MG Motor MG Astor EMI Explained: Monthly Cost After ₹2 Lakh Down Payment Revealed

Automaker MG Motors sells vehicles in several segments in the Indian market. The manufacturer offers the MG Astor as a mid-size SUV. If you're also considering buying it, how much EMI can you afford each month after a ₹2 lakh down payment? 

MG's base model of the Astor is priced at ₹9.79 lakh ex-showroom. The estimated on-road cost in Delhi is around ₹10.96 lakh, which includes the ex-showroom price, approximately ₹68,000 for RTO, and about ₹48,000 for insurance. When purchasing this variant, the bank typically finances the ex-showroom amount. After a ₹2 lakh down payment, the remaining finance amount is roughly ₹8.96 lakh. Over seven years, at a nine percent interest rate, this results in monthly EMIs of approximately ₹14,423.

If you take a car loan from a bank for ₹8.96 lakh for seven years at a nine percent interest rate, you will have to pay ₹14,423 in EMIs per month for seven years. Thus, over seven years, you will pay approximately ₹3.15 lakh in interest for the MG Astor. After which, you will pay a total price of around ₹14.11 lakh (ex-showroom, on-road, and interest).