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|
Find better loan rates, special discounts, cashback offers from all banks only with BankBazaar.com's real time interest rate calculator.
Owning a car has become more of a necessity than luxury. But, if you are planning to purchase a car, it is not advisable to burn up all your savings in the process. Instead you can opt for car loans and pay back the loan amount in affordable EMIs every month. Wondering what the EMI means or worried about the car loan interest that you would be paying over the tenure? Take control of money matters by using a car loan EMI calculator - read on to find more about the benefits and advantages of using an online EMI calculator for car loan.What is an EMI?
EMI or Equated Monthly Installment is the fixed amount that a borrower has to pay every month before a specified due date towards the loan amount. EMIs are essentially made up of two components - the principal amount and the interest on loan principal which is spread across each month in the tenure. In in the initial stages of loan repayment, the interest portion will form a major portion of the EMI. As the loan tenure progresses, the contribution towards interest repayment will reduce and the principal repayment portion will increase.
|The Revised Car Loan Interest Rates – June 2017|
|Bank Name||Interest Rates (for new vehicles)||Maximum Loan Amount||Lowest EMI per Rs.1 lakh for 7 years tenure|
|United Bank of India||9.95% to 10.45%||
Individual: Maximum of Rs.30 lakh
Non Individual: No ceiling
|Rs.1658 for 7 years|
|Punjab National Bank||8.7% to 9.05%||
Individuals: Rs.1 crore or 25 times net monthly income
For Businesses: No ceiling
|Rs.1594 for 7 years|
|Axis Bank||11% to 12%||Upto 85% of on-road price||Rs.1712 for 7 years|
|Bank of India||9.35%||
Individuals: Rs.50 lakhs
Companies and corporate entities: Rs.2 crores
|Rs.1627 for 7 years|
|State Bank of India||9.20% to 9.25%||85% of on-road price||Rs.1622 for 7 years|
|IndusInd Bank||10.65% - 15.50%||-||Rs.2157 for 5 years|
|Union Bank of India||Not available||85% of on-road price||Not available|
|Andhra Bank||10%||Rs.25 lakhs to Rs.50 lakhs||Rs.1660 for 7 years|
|Bank of Maharashtra||9.45% to 11.45%||
For Salaried persons: Upto 20 times net monthly income
For others: Upto 2 times average annual income
|Rs.1632 for 7 years|
|Corporation Bank||9.15% to 13.75%||A maximum of Rs.1 crore||Rs.1617 for 7 years|
|HDFC Bank||11.50% to 13.75%||Upto 100%||Rs.1739 for 7 years|
|IDBI Bank||9.95%||90.00% of ex-showroom price||Rs.1658 for 7 years|
|ICICI Bank||10.75% to 12.75% Fixed||Upto 100% of ex-showroom price||Rs.1699 for 7 years|
|Tamilnad Mercantile Bank||11.30% to 11.55%||Upto Rs.1.5 crore||Rs.2189 for 5 years|
|Central Bank of India||8.9%||Upto Rs.75 lakhs||Rs.1604 for 7 years|
|Oriental Bank of Commerce||10.20% to 12.70%||Upto Rs.1 crore||Rs.1670 for 7 years|
|Kotak Bank||11.50% - 13.50% Fixed||Upto 90% of ex-showroom price||Rs.2199 for 5 years|
|Federal Bank||9.92% - 10.52% Fixed||90.00% of ex-showroom price||Rs.1656 for 7 years|
|Indian Bank||10.15% Floating||85% of on-road price||Rs.1668 for 7 years|
Please note that the interest rates linked to MCLR are subject to revision from time to time.
From helping you decide the car model to assisting you in planning the monthly budget, a car loan EMI calculator can come handy in many situations. Here are some important pointers that you must bear in mind before using an online car loan EMI calculator.
An EMI calculator is a very easy and hassle free tool that will help you find your current or prospective monthly instalment amount. Leading banks, financial institutions and third-party loan comparison websites offer a car loan EMI calculator.
In a car loan EMI calculator, you will have to enter details including your loan amount, repayment tenure and the rate of interest. The calculator will project monthly instalment amount and the amortization schedule.
In a car loan EMI calculator, you can also enter the processing fee, if any. This fee will also be added to the loan amount to show the total expense that you will be incurring.
