The Maruti Suzuki Celerio is a popular entry-level hatchback from the car manufacturer. The vehicle offers the best of technology and comfort. The car�s price ranges from INR 5.37 lakhs to INR 7.15 lakhs, both prices ex-showroom. The price will also depend on the state and add-ons opted for.
Suitable car loans are available at banks for the purchase of Maruti Suzuki Celerio. New bank car loan schemes promise quick loans, 100% financing on several models, flexible repayments, and affordable EMIs. Not only that, they can help you find the right car dealer. You can now own your dream car right away!
If you are planning to buy Maruti Suzuki Celerio, there are attractive car loans that are easily available from banks to enable you to buy your dream car. Maruti Suzuki also offers finance for the purchase of its cars through Maruti Suzuki Smart Finance.
Some of the benefits of a car loan from a bank for purchasing Maruti Suzuki Celerio are:
Loans are available quickly
An easy and customer-friendly application process
Online application process available
Simple documentation process
The loan can be availed for 100% of the on-road price on select models
Car loans are available even for purchasing a pre-owned (used) vehicle.
Attractive interest rates, which are fixed and floating.
Affordable EMIs (Equated Monthly Instalments).
Flexibility to choose a repayment schedule for up to seven years or more.
No extra collateral is needed as the car purchased is the security.
Some banks have tie-ups with certain car dealers, enabling you to get a discount on the price.
The cost of accessories can also be included in the loan amount.
Prepayment facility for loans is available. Some lenders may charge for prepayment, which you may need to check.
Tax benefits on the car loan can be claimed in certain cases, especially for self-employed individuals
Car loans are available to salaried people, self-employed, businessmen, or NRIs.
The eligibility criteria for obtaining a car loan may vary from lender to lender. A car loan is usually approved based on your income, credit rating, and past dealings with the bank.
The main criteria usually are:
Minimum age of 18 years
Maximum age of 60 years if a person is salaried
Maximum age of 65 years if a person is self-employed
Employment salaried or self-employed
A minimum annual income of approximately INR3.00 lakhs
Staying in the current place of residence for a minimum of one year
The car model should be an established one
Most lenders have a 'Car Loan Eligibility Calculator' on their website. You just need to enter your details, such as personal information, contact details, type of employment, salary details, the car you wish to buy, etc., and this tool will automatically check your eligibility for a car loan. The details to be filled in will vary amongst vendors. So, it is ideal to check your eligibility with the specific lender they plan to approach before applying for a car loan.
Banks will require various documents when you apply for a car loan to check their financial position and repaying capacity.
These documents generally include:
Proof of Identity such as an Aadhaar card, Passport, or Voter ID
Proof of Residence
Proof of age
Proof of income
Bank statement for the last six months
Proforma invoice from the car dealer for purchasing the Maruti Suzuki Celerio
If a person is salaried, the documentation process is much simpler. However, if they are self-employed, they may need to submit extra documents, such as income tax returns for the last three years.
EMIs are the monthly payments you have to make to the lender when they repay their car loan. An EMI typically includes the principal amount as well as the interest on the principal amount.
When you consider taking any loan, EMIs are an important aspect. It will enable you to judge whether they can repay so much every month. Accordingly, you can reduce the amount or increase the tenure or period of the car loan.
Most banks have a car loan EMI calculator available on their websites to help find out the EMI of your proposed car loan.
The data you will have usually to enter into the EMI calculator are:
New car or Pre-owned car
Loan amount
Period of loan
Interest rate
You can then click on �calculate� or equivalent to check your EMI.
???????The formula used to calculate the EMI for your car loan is:
E = P x R x (1+R)^n / {(1+R)^n � 1}
where �E� stands for the EMI which you will pay
�P� is the principal amount or loan amount
�R� is the interest rate on the car loan
�n� stands for the tenure or period of the car loan in months
There are many lenders whom you can approach for a car loan to purchase your Maruti Suzuki Celerio. The lenders will charge interest on the loan amount, as well as various other fees and charges.
Interest
Currently, the lowest interest offered by lenders for a car loan is 8.6% per annum. The interest rates that can be selected are fixed or floating. The fixed rate will remain the same throughout the loan, while a floating interest rate will change according to the changes in the financial market.
Other factors that may affect the interest rate include:
Amount of loan
Repayment period
Processing Fees
If you are planning on availing of a car loan, there will be a fee to pay to the lending bank as processing fees. This fee is charged as an administrative cost for processing and sanctioning your car loan. The amount is 0.5% to 1% of your loan amount and varies from institute to institute. Some banks waive the processing fees on car loans.
Charges
Some charges can be incurred on your car loan. These may include:
Prepayment charges
Part-payment charges
Cheque bounce charges of repayment of EMI
Loan cancellation charges
Statement charges
Valuation charges (for pre-owned cars)
These will also vary from lender to lender.
When you apply for a car loan, you may be expected by the bank to pay a certain portion of the price. This may vary from 10% to 20% of the ex-showroom price.
Banks usually offer lower interest rates for higher down payments, as the risk is less. If you opt for a zero-down payment loan, your EMI will increase.
The down payment amount for a Maruti Suzuki Celerio will depend on the state, the model chosen, and any accessories. Most lenders will offer a maximum of 90% of the on-road price of the Maruti Suzuki Celerio or 100% of the ex-showroom price.
The average minimum down payment will be around INR58,000 and the highest will be INR74,800 approximately for a car loan of five years at 9% per annum interest.
All banks have a scheme for car loans. To avail of a car loan to buy the Maruti Suzuki Celerio, you can apply online at most of the websites of the banks. You will need to fill in an online application with all details and upload the documents required. Step-wise instructions will be given.
You can also personally visit the branch of a bank and fill in the application form physically and submit all documents.
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The EMI is fixed if you opt for fixed interest. It will fluctuate if you have chosen a floating interest rate which will change with the interest.
Yes. Most lenders prefer a borrower with a credit score of over 750. If your credit score is lower than that you may not be eligible for a car loan.
If you make a higher down payment, the amount of loan you require will be less. So, you may be eligible for a lower interest rate as your repayment will be quicker.
Yes. Some banks and lenders offer women borrowers a concession on car loan interest.
What is the usual tenure of a car loan?
The usual tenure is five to seven years. Some banks offer 10-year tenure.
Does the loan tenure affect my EMI?
Yes. The longer the tenure, the less the EMI, and the shorter the loan tenure, the EMI will be higher.
The car is the security for the car loan. No additional collateral or guarantor is needed.
No. However, a car loan may offer some tax benefits to self-employed borrowers.
You can pay the EMIs through Post Dated Cheques or use the auto debit facility of your bank.
Most lenders will tolerate one or two late EMIs. Any more than that, the lender is authorised to seize your car. Default on an EMI will affect your credit score.