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Mahindra & Mahindra Scorpio Classic: EMI Details with ₹2 Lakh Down Payment
Vehicle manufacturer Mahindra offers the Mahindra Scorpio as an SUV in its Classic version. If you're planning to buy the base variant of the Scorpio Classic, how much EMI will you pay each month after a ₹2 lakh down payment? Let's find out.
Mahindra sells vehicles in several segments in the Indian market. If you're looking to buy the base variant of the Mahindra Scorpio Classic with a ₹2 lakh down payment, how much will you pay in EMI each month?
Mahindra offers the Scorpio Classic as a mid-size SUV. The base variant of this SUV is available for ₹13 lakh ex-showroom. If purchased in Delhi, the ex-showroom price of ₹13 lakh will be included, along with registration and insurance. This vehicle will cost approximately ₹1.62 lakh in registration tax and approximately ₹79,000 in insurance. Additionally, a TCS charge of approximately ₹13,000 will be required. This brings the on-road price in Delhi to ₹15.54 lakh.
If you purchase the base variant of the Mahindra Scorpio, the bank will finance the ex-showroom price. After making a down payment of ₹2 lakh, you will have to finance approximately ₹13.54 lakh from the bank. If the bank lends you ₹13.54 lakh for seven years at 9% interest, you will have to pay an EMI of only ₹21,793 per month for the next seven years.
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If you take a car loan from a bank for ₹13.54 lakh for seven years at a nine percent interest rate, you'll have to pay an EMI of ₹21,793 per month for seven years. Thus, over seven years, you'll pay approximately ₹4.76 lakh in interest for the base variant of the Mahindra Scorpio Classic. The total cost, including ex-showroom, on-road, and interest, will be approximately ₹20.30 lakh.
Mahindra's Scorpio Classic is positioned in the mid-size SUV segment. In this segment, it competes directly with SUVs like the Mahindra Scorpio N, Mahindra XUV 700, MG Hector, Tata Safari, Tata Sierra, Kia Seltos, and Hyundai Creta.
If you take a car loan from a bank for ₹13.60 lakh for seven years at a nine percent interest rate, you'll have to pay an EMI of ₹22,119 per month for seven years. In this case, over seven years, you'll pay approximately ₹4.96 lakh in interest for the base variant of the Mahindra Scorpio. After this, the total cost of your car, including ex-showroom, on-road, and interest, will be approximately ₹20.57 lakh.
Mahindra's Scorpio Classic is positioned in the mid-size SUV segment. In this segment, it competes directly with SUVs like the Mahindra Scorpio N, Mahindra XUV 700, MG Hector, Tata Safari, Tata Sierra, Kia Seltos, and Hyundai Creta.