You can also see how prepayments will affect the EMI over the tenure by using an online car loan EMI calculator. You can enter the prepayment frequency, prepayment penalty and the prepayment amount to see how it influences the EMI.
A car loan EMI calculator will also project the loan amortization schedule, timelines of loan repayment and the total interest outgo which will arm you with the necessary information required to make smart repayment decisions.
You can use the car loan EMI calculator to plan your monthly budget so that the EMI becomes affordable.
Make use of the car loan EMI calculator to check the effects of tenure and interest rate on EMI. Arrive at an affordable EMI by varying the tenure and ensure that the interest rate is not making the EMI costlier.
Good News: Car Loan EMI Likely to Go Down post Repo Rate Cut
EMIs paid towards a car loan will be reduced after the Reserve Bank of India cut repo rates by 25 basis points to 6%. The rate cuts will mean that the cost of credit that is required for an individual to make a big-ticket purchase will come down further. The financial sector is certain that these new changes imposed on repo rates.
EMI stands for equated monthly installment. An EMI is the amount of money that you need to pay to your lender on a monthly basis to repay your loan conveniently. Under this payment method, your principal amount and interest will be together divided by the number of months.
What is an EMI calculator?
An EMI calculator is an online tool that calculates the EMIs you need to pay for a certain loan. You only have to key in your loan amount, loan tenure, interest rates, and processing fee to use this calculator. If you are planning to take a car loan, you should use an EMI calculator to understand how much you will have to repay each month.
How an EMI calculator works
In an EMI calculator, the following formula is used:
E = P x r x (1+r)^n/((1+r)^n – 1)
Here, E is the amount that you will need to pay on a monthly basis, P is the loan amount that you will need to borrow, n is your loan term, and r is the interest rate which will be computed for every month and not for each year.
What is a floating rate EMI calculator?
A floating rate or a variable rate is an interest rate that is fluctuating in nature. In this case, your car loan for such a floating or adjustable rate will not have a fixed rate of interest. When you select a floating rate for your car loan, you will need to use a floating rate EMI calculator.
Since the interest rate is not fixed in nature, you will need to consider a few factors while computing your EMIs. One of the main factors is the prevailing economic scenario.
Economic scenarios that affect floating EMI rates for car loan
When you are planning to go for a floating interest rate for your car loan, you will need to focus on optimistic (deflationary) and pessimistic (inflationary) scenarios.
In a deflationary scenario, the interest rate will decline by a certain percentage from the current rate. When this happens, your EMI amount will reduce or you can choose to go for a shorter loan period. On the other hand, in an inflationary scenario, the interest rate typically goes up. When this happens, your EMI can increase extremely.
When you are aware of both these scenarios, you can plan your car loan applications sensibly. You can use a floating rate calculator to get a clear idea about the different EMIs that you will need to pay for your debt. With proper knowledge about your floating EMI rates, you can plan your monthly expenses efficiently. This will ensure that you have a smooth repayment process.
EMI Calculators work by first calculating the compound interest on your principal loan amount at the given interest rate. The calculation usually proceeds along the lines of the following rule - on the total amount payable, pay the interest component first and the part that remaining of your EMI is the principal.
Mathematically, EMIs are computed using the following formula.
Monthly Instalment Amount = [ P x R X (1 + R) ^ N] / [ (1 + R) ^N - 1]
where P is the principal loan amount, R is the rate of interest per month and N is the number of monthly instalments. If the rate of interest per annum is 12%, then the interest rate per month will be 12/(12 x 100).
The EMI is a combination of principal component and the interest component. For example, if the loan amount is Rs. 10 lakh, monthly interest is 0.0075 (for an annual interest rate of 9%) and number of months is 180 (15 years tenure), using the formula, the EMI would work out to Rs. 10, 142.67.
Using an online car loan EMI calculator, you will get the following results but without any hassles or calculation errors which are prone to occur otherwise.
Going by the above mentioned factors, the EMI payments are inversely proportional to the loan tenure and is directly proportional to the rate of interest and loan amount. This means the following.
Other important factor that affects EMI payments is the type of interest being charged on loans. For car loans with fixed interest rates, the EMI will remain the same over the tenure. For car loans with floating interest rates, the EMI payments will vary if there is change in the base rate or the prevailing market rates.
