There are various segments of cars sold by the automobile company Mahindra. The Mahindra Bolero Neo falls under the SUV category. In case one wants to purchase the base model with a down payment of Rs 1 lakh and take delivery of the vehicle, what will be the monthly EMI? Let us calculate the same.

The Bolero Neo is an SUV. It comes with a base variant that costs Rs 8.99 lakh (Mahindra Bolero Neo Price). The total cost of purchasing the SUV in Delhi will be ₹78,000 RTO charges plus ₹46,000 insurance charges. Hence, the on-road price becomes about ₹10.23 lakh.

When the base model is purchased, the bank will finance the ex-showroom price of the car. Thus, after paying a down payment of ₹1 lakh, the buyer needs to finance ₹9.23 lakh from the bank. In case ₹9.23 lakh is financed for seven years with a rate of interest of 9%, the EMI becomes ₹14,858.

If you take a car loan from the bank for ₹9.23 lakh for seven years at 9% interest, you will have to pay an EMI of ₹14,858 per month for seven years. In this case, you'll pay approximately ₹3.26 lakh in interest over seven years for the Mahindra Bolero Neo. The total cost, including ex-showroom, on-road, and interest, will be approximately ₹13.48 lakh.

Mahindra offers the Bolero Neo as an SUV. The manufacturer's vehicle competes directly with SUVs like the Maruti Grand Vitara, Hyundai Creta, Kia Seltos, and Honda Elevate.

There are various segments of cars sold by the automobile company Mahindra. The Mahindra Bolero Neo falls under the SUV category. In case one wants to purchase the base model with a down payment of Rs 1 lakh and take delivery of the vehicle, what will be the monthly EMI? Let us calculate the same.

The Bolero Neo is an SUV. It comes with a base variant that costs Rs 8.99 lakh (Mahindra Bolero Neo Price). The total cost of purchasing the SUV in Delhi will be ₹78,000 RTO charges plus ₹46,000 insurance charges. Hence, the on-road price becomes about ₹10.23 lakh.

When the base model is purchased, the bank will finance the ex-showroom price of the car. Thus, after paying a down payment of ₹1 lakh, the buyer needs to finance ₹9.23 lakh from the bank. In case ₹9.23 lakh is financed for seven years with a rate of interest of 9%, the EMI becomes ₹14,858.

If you take a car loan from the bank for ₹9.23 lakh for seven years at 9% interest, you will have to pay an EMI of ₹14,858 per month for seven years. In this case, you'll pay approximately ₹3.26 lakh in interest over seven years for the Mahindra Bolero Neo. The total cost, including ex-showroom, on-road, and interest, will be approximately ₹13.48 lakh.

Mahindra offers the Bolero Neo as an SUV. The manufacturer's vehicle competes directly with SUVs like the Maruti Grand Vitara, Hyundai Creta, Kia Seltos, and Honda Elevate.