Kia Sonet Automatic EMI: If you’re tired of city traffic and are considering purchasing a premium automatic SUV, the Kia Sonet could be a great option. The Kia Sonet remains a popular choice among young people due to its advanced features and killer looks.
If you’re on a tight budget and want to add this impressive compact SUV to your garage with a down payment of just ₹100,000, this article is for you. We’ll explain in detail how much EMI you’ll need to pay on the popular HTK (O) automatic variant of the Kia Sonet and how much interest you’ll pay over a 7-year loan.
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On-Road Price of the Kia Sonet Automatic
Kia India has designed the HTK (O) variant of the Sonet for customers who want a luxury experience within their budget. The current ex-showroom price of this automatic variant is ₹9.89 lakh. But when you buy it in a city like Delhi, RTO charges of around ₹70,000 and insurance charges of around ₹43,000 are added. This brings the effective on-road price of the Kia Sonet to around ₹11.01 lakh. This price may vary depending on the tax slabs in different states; therefore, please check your location before visiting a showroom.
How much will the EMI be after a ₹1 lakh down payment
If you’re considering financing this luxurious SUV, the bank covers a significant portion of your on-road price. After making a down payment of ₹100,000, you’ll need to take out a loan of approximately ₹10.01 lakh. If the bank lends you this amount for 7 years at an interest rate of 9%, you’ll have to pay an EMI of ₹16,118 per month for the next 84 months. This scheme is ideal for middle-class families who don’t want to spend a large sum of money at once and dream of owning a luxury car.
Total Interest and Final Cost of the Car
As easy as it may seem to acquire a car on loan, it’s equally important to understand the math behind it. If you take out a loan of ₹10.01 lakh for 7 years, you’ll pay a total of ₹3.52 lakh to the bank in interest alone over this period. This means that a car that costs ₹11.01 lakh on-road will cost you ₹14.53 lakh after interest is added. However, the premium features, sunroof, and smooth automatic driving experience offered with the Kia Sonet make this additional cost significantly worth it.
Tough Competition in the Market
The Kia Sonet’s journey in the compact SUV segment isn’t easy. It faces direct competition from powerful vehicles like Mahindra XUV 3XO, Tata Nexon, Maruti Brezza, and Hyundai Venue in the market. While Brezza is known for its mileage and Nexon for its safety, Kia Sonet manages to attract customers with its futuristic design and segment-first features. If you want a vehicle that looks strong and feels like a luxury car to drive, then this automatic version of the Sonet could be the perfect choice for you.