Also, if you make prepayments in parts or preclose your loan, it will make a substantial change in the EMI. Any part payments made towards car loan will be deducted from the loan amount which will reduce the interest being paid.
The detailed information projected by a car loan EMI calculator will help you plan on repayments and make smart loan decisions. Here are some details that you will be able to infer from the repayment schedule projected by a car loan EMI Calculator.
The online EMI calculator will compute your monthly EMI amount with the tenure, rate of interest and principal amount that you have provided. The EMI amount calculated will help you assess your financial affordability and if you will be able to fit the loan instalment in your monthly budget. You can keep varying the tenure and principal to arrive at a comfortable instalment amount.
The car loan EMI calculator will display a break up of the total amount payable in the form of a pie-chart or a bar graph. The break up will show the percentage of loan amount, processing fee (if any) and total interest due in total amount payable. For example, consider a car loan amount of Rs. 50, 000 with tenure of 1 year at interest rate of 10. 25% and processing fee of 2% the loan amount. The interest for this loan will come to Rs. 2, 819 and the processing fee will come to Rs. 1, 000. Given below is the break up of total amount payable.
|Loan Amount||Rs. 50, 000|
|Total Interest Due||Rs. 2, 819|
|Processing Fee||Rs. 1, 000|
|Total Amount Payable||Rs. 53, 819|
This break up will help you assess the percentage of interest and principal in the total amount payable by the end of tenure. For greater loan quantum, this break up could come in really handy as you will be able to view graphically the percentage of interest that you will be paying towards the loan. If you comparing car loans based on the EMI, interest rate and the processing charges, you will be able to make a better comparison using the break up chart.
You will be able to view your debt repayment schedule in form of regular instalments over a period through the amortization calendar. The amortization schedule will offer insights about installment number, opening principle, monthly instalment amount, interest component of instalment, principal component of instalment, rate of interest and closing principle. Here is a sample amortization schedule which will help you understand better.
|Year||Principal Paid(PA)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance|
|For the period of loan tenure (Feb to Oct)||Rs. 45,635||Rs. 2,781||Rs. 48,416||Rs. 4,364|
|Feb||Rs. 3,975||Rs. 427||Rs. 4,402||Rs. 46,025|
|Mar||Rs. 4,008||Rs. 393||Rs. 4,401||Rs. 42,017|
|Apr||Rs. 4,043||Rs. 359||Rs. 4,402||Rs. 37,974|
|May||Rs. 4,077||Rs. 324||Rs. 4,401||Rs. 33,897|
|Jun||Rs. 4,112||Rs. 290||Rs. 4,402||Rs. 29,785|
|July||Rs. 4,147||Rs. 254||Rs. 4,401||Rs. 25,638|
|Aug||Rs. 4,183||Rs. 219||Rs. 4,402||Rs. 21,455|
|Sep||Rs. 4,218||Rs. 183||Rs. 4,401||Rs. 17,237|
|Oct||Rs. 4,254||Rs. 147||Rs. 4,401||Rs. 12,982|
The following sample table is for a predefined value of principal, interest and tenure. The amortization table will be calculated by the car loan EMI calculator and will help you make better choices regarding the car loan repayments.
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!
If you are worried about crunching numbers, BankBazaar’s car loan EMI calculator will do it for you in no time! All you have to do is enter loan details including principal amount, interest rate and tenure to get your EMI instantly. BankBazaar’s car loan EMI calculator will also project the breakup of total amount payable which will help you compare car loans based on detailed and reliable information. Also, the calculator will display the amortization schedule based on car loan information that will help you make better loan decisions. Here are some unique things that BankBazaar’s Car Loan EMI Calculator will be able to do for you.
Project Information regarding amortization and amount break up in a graphical manner for better understanding.
Gives detailed information about opening principal loan amount, instalment numbers, principal and interest component of instalment and closing principal in the amortization schedule which will help you plan the repayments better.
BankBazaar’s Car Loan EMI Calculator will help you understand the effect of interest rate and tenure on monthly EMI. You can also keep varying the loan parameters till you arrive at an affordable EMI.
You can also check the effects of prepayments on the loan EMI using BankBazaar’s Car Loan EMI Calculator.
BankBazaar’s Car Loan EMI Calculator is intuitive and super easy to use. The calculator requires information about the car loans and requires minimal inputs to deliver instant results. Here’s how you use the Car Loan EMI Calculator on BankBazaar’s web portal.
