Maruti Suzuki Swift: Maruti introduced the latest Maruti Swift in India on May 9, 2024. If you are considering purchasing the VXI, which is the mid-level variant of this model, and plan to make a down payment of Rs 2 lakh, you may be wondering about the monthly EMI. If you choose to purchase the mid variant VXI of this vehicle, the bank will provide financing based solely on the ex-showroom price.
Down payment of Rs 2 lakh
In this case, after making a down payment of Rs 2 lakh, you will need to secure approximately Rs 6.16 lakh in financing from the bank. Should the bank approve a loan of Rs 6.16 lakh for a term of seven years at an interest rate of nine percent, your monthly EMI will amount to Rs 9,913 over the next seven years. The VXI variant is priced at Rs 7.29 lakh ex-showroom.
Additional expenses
For buyers in Delhi, additional costs include approximately Rs 52,000 for RTO fees, around Rs 29,000 for insurance, and Rs 5,485 for smart card, MCD charges, and Fastag. Consequently, the on-road price of the Maruti Swift rises to about Rs 8.16 lakh.
EMI calculation
If you secure a car loan of Rs 6.16 lakh for a duration of seven years at an interest rate of 9%, your monthly EMI will be approximately Rs 9,913. Over the seven-year term, you will pay around Rs 2.16 lakh in interest for the New Swift 2024. Thus, the total cost of your vehicle, including the ex-showroom price, on-road expenses, and interest, will be around Rs 10.32 lakh.
The Maruti Swift is positioned in the hatchback segment and competes with models such as the Baleno, Wagon R, S-Presso, as well as rivals like the Toyota Glanza, Tata Altroz, Hyundai Grand i10 Nios, and Tata Tiago.