Recalculate your Car Loan EMI and Total Interest Due in a snap!
Monthly amount paid to your Car Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
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In today’s world, an individual cannot make a big purchase without the help of a large surplus of money that’s provided by financial institutions that operate in India. There are people who are blessed with a loaded bank account, but for those who aren’t, it’s banks and lenders who come to their rescue.. So, when a person wishes to purchase a new car but they do not have the surplus to do so, they apply for a car loan with a lender or bank. Now, applying for the right loan amount can be a task as this requires a lot of research to ensure that the borrower applies for the right car loan. The borrower will have to make a number of complex calculations to figure out the EMI (Equated Monthly Installment) that he/she would have to pay every month. This could lead to a errors which can be disastrous to the borrower's finances. This is where life is made easy and hassle-free with the use of an EMI Calculator.
Calculating the EMI on a car loan has been made simple and error-free with the use of a Car Loan EMI Calculator. A Car Loan EMI Calculator is a tool that helps determine the EMI that needs to be paid towards the repayment of a car loan. It helps a person decide and select a suitable car loan amount and also helps them manage their finances.
The Calculator runs on a formula which computes the information that a customer provides to help calculate the EMI which has to be paid. Most EMI Calculators will require information pertaining to the loan tenure, loan amount, interest rate, processing fee, etc. The more information that you provide helps the EMI Calculator come to a more accurate result.
With today’s world moving fast towards modernization, people have also been striving to purchase a four-wheeler of their own to help make their travel a lot easier. A car loan can come as a relief to a lot of people who do not have the monetary resources to purchase a car on their own.
There are a number of sites which offer a Car Loan EMI Calculator to help a customer calculate the EMI that they would have to pay. The customer can visit the official website of the bank or they can even visit a banking portal like BankBazaar..
BankBazaar has a Car Loan EMI Calculator that is simple to use and is easier to understand. The calculator gives you a detailed breakup of your car loan. BankBazaar’s EMI Calculator is a very useful tool that a lot of people use to determine the EMI that needs to be paid on a car loan. You will have to input a few details pertaining to your car loan to obtain an accurate answer related to the the EMI that you would have to pay. The EMI Calculator will require your loan amount, processing fee, loan tenure, and interest rates to arrive at a result. The BankBazaar Car Loan EMI Calculator can also compute the information you have provided my considering any prepayments that you intend on making during the loan tenure.
Once you have provided the information required, you will have to click on “Calculate”. Once this is done, you will get the EMI that has to be paid on the car loan amount. An amortization table is also provided along with a graph which makes it easier to understand the repayment of your loan.
It is important to find out any and all information on your car loan and this includes doing ample amount of research on the loan that needs the be paid, interest rates offered by other banks, EMI amount that you need to set aside every month, and more.
Car Loan EMI Repayment Structure using BankBazaar's EMI Calculator
Before applying for a car loan, it is advisable to know a little about the EMI that you will have to pay towards the repayment of the car loan amount to the bank. EMI or Equated Monthly Instalment is a fixed amount of money that a person will have to pay every month to repay their car loan amount. An EMI that has to be paid consists of two main components which are the interest that’s levied on the loan amount and the principal loan amount. The total interest that has to be paid on the loan amount is spread across the loan tenure. The interest that is paid on the loan makes up a large part of the EMI in the initial stages of the loan repayment tenure.
BankBazaar's Car Loan EMI Calculator
The Car Loan EMI Calculator that’s available on the official website of BankBazaar is a simple and easy-to-use tool. It provides us with an abundance of comprehensive information that’s accurate and error free. The tool helps you make an informed decision on the car loan that you would want to apply for.
