You can bring home your dream car, the Mahindra Thar, with a down payment of just ₹2 lakh. Yes, you heard that right! Mahindra’s legendary off-roader is now accessible even to those who can’t afford the full amount at once. Today, we’ll explain in detail how you can buy the Thar in easy installments and what your monthly installment will be. So, let’s get started and learn how you can make this dream car a reality.

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Variants and Pricing

Mahindra has introduced the new Thar in seven different variants in the Indian market, ensuring every type of customer finds the right choice based on their needs and budget. The Thar is available in both diesel and petrol engine options, and can be purchased with both manual and automatic transmissions. Its ex-showroom price starts at ₹9.99 lakh and goes up to ₹16.99 lakh. We’ll cover the most basic variant, the AXT RWD, which comes with a diesel engine and manual transmission. This variant is perfect for those who want to experience the basic Thar without spending a fortune.

On-Road Price Calculation

The AXT RWD variant has an ex-showroom price of ₹999,000, but additional expenses are added to the price once you put it on the road. This includes an additional ₹87,412 for RTO (road tax) and ₹49,520 for insurance. When you add all these expenses, the total on-road price of the car comes to ₹1135,932. This is the amount you’ll need to pay to get the car on the road. Now, if you pay ₹2 lakh as a down payment, you’ll need to borrow the remaining amount, i.e., ₹935,932, from a bank.

Monthly Installment

Suppose you take out a loan of ₹935,932 for a 7-year term and the interest rate is 10 percent per annum. In this situation, your monthly installment will be ₹15,538. You will have to pay this installment for the next 7 years, or 84 months. Over the entire loan period, you will pay an additional ₹369,225 in interest. Thus, the total cost of the car, which was initially ₹1135,932, will increase to ₹1505,157 with interest. This amount is like a long-term investment for a premium car like the Thar.

EMI

Your monthly installment depends on three key factors. The first is the loan amount – if you make a higher down payment, the loan amount will be lower, and your installment will also be lower. The second is the interest rate – different banks and finance companies offer different interest rates, so you should choose the option with a lower interest rate. The third is the loan tenure – if you keep the loan tenure short, your monthly installment will be higher, but the total interest will be lower. However, if you extend the loan term, the monthly installment will be lower, but the total interest will be higher.

Right Finance Plan

Choosing the right finance plan is crucial. First, calculate your monthly income and expenses and determine how much EMI you can afford each month. If possible, try increasing the down payment amount; this will reduce your loan amount and lower the interest. Compare interest rates from different banks and finance companies and choose the option with the lowest rate. If possible, keep the loan term short so you pay less interest. Many banks also offer prepayment options, allowing you to repay the loan early with bonuses or additional savings.

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The Mahindra Thar is not just a car, but a lifestyle that gives you confidence and a sense of adventure. Now that you know you can purchase this car with a down payment of just ₹2 lakh and bring it home with a monthly EMI of ₹15,538, why not make a plan to make this dream come true? Simply assess your budget, choose the right finance plan, and enjoy your dream car. It will not only make your trips memorable but also instill a new confidence in your personality.