MG Hector Base Variant: ₹2 Lakh Down Payment, ₹22,819 Monthly EMI for 7 Years at 9% Interest

Indian British automobile manufacturer MG Motors retails cars in various segments in the Indian market. The MG Hector, which is provided by the manufacturer, is on sale too. If you are also looking to purchase it, what will be the monthly EMI you can afford after paying a down payment of ₹2 lakh?

MG Motors retails the entry-level version of Hector for an ex-showroom price of ₹14 lakh. If bought in Delhi, the on-road price is around ₹16.18 lakh. It is the ex-showroom price of ₹14 lakh, along with around ₹1.40 lakh towards RTO and around ₹64,000 as insurance charges. An amount of ₹14,000 will also be levied as TCS, making the on-road price of ₹16.18 lakh.

If you purchase the base variant of this vehicle, the bank will finance the ex-showroom price. Therefore, after making a down payment of ₹2 lakh, you will have to finance approximately ₹14.18 lakh from the bank. If the bank gives you ₹14.18 lakh for seven years at 9% interest, you will have to pay a monthly EMI of only ₹22,819 for the next seven years.

If you take a car loan of Rs 14.18 lakh from the bank for seven years with an interest rate of 9%, then you will have to pay an EMI of Rs 22819 every month for seven years. In this way, in seven years, you will pay around Rs 4.98 lakh as interest for the MG Hector. After which, you will pay around Rs 21.16 lakh for the car, including ex-showroom, on-road, and interest.

Hector is brought by JSW MG as a mid-size SUV. It faces competition from many SUVs in the market, but its direct competition is with SUVs like Tata Harrier, Tata Safari, Mahindra Scorpio, and Mahindra XUV 700.