Car Loan Interest Rates - Sept 2017*
|Bank Name||Interest Rate (New Car)||Interest Rate (Used Car)||Maximum Loan Available||Lowest EMI per Rs.1 lakh for 7 years tenure|
|Andhra Bank||9.20% (Fixed)||B.R. + 3.25%||85% of on-road price (New Car) 60% of market value (Used Car)||Rs.1,619 (New Car) Rs.2,086 (Used Car)|
|Axis Bank||11% (Fixed)||N/A||95% of ex-showroom price||Rs.1,712|
|Bank of Maharashtra||9.20% (Floating)||9.70% (Floating)||85% of on-road price (New Car) 50% of market value (Used Car)||Rs.1,619 (New Car) Rs.2,086 (Used Car)|
|Central Bank of India||8.90% (Floating)||10% (Floating)||90% of on-road price (New Car) 75% of market value (Used Car)||Rs.1,604 (New Car) Rs.2,071 (Used Car)|
|Corporation Bank||9.15% (Floating)||N/A||85% of ex-showroom price||Rs.1,617|
|Federal Bank||9.92% (Fixed)||11.15% (Fixed)||90% of ex-showroom price (New Car) 75% of depreciated value (Used Car)||Rs.1,656 (New Car) Rs.2,121 (Usd Car)|
|HDFC Bank||9.25% (Fixed)||13% (Fixed)||100% of ex-showroom price (New Car) 80% of market value (Used Car)||Rs.1,622 (New Car) Rs.2,088 (Used Car)|
|ICICI Bank||10.75% (Fixed)||15.50% (Fixed)||100% of ex-showroom price (New Car) 80% of market value (Used Car)||Rs.1,699 (New Car) Rs.2,162 (Used Car)|
|IDBI Bank||9.95% (Fixed)||N/A||90% of ex-showroom price||Rs.1,658|
|Indian Bank||9.95% (Floating)||12.90% (Floating)||85% of on-road price (New Car) 60% of market value (Used Car)||Rs.1,658 (New Car) Rs.2,122 (Used Car)|
|IndusInd Bank||10.65% (Fixed)||N/A||85% of ex-showroom price||Rs.2,157|
|Kotak Bank||11% (Fixed)||17% (Fixed)||90% of ex-showroom price (New Car) 90% of market value (Used Car)||Rs.2,199 for both new and used cars|
|OBC||9.90% (Floating)||12.40% (Floating)||85% of on-road price (New Car) 70% of market value (Used Car)||Rs.1,655 (New Car) Rs.3,222 (Used Car)|
|PNB||9.60% (Floating)||11.20% (Floating)||85% of on road price (New Car) 70% of market value (Used Car)||Rs.1,640 (New Car) Rs.2,105 (Used Car)|
|SBI||9.60% (Floating)||13.05% (Floating)||85% of on-road price for both new and used cars||Rs.1,640 for both new and used cars|
|Tamilnad Mercantile Bank||11.30% (Floating)||11.75% (Floating)||85% of on-road price (New Car) 70% of market value (Used Car)||Rs.2,189 for both new and used cars|
|Union Bank of India||9% (Floating)||12% (Floating)||85% of on-road price (New Car) 50% of market value (Used Car)||Rs.1,609 (New Car) Rs.2,076 (Used Car)|
|United Bank of India||9.35% (Floating)||N/A||85% of on road price||Rs.1,627|
*Interest Rates and offers are subject to change according to market rates and without prior notice by the bank
A Car Loan EMI Calculator can come in handy in a number of situations. The calculator acts as the backbone in the entire process that’s involved in securing a car loan. The calculator can help in a number of ways, right from planning out your monthly budget that you will have to set aside, to the make and model of the car that you would like to purchase. Here are some of the points that you will have to keep in mind when using the online Car Loan EMI calculator:
Reduction in Repo Rate
There is some good news for people who are paying an EMI towards a car loan. EMIs which are paid towards a car loan shall see a reduction as the Reserve Bank of India reduced repo rates by 25 basis points and it now stands at 6%. This means that the cost of credit which is required by an individual who intends on making a big-ticket purchase will further decrease.
How to calculate car loan EMI?
