Maruti S-Presso: Are you dreaming of owning your own shiny car, but a tight budget is getting in the way? Buying a car is now easier than ever, thanks to excellent financing options! You can purchase a vehicle with a small down payment and take a loan for the remaining amount. Today, we’re sharing the impressive finance details of the country’s most affordable car, which you can bring home with a down payment of just ₹50,000. We’re talking about the Maruti Suzuki S-Presso, whose micro-SUV-like styling makes it especially popular among young people.
Price and On-Road Price
First, let’s take a look at the price of the Maruti S-Presso. The ex-showroom price of this country’s most affordable car starts at just ₹3.50 lakh in Delhi and goes up to ₹5.25 lakh for the top model. It’s even cheaper than the Alto! This Maruti car falls in the hatchback segment, but its design is inspired by SUVs, which is why it’s also called a micro SUV and is considered one of the best small cars in the country.
Complete Variants and On-Road Price
The Maruti S-Presso is available in both petrol and CNG options, with customers able to purchase it with automatic and manual transmissions. For this analysis, we’re providing the finance details for the base variant (STD) that comes with a petrol engine. The ex-showroom price of this base variant is ₹349,900. Adding Delhi road tax (RTO) of ₹34,791, insurance of ₹23,095, and an additional ₹600 for other expenses, brings the total on-road price to ₹408,386.
What is the monthly instalment for a down payment of ₹50,000
Now, if you purchase this car with a down payment of just ₹50,000, you’ll need to finance the remaining ₹358,386 from a bank. We’re assuming a 5-year loan at a 10% interest rate. Based on this calculation, with a loan amount of ₹358,386, an annual interest rate of 10%, and a 5-year loan term, your monthly installment (EMI) will be approximately ₹7,615. Over the 5 years, you’ll pay ₹98,493 in interest to the bank. Thus, your total car cost (down payment + total EMI) will be approximately ₹506,879.
Impact of changing the loan term
It’s important to remember that you can adjust the loan repayment term, which will directly impact your monthly installment. If you repay the loan early, you’ll pay less interest to the bank, reducing the overall cost of the car. It’s always wise to choose a loan term that suits your financial needs.