Kia Syros Price and EMI Details: Kia is known for its sleek styling and modern features in the Indian automobile market, and the Kia Syros is attracting customers as a robust compact SUV. If you’re looking for a premium-looking vehicle but are a little concerned about your budget, the Kia Syros’s finance plan could be a great option. You can own this vehicle with a down payment of just ₹100,000.
Kia Syros On-Road Price
Kia sells the HTK variant of the Syros as its base model, priced at ₹867,000 (ex-showroom). However, when you take this vehicle on the road, you’ll have to pay several additional government expenses. In a city like Delhi, you’ll have to pay approximately ₹61,000 for RTO fees and approximately ₹38,000 for insurance. After adding all these taxes and expenses, the estimated on-road price of the Kia Cyros in Delhi comes to around ₹966,000. This price may vary slightly depending on the state and dealership.
What will be the EMI after a down payment of just ₹1 lakh
If you deposit an initial down payment of ₹100,000 to purchase this vehicle, the bank finances the remaining amount through a loan. In this case, the bank primarily focuses on the ex-showroom price, which would result in a loan of approximately ₹866,000.
If the bank provides this loan amount for the next seven years at an annual interest rate of 9 percent, you will have to pay an EMI of ₹13,934 per month for the next 84 months. This is a great relief for middle-class families who want to own a branded SUV by paying small monthly installments instead of a large lump sum payment.
Total Actual Cost of the Vehicle
As easy as it may seem to finance a car, it’s equally important to understand the interest calculations behind it. If you take out a loan of ₹866,000 for seven years, you’ll pay the bank approximately ₹305,000 in interest alone over the entire term.
This means that after seven years, when your loan is fully repaid, the total cost of your Kia Cyros, including the ex-showroom price, on-road taxes, and interest, will be approximately ₹1270,000. While this is slightly more expensive than paying in cash, the convenience of monthly installments makes it accessible to the average person.
Tough Competition in the Market
The Kia Cyros has been launched in the compact SUV segment, where competition is very interesting and fierce. With its rugged looks and Kia’s trust, it is challenging many of the existing major players in the market. It competes directly with powerful vehicles like the Maruti Suzuki Brezza, Tata Nexon, Hyundai Venue, and Mahindra XUV3XO. Furthermore, in the budget segment, it also faces tough competition from the Renault Kiger, Nissan Magnite, and its own Kia Sonet. Customers have plenty of options in this budget, but the Kia’s premium feel sets it apart from the crowd.
