Tata Motors Nexon EV Finance Plan Explained: ₹3 Lakh Down Payment, ₹16K EMI

There are numerous cars manufactured by the Tata Motors available in India. Among those models of cars, one can purchase the Tata Nexon EV. In case you wish to buy this car, what amount of EMI per month would you have to pay if you deposit ₹3 lakh?

Ex-showroom cost for the base variant of this car is ₹12.49 lakh. If you purchase this model in Delhi, then the on-road cost will be ₹12.49 lakh. On-road cost of ₹12.49 lakh will include an ex-showroom cost of ₹12.49 lakh and insurance of ₹55,000, as well as ₹12,490 for TCS cost, which is total on-road cost.

EMIs will cover the ex-showroom cost if you choose base variant for purchase. So, after making a down payment of ₹3 lakh, you'll need to finance approximately ₹10.17 lakh from the bank. If the bank lends you ₹10.17 lakh for seven years at 9% interest, you'll only have to pay an EMI of ₹16,363 per month for the next seven years.

If you take a car loan of Rs 10.17 lakh from the bank for seven years with an interest rate of 9%, then you will have to pay an EMI of Rs 16363 every month for seven years. In this case, in seven years you will pay around Rs 3.57 lakh as interest for the Tata Nexon EV. After which you will pay around Rs 16.74 lakh for the car including ex-showroom, on-road and interest.

The Nexon EV is launched by Tata Motors as an electric vehicle. It faces competition from many SUVs in the market, but its direct competition is with electric SUVs like MG Windsor.