Use the slider to enter the right loan amount and tenure. The slider will let you enter the right tenure, in terms of years and months. You will have to choose 2.2 years if the tenure that you have opted for is 26 months.
Enter the processing fee, if any, as a percentage of loan amount. Generally banks charge up to 3% of the loan amount as processing fee or none at all.
If you would like to make prepayments, select the “Yes” radio button. If you are planning to make prepayments and want the same to be reflected in your EMI schedule, you must enter values for the following parameters.
Pre-payment Frequency - select if you will be making pre-payments every month, once in 3 months, once in 6 months, once a year, just once or if you will pay off the loan completely. You can choose an option using the drop down box.
Pre-payment Amount - Enter the amount that you will be prepaying towards the loan as per the frequency selected.
Pre-payment Fee - If your lender charges you a percentage of outstanding balance as pre-payment penalty, enter the percentage. If your lender is not charging any fee for making pre-payments, you can leave this field blank.
Pre-payment applies to - Select if the pre-payment applies to sum of all pre-payments, final pre-payments made or sum of all pre-payments made in the final year of loan using the drop down menu.
After you have entered all these details, you are all set to go! Just click “Calculate” to get your monthly EMI amount and amortization schedule instantly.
BankBazaar’s Car Loan EMI Calculator is a great financial tool that will assist you in making smart loan decisions. Here are some of the features and benefits that come with BankBazaar’s Car Loan EMI Calculator.
Instant Results : BankBazaar’s Car Loan EMI Calculator will calculate your EMI in few seconds and you will be able to use the results instantly. You can use this tool before taking a car loan, while planning car loan repayments or even when you are planning to pay off the loan entirely - because it gives instant results.
Accurate and Intuitive : Using an online car loan EMI calculator will save you from the hassles of working out a complex compound interest calculations. To err is human, and manual calculations might lead to incorrect values. Just enter the loan details and let the Car Loan EMI Calculator do its job. The intuitive interface of the calculator will make it easy for everyone to use it.
Repeat Calculations : With a Car Loan EMI Calculator, you can keep varying the values till you arrive at the right EMI value. A Car Loan EMI Calculator will let you experiment with tenure and car loan interest rate values and will let you understand the effect of such parameters on the EMI.
Prepayment Calculations : A car loan EMI calculator will let you compute the effect that your prepayments will have on the EMI. You can mention values including the prepayment amount, prepayment frequency and the penalty. The calculator will project the new EMI if you make prepayments and also the penalty amount.
Compare Car Loans Analytically : Using BankBazaar’s Car Loan EMI Calculator, you will be able to compare car loans on the basis of important factors like EMI and the interest over time. Though the interest rates may look almost the same, the EMI calculator will tell you on a detailed basis, the total interest outgo which will help you compare the interest rates better.
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.
Loan Amount: Enter the Loan amount using the slider or the edit box you wish to borrow for your Car. Always try to make maximum down payment to reduce the loan burden.
Interest Rate: This is the Interest rate that is charged on the money borrowed. This rate is monthly reducing balance.
Tenure: Select the period for which you wish to take the Car Loan. Generally car loan tenures range from 1 to 7 years.
Processing Fees: Many banks charge a processing fee at the time of disbursing a car loan. Processing fees typically vary between 0.1% to 1% of the loan amount.
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.
The term ‘EMI’ stands for Equated Monthly Instalment. When you take a car loan from your bank, then you get an option of repaying the money in equal installments every month, in other words EMI. The amount that you have as part of this EMI is inclusive of the rate of interest.
EMI is generally calculated using the following mathematical formula –
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
When you use an EMI Calculator, the formula might differ as it considers various parameters of your car loan while calculating your EMI and provides results that can be easily read and understood.
Amortization is the process of paying off debts in installments over a period of time.
The Loan Amortization Table is a detailed depiction of the payment process of your car loan in a tabular format. It shows the break up between the interest rate and the principal amount of your car loan and gives you a clear idea of the total amount you will be paying at the end of each year.
No, calculating the EMI on your car using an Excel Sheet can be time consuming and complicated, which is why it is recommended that you use an EMI Calculator.
Yes, there is an EMI Calculator on BankBazaar website. You can find it in the ‘Financial Tools’ section and on the homepage.
