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MG Hector Base Variant EMI Revealed: Monthly Cost with ₹2 Lakh Down Payment
Car Finance Plan: Automaker MG Motors sells vehicles in several segments in India. The manufacturer also offers the MG Hector. If you're considering buying the base variant of this SUV, how much EMI can you pay each month after making a down payment of just ₹2 lakh? Let's find out.
MG Motors, one of the top automobile manufacturers in India, has a range of automobiles. The mid-size SUV, MG Hector, is also available for purchase. However, you are also interested in purchasing this vehicle. What will be the EMI you can afford to pay every month after paying a down payment of ₹2 lakhs?
The base model of the MG Hector, Style, is priced at an ex-showroom price of ₹11.99 lakh. If you are buying the vehicle, the on-road price will be around ₹13.87 lakh. This is because the ex-showroom price is included, along with RTO charges that amount to around ₹1.20 lakh. In addition, there will be insurance charges amounting to around ₹57,000. TCS charges will amount to around ₹12,000.
If you purchase the base variant of this car, the bank will finance the ex-showroom price. So, after making a down payment of ₹2 lakh, you'll have to finance approximately ₹11.87 lakh from the bank. If you're given ₹11.87 lakh for seven years at 9% interest, you'll have to pay a monthly EMI of only ₹19,110 for the next seven years.
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If you take a car loan of Rs 11.87 lakh from the bank for seven years with an interest rate of 9%, then you will have to pay an EMI of Rs 19110 every month for seven years. In this way, in seven years, you will pay around Rs 4.17 lakh as interest for the MG Hector. After which you will pay a total price of the car, including ex-showroom, on-road, and interest, which will be around Rs 18.05 lakh.
Hector is launched by 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 7X0.
