Mahindra Bolero Neo EMI Explained: Bring Home This SUV with ₹2 Lakh Down Payment

Mahindra is one of the biggest car manufacturers in the country. They manufacture many different types of vehicles. They offer the Mahindra Bolero Neo as an SUV. If you want to purchase the base model and are prepared to pay Rs 2 lakh as the down payment, what will the monthly installment be?

Mahindra Bolero Neo is an SUV. The price of the base model is Rs 8.69 lakh. If you want to purchase this car in Delhi, you will have to pay Rs 76,000 as RTO charges and Rs 45,000 as insurance charges. This brings the Mahindra Bolero Neo's on-road price to approximately ₹9.89 lakh.

If you purchase the base variant of this car, the bank will finance the ex-showroom price. Therefore, after making a down payment of ₹2 lakh, you will have to finance approximately ₹7.89 lakh from the bank. If you are given ₹7.89 lakh for seven years at a nine percent interest rate, you will have to pay an EMI of ₹12,707 per month for the next seven years.

If you take a car loan from the bank for ₹7.89 lakh for seven years at a nine percent interest rate, you will have to pay an EMI of ₹12,707 per month for seven years. In this case, you'll pay approximately ₹2.77 lakh in interest over seven years for the Mahindra Bolero Neo. The total cost, including ex-showroom, on-road, and interest, will be approximately ₹12.67 lakh.

Mahindra offers the Bolero Neo as an SUV. The manufacturer's direct competition in the market is with SUVs like the Maruti Grand Vitara, Hyundai Creta, Kia Seltos, and Honda Elevate.