Yes, you can use the EMI Calculator present on BankBazaar’s website to calculate your car loan EMI.
No, you do not have to pay any money to BankBazaar, if you want to use their Car Loan EMI Calculator. The website provides this service for free.
The following features make the Car Loan EMI Calculator of BankBazaar better than other EMI calculators –
The Car Loan EMI Calculator of BankBazaar will help you find the amount that you have to repay to the bank every month before you take the loan. This information will help you compare the car loans offered by different banks, which will result in you making an informed decision. It will also help you to plan your finances in advance.
If you plan to pre – pay your car loan, you have to enter the details related to it in the EMI Calculator of BankBazaar. The EMI Calculator will calculate the amount accordingly and also help you understand its impact on your car loan.
Yes, the Car Loan EMI Calculator of BankBazaar will give you the amortization schedule.
You have to enter the following details related to your auto loan in the BankBazaar EMI Calculator –
To use BankBazaar Car Loan EMI Calculator, you have to follow the steps below –
The Car Loan EMI Calculator on BankBazaar will tell you the installment sum that you have to pay every month. Apart from this, it will also give you a detailed break up of the total amount that you will be paying. This will be depicted through a pie chart or via graphs. The calculator will also provide you with the yearly and monthly amortization table.
No, this car loan EMI calculator is 100% free to use and you need not sign up or apply for a car loan to use this calculator. Just visit BankBazaar and access the car loan EMI calculator tool to compute your EMIs.
If you have already procured a car loan, you can read the car loan documents to know your prepayment penalty. Alternatively, you can contact the concerned bank or visit their nearest branch to get in touch with the customer service department who will tell you more about the prepayment penalty.
If you have any doubts regarding the working of this EMI calculator, you can call BankBazaar’s customer support team. Also, if you are not sure if you are using this calculator the right way, you can get in touch with BankBazaar’s team who will help you with your queries.
Car loan interest rate type that is used in this EMI Calculation tool is reducing balance rate with monthly rest which means it is assumed that the compounding will happen on a monthly basis.
The major difference between online EMI calculators and Excel sheets is that the EMI Calculators are easy & convenient to use. It is a tool that is ready to use whereas you have to customize and Excel formula to calculate the EMI. Also, an EMI calculator presents the data in a graphical forms (charts & pie diagrams) whereas in Excel sheet method, you will have to make graphs using the values.
Maruti Suzuki are all set to develop their new car in India. Kenichi Ayukawa, Managing Director of Maruti Suzuki India Limited, stated that the auto manufacturer is looking forward to working on the company’s next release. The company has been developing products that are specifically suited for Indian conditions like the Vitara Brezza. The company is setting up a Research and Development centre in the city of Rohtak. The next release for Maruti Suzuki will most likely be a hatchback which is set to rival the Renault Kwid. The India-manufactured vehicle will most likely enter the Indian auto markets by 2022.
11th August 2017
Gordon Wagener, the chief designer of Mercedez-Benz, released a tiny teaser of the brand new concept automobile on Instagram, the popular social media platforms. This marvellous concept automobile will soon be launched at any of the two car events including the Pebble Beach Concours and the Frankfurt show.
The chief designer has mentioned that this new car will be a great wonder but he did not disclose any other information. The sketches in the video show that it is very similar to the Maybach 6 concept.
Some car experts predict that this car could be a two-seater grand tourer coupe according to the sketches shown on Instagram.
9th August 2017
Hybrid vehicles in India will come under the same tax slab as that of petrol and diesel vehicles under the new GST regime. Hyundai has decided to scrap their hybrid plans in India due to this reason. The company had planned on launching the Ioniq hybrid car at the 2018 Auto Expo. Under the new GST policy, hybrid cars will be taxed at 28% and 15% cess which means that the total tax that will be paid is 43%. Managing Director and CEO of Hyundai Motor India, Y.K. Koo, stated that the company had planned on launching the next-generation hybrid car in India, but the company had to cancel those plans after the new GST scheme was announced. This high tax rate has seriously hampered hybrid vehicles and their automakers.
