Mahindra has recently launched its new electric SUV Mahindra BE 6 in the Indian market. This is a premium electric car priced between Rs 18.90 lakh and Rs 26.90 lakh. If you want to buy this EV but are worried about the budget, then you can also bring it home on EMI.
How to buy Mahindra BE 6 on EMI
If you want to finance Mahindra BE 6, then first of all it is very important for you to know its on-road price. The on-road price of the base model of this car is Rs 19.87 lakh. Usually banks offer loans up to 80-90% and the remaining amount has to be paid by the customer as down payment.
Loan and down payment to buy Mahindra BE 6
The ex-showroom price of Mahindra BE 6 is Rs. 18.90 lakh and its on-road price is Rs. 19.87 lakh. If you want to finance this vehicle, you will have to take a loan amount of Rs. 17.88 lakh, whose rate of interest can be 9% according to the bank. To buy this vehicle, you will have to make a down payment of Rs. 1.99 lakh. You can finance this vehicle for 4, 5, 6 and 7 years. If you take a loan for 48 months i.e. 4 years, then according to 9% interest rate, your monthly EMI will be Rs. 44,500. If you take a loan for 60 months i.e. 5 years, then every month you will have to pay Rs. 37,200 as EMI. If you extend the loan period to 72 months i.e. 6 years, then you will have to pay an EMI of Rs 32,300 per month, whereas if you take the loan for the longest period of 84 months i.e. 7 years, then your EMI will be Rs 28,800 per month.
Things to keep in mind before taking a loan
First of all, your credit score should be good 750+ so that you can get a loan at a low interest rate. Loan terms may vary according to the bank, so read all the rules carefully before applying. If you make a higher down payment, your EMI will be reduced. Banks and finance companies may offer different interest rates, so be sure to compare different options.