Mahindra XUV 3XO EMI: In the Indian automotive landscape, Mahindra is a prominent player in the SUV market, offering a variety of vehicles. If you’re considering purchasing the base variant MX1 of the budget-friendly Mahindra XUV 3XO and plan to make a down payment of Rs 2 lakh, you might be curious about the monthly EMI you would need to pay. This article provides you with all the necessary details regarding the down payment and EMI for the Mahindra XUV 3XO.
Avarage car price and EMI calculation
The MX1 variant serves as the entry-level option for the XUV 3XO, with an ex-showroom price set at Rs 7.99 lakh. If you’re buying this vehicle in Delhi, you should anticipate additional costs, including approximately Rs 56,000 for RTO fees and around Rs 42,000 for insurance.
Consequently, the on-road price of the Mahindra XUV 3XO MX1 rises to about Rs 8.97 lakh. When financing this vehicle, the bank will base the loan amount on the ex-showroom price. After your down payment of Rs 2 lakh, you would need to secure financing of approximately Rs 6.97 lakh from the bank. Assuming a loan tenure of seven years at an interest rate of 9 percent, your monthly EMI would be around Rs 11,216.
EMI of Rs 11,216 each month
Taking a car loan of Rs 6.97 lakh over seven years at a 9 percent interest rate means you will be paying an EMI of Rs 11,216 each month. Over the course of seven years, the total interest paid on the Mahindra XUV 3XO MX1 would amount to roughly Rs 2.45 lakh. Therefore, the overall cost of your vehicle, including the ex-showroom price, on-road expenses, and interest, would total approximately Rs 11.42 lakh.