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Kia Sonet Diesel: EMI Starts at ₹13,373 for 7-Year Loan After ₹2 Lakh Down Payment
Car Finance Plan: Kia sells the Sonet as a sub-four-meter SUV in the Indian market. If you're planning to buy the diesel variant, how much EMI can you pay each month after making a down payment of just ₹2 lakh? Let's find out.
The Indian automobile market sees the sale of Kia in several segments. The South Korean carmaker offers the Kia Sonet in the sub-four-meter SUV segment. If you wish to purchase this SUV with a diesel engine, how much EMI will you have to pay each month for a duration of seven years after making a down payment of ₹2 lakh?
Kia also offers the Sonet in the sub-four-meter SUV category. The ex-showroom price is ₹8.98 lakh if you want to purchase the diesel variant. In case you are buying it in Delhi, you will have to pay about ₹78,000 for registration and ₹46,000 for insurance, which would bring the on-road price to ₹10.23 lakh.
If you buy the diesel variant of the Kia Sonet, the bank will finance the ex-showroom price. So, after making a down payment of ₹2 lakh, you'll have to finance an amount of ₹8.23 lakh from the bank. If the bank gives you ₹8.23 lakh for seven years at 9% interest, you'll have to pay an EMI of just ₹13,373 per month for the next seven years.
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If you take a car loan from a bank for ₹8.23 lakh for seven years at an interest rate of 9%, you will have to pay an EMI of ₹13,373 per month for seven years. Thus, over seven years, you will pay approximately ₹3 lakh in interest for the diesel variant of the Kia Sonet. After this, the total cost of your car, including ex-showroom, on-road, and interest, will be approximately ₹13.23 lakh.
Kia positions the Sonet in the sub-four-meter SUV segment. In this segment, it competes directly with SUVs like the Maruti Brezza, Tata Nexon, Kia Syros, Mahindra XUV 3XO, Skoda Kylaq, Nissan Magnite, and Renault Kiger.
If you purchase the diesel base variant of the Kia Sonet, the bank will finance the ex-showroom price only. Therefore, after making a down payment of ₹2 lakh, you will have to finance approximately ₹9.37 lakh from the bank. If you are given a loan of ₹9.37 lakh from the bank for seven years at a nine percent interest rate, you will have to pay an EMI of only ₹15,081 per month for the next seven years.
If you take a car loan of ₹9.37 lakh from the bank for seven years at a nine percent interest rate, you will have to pay an EMI of ₹15,081 per month for seven years. In this case, you will pay approximately ₹3.29 lakh as interest for the diesel variant of the Kia Sonet over seven years. After this, the total price of your car, including ex-showroom, on-road, and interest, will be approximately ₹14.66 lakh.
Kia's Sonet is positioned in the sub-four meter SUV segment. In this segment, it competes directly with SUVs like the Maruti Brezza, Tata Nexon, Kia Syros, Mahindra XUV 3XO, Skoda Kylaq, Nissan Magnite, and Renault Kiger.
