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Tata Nexon EV Base Variant EMI Explained: Down Payment, Interest and Final Cost
Car Finance Plan: Tata Motors, one of India's leading automakers, sells vehicles across multiple segments. The manufacturer also offers the Tata Nexon EV. If you're considering buying the base variant of this EV, how much EMI can you pay each month after making a down payment of just ₹2 lakh (approximately $1.5 million)? Let's find out.
Tata Motors sells vehicles across various segments in India. The Tata Nexon EV, also available for purchase, is one of these offerings. If you're interested in buying it, how much EMI can you afford each month after a ₹2 lakh (about $1.5 million) down payment? We're explaining this in detail here.
The base model of the Nexon EV has an ex-showroom price of ₹12.49 lakh (roughly $1.24 million). In Delhi, the on-road price is approximately ₹12.49 lakh, which includes the ex-showroom price plus around ₹55,000 for insurance. You will also need to pay ₹12,400 for TCS charges, bringing the total on-road cost to ₹13.17 lakh.
For the base variant, the bank will finance the ex-showroom price. After a ₹2 lakh down payment, you need to finance roughly ₹11.17 lakh. If the bank lends this amount for seven years at 9% interest, your monthly EMI would be about ₹17,972.
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Taking a loan of ₹ 11.17 lakh for seven years at 9% interest, you would pay around ₹ 17972 each month. Over seven years, you'd pay approximately ₹ 3.92 lakh in interest, totaling about ₹ 17.09 lakh for the car, including the ex-showroom price, on-road costs, and interest.
The Tata Nexon EV is an electric vehicle introduced by Tata Motors. It competes with many SUVs in the market, particularly electric models like the MG Windsor.