The Car Loan EMI Calculator that’s available on the official website of BankBazaar uses the mathematical formula given below to calculate the EMI:
E = P x R x (1+R)^n/((1+R)^n – 1)
E is the EMI that is payable on a car loan amount
R is the rate of interest that is levied on the car loan
P is the Car Loan Principal Amount
n is the car loan tenure (in months)
The EMI Calculator works in a very simple way. An individual will have to provide details pertaining to their car loan such as loan amount, interest rate, processing fees, and loan tenure. Enter these details into the EMI Calculator and then click the “Calculate” button.
If the borrower intends on making a prepayment towards their car loan, then the borrower can provide this information in the respective tabs on the tool. An option is provided under prepayments where you can select “Yes” or “No”. Select the appropriate option depending on your choice.
If “Yes”, you will have to provide the details related to the prepayment frequency, prepayment fee, prepayment amount, and the category to which the prepayment applies. If the borrower does not wish to make a prepayment, then select “No” and click on the “Calculate” button. Your car loan schedule along with the amortization table will be provided.
The borrower can calculate their EMIs with different rates of interest and tenures to arrive at a suitable car loan option. This would help in making sure that the borrower isn’t under any added pressure when repaying the car loan.
Car Loan EMI Calculator Parameters
The EMI of a car loan depends on three major parameters – Loan Tenure, Principal Loan Amount, and Interest Rate.
There are other factors which also affect the EMIs which are paid and these are:
Advantages and Features ?
A floating rate of interest is an interest rate which fluctuates. There are a number of factors that affect the rate of interest when it’s floating in nature. Factors like inflation, liquidity, taxes, etc. all play a vital role in the interest rate that’s levied on the car loan. There are two main areas that demand your focus when you apply for a floating rate of interest – pessimistic (inflationary) and optimistic (deflationary) scenarios.
In an inflationary scenario, the rate of interest typically increases from its current rate. When this happens, the EMI that you will have to pay will also increase. However, in a deflationary scenario, the rate of interest will reduce by a certain percentage from its current standing. This will lead to a reduction in the amount that’s paid to the lender as an EMI.
The Car Loan EMI Calculator that’s available on the official website of BankBazaar is a very helpful financial tool that assists an individual in making smart decisions on their car loans. Some of the features and benefits that are offered with the EMI Calculator are listed below:
Having a large amount of money in hand opens up a number of doors for an individual, especially if they have major plans like a marriage, home renovation, medical expenses, going on an international trip, buying a new two-wheeler or four-wheeler, education fees, etc. These major events in an individual’s life would require a certain amount of capital to ensure that these plans come to fruition without much hassle. In such situations, a loan from a bank can be a real lifesaver as this capital can be used to cater to the needs that arise throughout the lifespan of an individual.
Life can be unpredictable at most times but in a world that runs on money, a capital can help you get out of a sticky situation. Let us consider the life of Ms. Kumar. She has been independent her whole life and has not depended on her parents or relatives for any type of financial security. This doesn’t mean that she has had a smooth life without facing any problems.
As a young girl, Ms. Kumar always wanted to become a doctor. As we all know, the tuition fees for a medical course can be quite stressful on a person’s finances. But, Ms. Kumar didn’t have the financial capital required to finance her education. This is where an education loan from a reputed bank helped her out in a big way. The education loan offered by the bank financed her education fees apart from other benefits that were offered with the loan.
But the college which she had to attend was quite far from her place of residence. This meant that she had to figure out her own mode of travel to commute back and forth from college and her home. Lucky for Ms. Kumar, the same bank offered her a two-wheeler loan and at an affordable rate of interest. This helped her purchase a new two-wheeler to help with her commute. This helped her a lot to minimise the amount of time spent on travel thereby giving her a lot more time to study and do well in her course.