8th August 2017
The apex bank of India is set to reduce repo rates by an at least 0.25% this coming Wednesday, a report by Morgan Stanley indicated. However, the RBI will continue maintaining its neutral stance on policy. The Monetary Policy Committee refused to slash interest rates in its last meeting, stating that it would be risking rise in inflation. However, inflation data accumulated since that meeting shows that inflation has dropped beyond expectations, thus pressuring the Committee to reduce interest rate. The central government has also been keen on a rate cut to help encourage investments from the private sector and boost economic activity. Arvind Subramanian, Chief economic adviser, even ridiculed MPC for its errors in forecasting inflation.
8th August 2017
After Mercedes entered the club of manufacturing electric vehicles, a lot of people thought that they will increase their production in this sector. However, the company has decided to stop manufacturing its electric car known as B-Class Electric. The car used to be manufactured in Germany at Rastatt.
This car was a creation made by collaborating with Tesla. It had many issues right from the commencement period due to the utilisation of Tesla Drive system in the vehicle.
In spite of the encouragement for electric vehicles for the upcoming generation, Mercedes Benz has decided to put an end to the production of this category of cars for now.
2nd August 2017
The India-bound 2018 Mercedes-Benz S-Class, which is the company’s flagship sedan, is on the road to becoming the company’s flagship sedan. The new sedan will be equipped with the 4.5 version of its driver-aid tech. The upgraded tech will propel the S-Class to being the most technologically advanced motor vehicle in the world. The car comes with a state-of-the-art cruise control feature that will help determine when to slow down for curves, intersections, and roundabouts. The new car comes with a 6-cylinder engine instead of the V6 which was favoured for over 20 years. The car is powered by a 3.0-litre turbo diesel engine and is said to be priced at $200,000 to $500,000 depending on the variant.
31st July 2017
Volkswagen India has achieved a new milestone by exporting its 2,50,000th India-made car to Mexico. The company has been exporting the Polo and Vento cars which are left-hand drive cars. The Vento has been credited with the title of being the third highest selling car in the passenger car category in Mexico. Volkswagen India exports its cars to over 35 countries across North America, Africa, South America, and Asia. The growing popularity of Volkswagen cars in Mexico has driven the production of these cars to meet the ever rising demands of the people. The Volkswagen Pune plant has received an investment of over Rs.5,720 crore and has also achieved a 82% localisation level.
28th July 2017
Ferrari is getting ready to introduce the new GTC4Lussco into the Indian automobile market on August 2 this year. The car comes with a new aggressive appearance with aerodynamic improvements to make the car more effective. The car comes with a lush interior which is wrapped in leather and a cross-stitched upholstery makes it a typical Italian GT car. The car is powered by a 6.2-litre V12 engine that churns out 680 bhp reaching 100kmph in 3.4 seconds. The GTC4Lussco will cost a fortune when compared to the Bentley Continental GT or the Aston Martin DB11. The estimated price of the GTC4Lussco is said to be around Rs.4.5 crore.
27th July 2017
The government plans on making a request to the GST Council to drop the 15% cess that has been charged on hybrid cars. This tax is levied on top of the 28% GST that is already imposed on hybrid cars. The move comes following a request made by European and Japanese car makers who have been working hard to introduce the field of hybrid vehicles into the Indian automobile market. Hybrid vehicles use a combination of solar cells and auto fuels to power a car and is considered to be a lot more eco-friendly than conventional vehicles. The government was supposed encourage this field with tax benefits but after the announcement of the GST scheme, a 28% rate was imposed along with a 15% cess. The GST Council is said to address this issue along with other anomalies in a number of other areas such as tourism and textile at its next meeting which will be held in August.
25th July 2017
The Tata Nexon, Tata Motors latest flagship vehicle, will be launched sometime in October this year during the festive season. The Tata Nexon is a much-anticipated car and the first batch of production of the SUV has already begun at Tata’s Ranjangaon plant. The Tata Nexon will come out in two variants – 1.2-litre petrol and the 1.5-litre diesel engine. Both the petrol and diesel engines produce 109bhp of power at 170Nm and 260Nm of torque respectively. Both variants are paired with a 6-speed manual transmission and will also offer three different driving modes – City, Eco, and Sport. The ConnectNext infotainment system has been integrated into the latest models of Tata’s cars. Though it relies on Android smartphones, there are a lot of nifty features that have been implemented into ConnectNext. A lot of people are waiting for the launch of the new SUV and car insurers are on the move to shell out new car insurance products that would help a customer own a Tata Nexon.
21st July 2017
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards