buyers with your kind of background would normally upgrade within 5 years and at times a longer duration loan can be a financial drain as the financier would have pre-payment penalty clause.

Your per lakh EMI for a car loan at 11% interest rate with one advance EMI would be

Tenure                 EMI/Lakh

36 months           3244

48 months           2561

60 months           2155

Under this finance scheme, you will give one advance cheque and 35 PDC for a 36 months loans tenure.

Vist the link for EMI Calculator


http://www.ecardlr.com/car-finance/emi-calculator.aspx

One last piece of input, you must try PSU banks (SBI for sure) as their interest rates are much lower and they have longer tenures. 

 

Beat car finance, January 24 2017.

AGENT                                                          Good afternoon           

 

VISITOR                                                        very good afternoon sir ..        

 

VISITOR                                                        sir i want to buy Chevrolet Beat car but right now i have only 25000 rs so remaining amount i need to make loan so what is the procedure           

 

AGENT                                                          If you are planning to but the Beat, then hold as a more improved version is being launched either in April or May 2017                 

 

AGENT                                                          Regarding loan amount, its dependent on you financials         

 

AGENT                                                          You will have to give your income statement through Form16 or income tax return the financier will then be able to tell your loan amount eligibility           

 

VISITOR                                                        k my net income per year is 351000     

 

AGENT                                                          You will need address proof, Pan card, bank account for at least 6 months and some more documents                                                

 

AGENT                                                          at 3.51 lacs, I think a decent loan should not be a problem, if you do not have any other loan running on you                                        

 

AGENT                                                          Financier will add all existing loan pay-outs to determine your eligibility in addition what has been mentioned above                       

 

VISITOR                                                        thanks sir

 

Beat, March 29 2016.

VISITOR                                                      i am looking to buy Chevy Beat for my small family

 

VISITOR                                                      is it suggestable??

 

AGENT                                                        Why are you asking that?

 

VISITOR                                                      and this is my first car

 

VISITOR                                                      i don’t know just to know feedback

 

AGENT                                                        Beat is a good car, quite apt for a small family

 

AGENT                                                        More importantly, it’s available at a great price

 

VISITOR                                                      thanks

 

Down payment & EMI, December 10 2015.

VISITOR                I'm looking for a car with low down payment

 

AGENT                  please share your concern

 

VISITOR                i am looking for al

 

VISITOR                Alto 800

 

AGENT                  Okay.  If you can share your query we can try and help

 

VISITOR                i have only 50,000/- with me

 

VISITOR                i want a car

 

AGENT                  okay and how much monthly emi can you comfortably manage

 

VISITOR                3000/-

 

VISITOR                3000 to 3500 /-

 

AGENT                  hmmm... too tight

 

VISITOR                you suggest me

 

AGENT                  if we take loan for 7 years roughly in suggested emi range we can manage loan of 2 lakh

 

VISITOR                ok

 

AGENT                  which means our total cost of car cannot be more than 2.5l

 

VISITOR                ok

 

VISITOR                suggest me what i need to do..?

 

AGENT                  which car do you want to buy

 

VISITOR                i want 6 seater cars

 

VISITOR                how much i need to pay as a down payment

 

VISITOR                2 hand will also do

 

AGENT                  see starting 6seater would be Datsun Go + Ertiga which should be above 6.5 l

 

AGENT                  you are from which city

 

VISITOR                Mumbai

 

VISITOR                Ertiga will do

 

VISITOR                and Honda City 2 hand.....

 

AGENT                  well would not have off hand info on available second hand Ertiga in mum but our guess would be that 2-2.5 we should be able to get first gen Ertiga

 

AGENT                  City would be 5 seater and not 6 as per your requirement

 

VISITOR                ok

 

AGENT                  also decent city second hand should be upwards of 3 l

 

VISITOR                ok

 

AGENT                  if you can wait let December go and meanwhile do some savings and then look at option when we have slightly better budget and savings

 

VISITOR                i will be able to make a down payment of 1 lakh

 

VISITOR                and EMI 5000/-

 

VISITOR                FOR ERTIGA 2 HAND

 

AGENT                  okay...we must know that second hand car financing is costlier

 

VISITOR                OK

 

AGENT                  by 12-15%

 

VISITOR                NO PROBLEM

 

AGENT                  and happens mostly for 3- 5 years

 

VISITOR                AL RIGHT

 

VISITOR                I'M READY

 

AGENT                  so then we can look for second hand Ertiga and also Scorpio and Xylo which we should get some option

 

AGENT                  two additional option will be diesel

 

VISITOR                Ertiga and Xylo will do

 

VISITOR                ok

 

VISITOR                Diesel????????

 

AGENT                  Xylo is diesel which will mean saving in running cost plus space advantage

 

AGENT                  ground clearance is better

 

VISITOR                ok

 

AGENT                  Maruti advantage is smoother drive overall less cost of maintenance

 

VISITOR                ok

 

AGENT                  and slightly better resale

 

VISITOR                Ertiga is fine.......

 

VISITOR                let me know the price

 

AGENT                  so have shared pros for each to make it easy to decide

 

VISITOR                ok

 

AGENT                  we do not currently deal directly on second hand...we can try and put you to someone.

 

VISITOR                ok

 

AGENT                  our job is to offer honest advice and guide you to best wheels and that is how we are a friend

 

VISITOR                ok

 

AGENT                  hope now have answered your initial question

 

VISITOR                thanks ....for your help

 


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  • I want to purchase a car worth 4.5 lakhs. What is the downpayment that i have to make and what will be the emi ?

    Nick (2) reply
          
  • As mentioned above, paying 1lakh as down payment and the EMI for the years are:- Amount of Rs. 450000/- minus down payment Rs.100000/- =Rs.350000/- amount to pay in EMI The amount of Rs.350000/- @ 12% interest Year Months EMI 1 12 30789.1 2 24 16312.59 3 36 11509.91 4 48 9125.59 5 60 7708.47 6 72 6774.82 7 84 6 117.28 We have calculated this EMI schedule on the basis of 12% interest rate, as it may vary from bank to bank and dealer as well. In my opinions I would suggest to pay more than 40% of the total amount as down payment that the amount of@12% interest will be diminished.
    Anjan Surong reply
          
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