Years went by since Ms. Kumar took a loan to begin a new stage in her life. But, with time came new responsibilities. Her younger sister is getting engaged and the money that Ms. Kumar had saved has nearly depleted with the clearing of initial bills and purchases made for the engagement. Funds were running dry and Ms. Kumar and her family were beginning to panic. Luckily for her, the education loan along with the two-wheeler loan which she availed in the beginning was paid back in full and on time, without making any delays in payments. This gave her a good credit score which most banks prefer their customers to have. Thanks to the good credit score, Ms. Kumar got a personal loan approved from the bank without much hassle. She was able to use this personal loan to finance her sister’s engagement and make sure that her sister was happy and content.
Ms. Kumar loves to travel. More than anything else, she loves road-trips. With all the responsibility of her career and family falling on her head, it was time for Ms. Kumar to reward herself for all the selfless deeds she has done in her life. So, Ms. Kumar decided to purchase a four-wheeler. The car that she wanted to buy would help her travel around the country without much hassle. With a good credit score and customer history with the bank, it was simple and easy to procure a car loan from the bank that has come to her aid in the past. She was able to purchase the vehicle and the first thing that she did was go on a road trip with her closest friends. This is the kind of happiness that an individual cannot purchase but has to experience.
A successful doctor, a responsible sister, and a loving guardian, Ms. Kumar filled these roles in her life with ease thanks to the capital provided by various loans sanctioned by the bank. This would not have been possible if Ms. Kumar didn’t maintain a good credit score, apart from other requirements which were needed to be met to procure a loan.
Almost all passenger cars along with multi-utility vehicles can be financed by a car loan.
Yes, you can avail a car loan on your existing four-wheeler. You can visit the BankBazaar website to find a bank that offers a car loan for used cars that matches your needs and requirements.
Anybody who falls under the following categories can avail a car loan:
You can find out the prepayment penalty that is levied on a car loan by contacting the nearest branch of the bank which has sanctioned the car loan to you. You can also visit the official website of the bank or a financial website like BankBazaar to help address your queries.
No. The Car Loan EMI Calculator is available on the BankBazaar website for no charge at all. You do not have to make a new login ID to use the Car Loan EMI Calculator on the BankBazaar website.
BankBazaar’s car loan EMI calculator will help you make smart decisions when it comes to repayments and choosing a loan. Here are some things that will be simplified in no time when you use BankBazaar’s online car loan EMI Calculator.
BankBazaar’s car loan EMI calculator is very intuitive and is easy to use. This wizardry is designed to make a tedious task very simple - just enter the values using sliders and get instant projections on EMI and amortization schedule.
If you encounter any problem with the calculator or if you need some light on a particular aspect of the calculator, all you have to do is get in touch with BankBazaar’s friendly customer support team and they will sort the issue.
BankBazaar’s car loan EMI calculator is very simple to use - as simple as using a normal calculator.
This tool is offered for free and will help you crunch your numbers in no time!
BankBazaar’s car loan EMI calculator will display the amortization schedule and break up of amount payable in a visually appealing graphic format. It will also be easier for you to interpret and understand the data that way.
You can use BankBazaar’s car loan EMI calculator any number of times - till you arrive at the perfect combination of tenure and principal and an affordable EMI.
Use the car loan EMI Calculator to see which car loan deal suits you the best. Compare car loans based on interest rates, processing charges and prepayment penalty and use the calculator to see how these parameters affect your EMI. With BankBazaar’s car loan EMI calculator, comparing loans just got smarter and hassle free!
You can calculate the EMI for your car loan by using the Excel spreadsheet. Follow the steps given below to easily find the car loan EMI using excel.
In an Excel sheet, you can compute the EMI for your car loan using the function PMT.
The PMT function in EXcel will compute the constant periodic payments required to partially or completely pay off a loan with an interest over a tenure.
The syntax of the function is as follows :
Let us use an illustration to understand the formula.
Consider a car worth Rs. 5. 95 lakhs. For a loan to purchase the car with a down payment of Rs. 1.5 lakhs, the loan amount would come to Rs. 4. 45 lakhs. If the interest rate is 12% per annum and the tenure is 4 years, the Excel PMT formula would look like,
PMT(0.12/12, 4*12, 445,000) where the period considered is months.
