Tata Motors sells vehicles in many segments in the Indian market, and the Tata Tiago EV is the most affordable electric car offered by the company. If you are also planning to buy it, then after making a down payment of ₹ 1 lakh, how much EMI will have to be paid every month to bring it home, we are going to give you complete information in this news! So if your budget is a bit tight and you are looking for an electric hatchback, then this news is important for you.
Tata Tiago EV Price
Tata Motors offers the base variant of the Tiago EV at a starting price of ₹ 7.99 lakh (ex-showroom). If you buy it in Delhi, its on-road price reaches around ₹ 8.43 lakh. In this price, apart from the ex-showroom price of ₹ 7.99 lakh, about ₹ 5,500 will have to be paid for RTO and about ₹ 39,000 for insurance. At this price point, the Tiago EV is a great attempt to bring electric mobility to the common man.
How much will be the EMI after a down payment of ₹ 1 lakh?
If you buy the base variant of this car, the bank will finance only the ex-showroom price. In such a situation, after making a down payment of ₹ 1 lakh, you will have to take a loan of about ₹ 7.43 lakh from the bank. If you get this amount from the bank at an interest rate of nine percent for seven years, then you will have to pay an EMI of only ₹ 11,964 every month for the next seven years. This EMI can be very attractive for those who want to buy an affordable electric car and want to pay low monthly installments on a long-term loan.
How much will the whole car cost
If you take a car loan of ₹ 7.43 lakh from the bank at an interest rate of nine percent for seven years, then you will have to pay an EMI of ₹ 11,964 every month for seven years. According to this, in seven years you will pay around ₹ 2.61 lakh as interest for the Tiago EV. After this, the total cost of this car including ex-showroom, on-road price, and interest will be around ₹ 11 lakh. This figure shows that even though the EMI seems affordable, a considerable amount of interest also has to be paid in the long term.
Competition in the affordable electric hatchback segment
Tata Motors has brought the Tiago EV in the electric hatchback car segment. It is being offered at a very low price. In such a situation, it competes directly with the JSW MG Comet EV and Citroen eC3. Apart from this, in terms of price, it also faces tough competition from many hatchbacks, premium hatchbacks, and SUV segment vehicles. The affordable price of the Tiago EV makes it a strong contender for customers who are thinking of buying an electric car for the first time or who have a limited budget.