Tata Motors, one of the leading automobile companies in the country, also offers a diesel variant of its powerful Tata Nexon in the compact SUV segment. If you are also planning to buy the diesel model of this safe and stylish SUV and want to make it a part of your home by making a down payment of just ₹ 1 lakh, then how much EMI will you have to pay every month. In this news, we will give you a detailed answer to this question, so that you can easily understand your financial plan. This can be a golden opportunity to buy your favourite SUV in installments.
Tata Nexon Diesel Price
The ex-showroom price of the diesel variant of Tata Nexon is ₹ 10 lakh. If you buy this car in Delhi, you will have to pay about ₹ 83 thousand extra as RTO and ₹ 43 thousand as insurance. Thus, the on-road price of Tata Nexon diesel comes to around ₹ 11.25 lakh. Now, if you make a down payment of ₹ 1 lakh, you will have to take a loan of ₹ 10.25 lakh for the car. If you take a loan from the bank at an interest rate of 9 percent, you will have to pay an EMI of ₹ 16,506 every month for seven years. You need to know this so that you can manage your monthly budgeting efficiently.
How much will it cost in total
If you buy a car on EMI, you have to pay more money later. To understand from this example, you will have to pay interest of about ₹ 3.60 lakh for the car in 7 years. If we add the interest amount as well, the total cost of the car will be ₹ 14.86 lakh, which will be much more than the actual price of your car. Therefore, when you think of taking a car loan, make sure to assess your financial situation properly, because you will have to pay a higher amount on the loan. This wise step can save you from financial burden in the future.