This formula will give you a result of Rs. 11, 718. Also, in Excel the result will come in red or negative which denotes cash outgo.
You must add processing charges and other fees to get an accurate result.
BankBazaar’s car loan EMI calculator will let you make smart loan decisions and repayments. Here are some points which you can infer from the car loan EMI calculator that will help you make better decisions when it comes to a car loan.
BankBazaar’s car loan EMI calculator will project the instalment amount using which you can understand your loan affordability. After all expenses & other investments that you make using your salary, you must be able to comfortably afford the EMI amount.
If you are planning to make prepayments, you can use BankBazaar’s car loan EMI calculator to find out how the prepayment will affect your EMI repayment schedule and also see if you will really benefit from making a prepayment.
You can use an online car loan EMI calculator to compare different car loan products on a detailed analytical basis.
Using the results projected by the calculator, you can plan your monthly budget as well as the repayments.
The amortization calendar will help you plan the repayments. As the schedule will help you understand how the interest outgo will change over time, hence helping you to manage the finances better.
Loan parameters needed for using the Car Loan EMI calculator:
You need to know the loan amount, processing fee and the interest rate of your car loan, home loan or personal loan. If you plan to prepay your loan, then figure out the exact or approximate amount you intend to prepay and the periodicity of such payments depending on your loan agreement.
Use the sliders and input boxes provided in the calculator to key in or match these loan parameters.
The calculator will then work out the exact pattern of your loan repayment. Aspects such as the amortization table, the total interest outgo, the timelines of your loan repayment etc. will be displayed in accurate detail enabling you to make smart loan decisions!
Read on to learn how you can figure out the functionality of the different loan parameters and what role they specifically play in your loan repayment pattern. BankBazaar.com’s EMI calculator is a fantastic tool that can help you manage the various loan parameters to become debt free in the most efficient manner possible.
Starting Balance: The starting balance of any given period corresponds to the principal amount that is owed to the bank at the beginning of that period.
Interest Paid: This is the portion of your monthly payment that is applied towards interest.This portion will keep reducing each successive month as the car loan matures. The rest of your monthly payment is applied towards the car loan principal.
Principal Paid: This is the portion of your monthly payment that is applied towards the loan principal. This portion will keep increasing each month as the loan matures. The rest of your monthly payment is applied towards interest.
Ending Balance: The ending balance of any given period corresponds to the principal amount that is owed to the Bank at the end of that period.
You can switch to Annual view of your Car loan amortization.
Planning of foreclosing your car loan? Read on to know if it’s a good idea.
When an individual applies for a car loan to purchase their dream vehicle, they are given a tenure in which the car loan would have to be repaid. There are times when a bonus at work or a sudden surge of money comes into the applicant’s life. So what should they do with the extra money? Repaying the car loan with a big payment can surely bode well for the applicant as he/she ends up saving a lot of money that would have been paid as interest. This is called pre-closure or foreclosure of a car loan. But, is this a good idea? Know more on this page as it talks about the various advantages and disadvantages of foreclosing of a car loan. Read More
Prepaying your car loan? Read more to ensure you make the right decision.
It is a well-known fact that loans can come as a saving grace in times of financial hardship especially when you have to make a big purchase. With banking portals making it easier to apply for a car loan online, a lot of people prefer to apply for car loan rather than pay for the purchase from their own savings. During the loan repayment tenure, you may come across a large sum of disposable money and though the logical thing to do is foreclose the car loan, it is advisable that you take a step back and study your options. This page talks about the various advantages and disadvantages that come with the foreclosure of a car loan. Read on to help you make a more informed decision when it comes to the foreclosure of your car loan.Read More
What is Car Loan Transfer?
There are a number of different car loan products that offer different advantages and benefits. With so many options available, it can be difficult to come across the right car loan option. There are times when a person has applied for a car loan and has later come across a better car loan option. Car loan transfer is a route that a lot of people in this position opt for to get out of their current predicament.
