If there is an automobile brand that has become the heartthrob of the nation, it has to be Maruti which thrives on bringing new models to the market every now and then. The country’s largest car maker invariably sees a spurt in the bookings of its new launches. Not far from now, Maruti Suzuki had launched its compact SUV Vitara Brezza (Diesel) in March 2016. It proved out to be a masterstroke for the automobile major as it garnered over 2 lakhs of bookings. Spectacular, isn’t it? The most-searched car was launched in as many as 7 variants with an ex-showroom price starting from ₹7.24 lakhs. If you are planning to buy Brezza models on a loan, you are at the right place to get updated of the same.
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How Would Lenders Calculate Loan Amount on Brezza Model?
The loan amount would depend on the on-road price of the vehicle models, along with the income and repayment capability of a borrower. The on-road price combines ex-showroom price, RTO, insurance and accessory costs, etc. So, when you approach a bank to buy your favourite Vitara Brezza Model, it can provide a loan of upto 85%-90% of the on-road price of the same. The Equated Monthly Installment (EMI) will thus differ based on the model’s’ price in India, as well as the interest rate charged by a lender.
EMI Options and Price in India for Various Maruti Suzuki Vitara Brezza Models
|Car Models||Variants||Ex-showroom Price (In Lakhs)||On-road Price (In Lakhs)||Expected Loan Amount (In Lakhs)||Expected EMI (In ₹)|
|LDi||Diesel||7.24||8.15||6.93 - 7.34||11,062 - 12,957|
|LDi (O)||Diesel||7.37||8.3||7.06 - 7.47||11,270 - 13,187|
|VDi||Diesel||7.77||8.75||7.44 - 7.87||11,876 - 13,893|
|VDi (O)||Diesel||7.9||8.9||7.57 - 8.01||12,084 - 14,140|
|ZDi||Diesel||8.7||9.79||8.32 - 8.81||13,281 - 15,552|
|ZDi Plus||Diesel||9.69||10.89||9.25 - 9.80||14,765 - 17,300|
|ZDi Plus Dual Tone||Diesel||9.91||11.14||9.47 - 10.02||15,116 - 17,688|
Note- Loan amount is calculated at 85%-90% of the on-road price, while the EMI arrives at an assumption of 8.75%-12% interest rate and a maximum tenure of 7 years.
Processing Fee and Other Charges
The banks deduct 1%-2% of the loan amount to arrive at a processing fee. There is a good news on the car loan processing fee. State Bank of India (SBI), the largest lender, with a view to making most of the festive season demand, has waived off the fee on a car loan until December 2017. In case you want to prepay the loan before the expiry of the EMIs, you can do so by paying 2%-5% of the outstanding principal amount on the day of the prepayment. The actual prepayment charges, though, can vary from lender to lender.
Eye Catching Features
- 1.3-litre turbocharged 4-cylinder engine
- Wide rectangular front grile
- Swept back headlamps
- Integrated daytime running lamps
- Projector headlamps
- Flared wheel arches
- Contrast coloured roof
- Silver bash plate
- Light guides
- ABS-EBD & Dual Front Airbags