Upcoming New Cars in India – Price List, Downpayment and EMI Options

Last Updated : Sept. 3, 2018, 3:30 p.m.

For the improvement of road safety, Justice Madan B. Lokur and Justice Deepak Gupta, on 20th July, had ordered that third-party insurance coverage of three years should be mandatory from September 1, 2018. The direction was issued on the basis of decisions taken by the Supreme Court Committee on Road Safety, headed by former SC judge Justice K. S Radhakrishnan.

3 Years Insurance Coverage for Cars in Mandatory Now

All new vehicles sold from September 1, 2018 should have third-party insurance coverage as per the orders by Supreme Court. Out of about 18 crore vehicles on road, only 6 crore vehicles have the mandatory third-party cover. But, from now onwards, all the vehicles sold after September 1, must have a insurance coverage.

The Insurance Regulatory and Development Authority of India has issued a circular with the following details:

• Offer only three-year Motor Third-Party Insurance covers for new cars
• The premium has to be collected for the entire term (three years) at the time of sale of insurance but would be recognised on a yearly basis. The premium for the year shall only be recognised as income and the remaining premium shall be treated as “Premium Deposit” or “Advance Premium”.
• After the introduction of long-term Motor Third-Party Insurance for new cars, an insured may be given the following two options: Long-term Package cover offering both Motor Third-Party Insurance and Own Damage insurance for three years or five years as the case may be OR a bundled cover with a three-year or five-year term (as applicable) for the third party component and a one-year term for the Own Damage.
• No Motor Third-Party Insurance may be cancelled by either the insurer or insured except on the following grounds:
  • Double Insurance
  • Vehicle not in use anymore because of Total Loss or Constructive Total Loss
  • In the event the vehicle is sold and/or transferred.

Upcoming New Cars in India – Loan Amount, EMI Options & Other Factors

Yes, the loan can be easily availed from banks and non-banking financial companies to buy these models at an interest rate of 8.75%-12% per annum. The quantum of finance can differ from bank to bank, based on the income and repayment capability you would have. On an average, a loan of upto 85%-90% of the on-road price can be provided to buy any of the Tata Hexa or Jeep models. The addition of ex-showroom price, RTO, insurance and other charges gives the figure of the on-road price of the vehicle. The loan tenure can be a maximum of upto 7 years. The EMI calculation depends on the loan amount, interest rate charged and the tenure for which the credit is availed. The formula for EMI calculation is shown below.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1],

P= Principal Loan Amount
R=Rate of Interest
N=Number of Monthly Installments

Let’s find out the loan amount and EMI while buying any of the newly launched models in the tables below. In addition, check out the ex-showroom price and on-road price of the vehicles.

Price List in India, EMI Options & Other Details of New Cars

Tata Hexa Models – Price List in India, Downpayment and EMI Options

Tata Hexa is launched in six different variants with a 2.2-litre diesel engine having a 6-speed manual or automatic transmission. The maximum power and maximum torque in these variants can be 154 bhp and 400 Nm, respectively. Let’s check out what you need to shell out to buy any of the Hexa models you opt for.

Skoda Octavia Models – Price List in India, EMI Options & Other Details

Skoda Octavia facelift is now at the showroom at an ex-showroom price of ₹15.49 lakhs. The new model is spread across 3 trim levels-Style, Style Plus and Ambition. The new model is powered by 1.4-litre petrol, 1.8-litre petrol and 2-litre diesel engines with both manual and automatic transmission. The maximum power and maximum torque stand at 141 bhp and 320 Nm, respectively. The car looks great to the eye with the incorporation of new LED headlamps, wider & angular signature grille, new fog lamp assembly, remolded bumper and a wider chrome slat

EMI, Amount of Loan and Other Details Pertaining to Skoda Octavia Variants

New Maruti Suzuki Dzire Models – Price List in India, EMI Options & Other Details

Leading automaker Maruti Suzuki has launched the 2017 version of its best selling sedan Maruti Suzuki Dzire in both petrol and diesel engine variants. Named as the Dzire, the third update of the sedan is built from a scratch will all new styling. The car takes the design of the new horizontally slatted hexagonal grille, chrome lining & accents. The headlamps of the new generation are fitted with LED daytime running lamps. When it is about the interiors, the car is studded with all new wooden inserts on the dashboard, door trims and steering. The trims are available in five options-L, V, V+,Z and Z+.

The 1.2-litre four cylinder unit petrol engine generates 84 bhp of power mated to a 5-speed manual and 5-speed automatic transmission. On the other hand, the 1.3 litre- turbocharged diesel multijet engine generates 74 bhp power. Like petrol engine variants, the diesel engine options also have a 5-speed manual and 5-speed automatic transmission.

EMI, Amount of Loan and Other Details Pertaining to New Dzire Variants

Maruti Suzuki Baleno Models – Price List in India, EMI Options & Other Details

Maruti Suzuki has launched versions of its popular hatchback model Baleno. In March 2017, the automobile giant had dished out Baleno RS hatchback at an ex-showroom price of ₹8.69 lakhs. The on-road price can go up to ₹9.65 lakhs. You can visit any of the Nexa outlets to buy the same. The 1-litre Jet petrol engine-powered vehicle is mated to a 5-speed manual gearbox while generating 101 bhp power and peak torque of 150 Nm.

Months down the line in July, the auto manufacturer had launched the premium automatic variant of the Baleno model, Alpha 1.2 AT, at an ex-showroom price of ₹8.34 lakhs. The on-road price can be around ₹9.30 lakhs. The Alpha version has compensated for the features missed out in Zeta and Delta variants. Exciting additions like projector lamps, SmartPlay infotainment system and alloy wheels have given a smart look to the car.

EMI, Amount of Loan and Other Details Pertaining to Baleno Models

Note- The loan amount and EMI are calculated at 85%-90% of the on-road price of the new car models. Also, the ex-showroom and on-road price of the models belong to New Delhi. These prices can differ across the states and cities.