It is a simple process that helps clear out the previous car loan amount that a person has initially applied for. With this feature, a car loan applicant can close their previous loan amount and make payments towards the new car loan that’s better for the applicant. This page talks about the procedure of a car loan transfer and the steps to follow to ensure that it’s done right.Read More
Cash or Car Loan? Read on to see what works out better
Car loans make it easy to purchase a car as it does not need us to dip into your savings when making the purchase. But what do you do when you do have the surplus needed to pay for the purchase? As banks end up taking a chunk of your money as interest, should you purchase the car with your own money or a car loan? There are other ways in which you could utilize this surplus of money that you have on hand. Read on to know more about how to make the purchase of your car. Read More
What does the future hold for car loans in India?
With a steady increase in the population of India, car sales have grown in India over the past couple of years. Banks and NBFCs have also begun developing car loan products to cater to the needs and requirements of the people. The future of car loans in India looks quite lucrative with the various benefits and advantages that come with it. Read on to see what’s in store for car loans in India. Read More
Polestar, an independent automobile manufacturer was previously a division of Volvo. It has unveiled Polestar 1, the first hybrid car produced on Volvo designs and chassis. Polestar 1 has an electric motor and a set of batteries with a turbocharged 4-cylinder petrol engine to power the car. The electric motor alone will give 150 kms, and get 600 bhp power and 1,000 Nm peak torque when combined with the 4-cylinder engine.
Polestar 1 is a 4-seater, 2 door coupe much like the Volvo S90. The car also has an electronic suspension, fine tuned by Ohlins and Akebono 6-piston brakes with huge 400 mm discs. The body of the car will be made of carbon fibre to reduce its weight by 230 kg. Polestar 1 has boomerang shaped tail lamps and Thor's hammer headlamps.
Soon, Polestar 1 which is a hybrid will be joined by Polestar 2 and Polestar 3 which will be an all-electric sedan model and a large SUV, respectively in 2019. Customers can pre-book the Polestar cars, pay a monthly charge without a deposit, and own the car for an extended period of time. Home pickup and drop are also provided to the customers for subscribed cars.
18th October 2017
Toyota Motor Corp aims to test self-driving electric cars by utilising artificial intelligence (AI) in order to communicate with drivers. The leading auto manufacturer is competing with tech firms to create new car models.
The company wants to make use of AI technology in order to improve and intensify the overall driving experience of driving enthusiasts.
Toyota intends to invest $1 billion by 2020 to include automated driving and AI technology for manufacturing intelligent and self-driving cars.
Such cars will be able to assume the alertness and thoughts of drivers by observing their actions, expressions, as well as voice tone.
17th October 2017
Currently, Toyota Motor Corp sells over 62 car models in Japan. The Toyota car models in the Japan automobile market include gasoline-hybrid Prius, sedan Premio, and compact-hatchback Aqua. As a result of the decrease in auto sales in Japan, Toyota has decided to cut down the number of car models to 30 by 2025. The cut down in the number of car models by half will help Toyota make better use of its resources. The car manufacturer plans to maintain auto sales at minimum 1.5 million units per year. It currently sells over 1.6 million units annually. Like other global car manufacturers, Toyota is focused on producing low-emission vehicles which includes electric cars.
13th October 2017
Volvo Cars released its first car model that was assembled in India. The name of the model is XC90. The assembling was done at a factory in the state of Karnataka. The auto manufacturer intends to raise its dealer network and also launch new car models in the nation. These steps are being taken to raise the company’s market share to 10%.
The managing director of Volvo Auto India, Charles Daniel Frump, said that the parts for the vehicles are actually from Sweden. He also said that the company is focussing on local assembly as the company is dedicated to enhance its operations in India.
