MG Comet EV Base Variant EMI Explained: ₹2 Lakh Down Payment, ₹9,365 Monthly EMI
Car Finance Plan: The MG Comet EV is offered as an electric car by automaker MG. If you're considering purchasing the base variant of this vehicle, how much EMI will you pay after making a down payment of ₹2 lakh? Let's find out.
MG Motors deals in a range of models for the Indian market. Assuming that you are planning to purchase the basic variant of the MG Comet EV sold by the manufacturer and that you wish to take it home after a down payment of ₹2 lakh, how much will your EMI be (MG Comet EV Down Payment and EMI)?
MG provides the Executive model in the Comet EV. The ex-showroom price of the base model of this car (MG Comet EV Executive Price) is ₹7.50 lakh. In case you are buying this car in Delhi, there are no RTO fees, while you might have to pay about ₹32,000 in insurance costs. After that, your MG Comet EV Executive will cost you about ₹7.82 lakh.
If you purchase the base variant, Executive, the bank will finance the ex-showroom price only. Thus, after making a down payment of ₹2 lakh, you will have to finance approximately ₹5.82 lakh from the bank. If the bank gives you ₹5.82 lakh for seven years with 9% interest, then you will have to pay an EMI of ₹9,365 per month for the next seven years.
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If you take a car loan of Rs 5.82 lakh from a bank for seven years at an interest rate of 9%, you will have to pay an EMI of Rs 9365 every month for seven years. In this case, you will pay around Rs 2.04 lakh as interest for the MG Comet EV in seven years. After which, the total price of your car, including ex-showroom, on-road, and interest, will be around Rs 9.86 lakh.
The Comet EV is offered by MG as an electric vehicle. This vehicle directly competes with the Tata Tiago EV in the market. In terms of price, it faces competition from cars like Maruti Alto K10, Wagon R, Celerio, Baleno, Fronx, Renault Kwid, Tata Punch.