12th October 2017
Launched at Rs.4.15 lakh after a mid-life facelift, Maruti Suzuki Celerio has started an 'Automatic Revolution' in India. It was the first vehicle offering a simple and affordable automatic transmission. The vehicle comes with a driver's airbag and a new look with a hexagonal air dam and less chrome. The passenger airbag is available at an additional Rs.15,000. Maruti Suzuki offers AMT in 5 of its vehicles, 2 of which comes in diesel variant. Celerio LXi is priced at Rs.4.15 lakh, VXi is available at Rs.4.48 lakh, ZXi is launched at Rs.4.74 lakh, and VXi CNG is priced at Rs.5.1 lakh. Tata, Renault, Nissan, Hyundai, and Mahindra also provide AMT in their vehicles.
10th October 2017
Tesla Inc., global car manufacturer, recently made immense losses worth higher than $10 billion without much profits. However, many car manufacturers are preparing themselves to compete with it.
From now to 2022, around 50 new car models that are purely electric, will be released in the markets across the world. Some of the car companies launching these brand new electric cars include Volkswagen AG, James Dyson, and Daimler AG.
This increase in making electric cars is happening due to government mandates being passed for manufacturing more electric vehicles. Certain nations are also forcing car makers to purchase credits from their rivals if they fail to increase production.
4th October 2017
The Women's Automotive Buyer Study (WABS) has conducted their first ever study that found that Honda cars are quite popular among women drivers in India. The study considers the level of satisfaction of a women driver after choosing their cars to gauge and make their list. The study measures the level of product performance, brand image, delivery, and sales. Other brands that stand out are Volkswagen, Nissan, and Toyota. Honda has done considerably well in terms of driving experience in the city according to most women drivers. The study has also shown that though there are cab services like Uber and Ola playing on Indian roads, women prefer using their own personal transportation due to a number of reasons, mainly safety and trust. The WABS study was conducted across 28 towns and cities located in India and also covered 11 popular car brands and more than 80 different models.
25th September 2017
Customers of Hyundai Motors India will soon have to shell out more for their dream vehicle as the company has decided to increase the prices of all cars by around 2-7%. Small cars like the Grand i10, Hyundai Eon, and the Xcent will not be affected by the increase in car prices. The change in car prices ranges from Rs.12,547 for the Elite i20 to as much as Rs.84,867 for the Tuscon. The new Hyundai Verna now costs Rs.29,090 extra after the recent hike in cess. The increase in the price of the Hyundai Creta ranges between Rs.20,900 and Rs.55,375. The company’s executive sedan, Hyundai Elantra, attracts an increase in its price by around Rs.50,312 to Rs.75,991. Customers were quite surprised by the increase in car prices before the festive season but automakers have to abide by the decision made by the GST Council.
21st September 2017
Chery International may soon set up shop in India as they are currently seeking the help of Tata Motors to enter the Indian auto market. Operating out of China, Chery International has a good relationship going with Tata Motors as the two companies have been working on the Jaguar Land Rover project that’s owned by Tata. The Chinese automakers are trying to work on entering the Indian auto market with this partnership. Chery International has sold over 6 million vehicles from the time the company began operations 20 years ago. Chinese car makers have been trying for some time to enter the Indian auto market and with focus slowly, but surely, being diverted to the electric car field, Chinese car makers are now finding it easier to enter India’s market
21st September 2017
After dipping its toe in the electric field segment with the Ioniq, Hyundai plans on unveiling a fully electric variant of the new compact crossover SUV, the Hyundai Kona. The company plans on unveiling the car at the Geneva Motor Show that is scheduled to be held next March. Thomas Schmid, Hyundai Europe’s Chief Operating Officer, had confirmed that the drivetrain that’s being used on the Ioniq will not be implemented on the electric Kona. The Kona is said to feature an all new next-generation electric system that will have a more powerful battery to help with greater range. The Kona compact crossover SUV will come with an initial choice of a 1.6-litre and a 1.0-litre gas engine. The company plans on releasing a 1.6-litre diesel variant in the summer.
Hyundai Motor Company had taken this path towards Electric Vehicles (EV) to be on par with the company’s rivals in this field. The electric version of the Kona is said to offer a range within 390km when it hits the auto markets in the first half of the coming year.
18th September 2017
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards