The Maruti Suzuki Wagon R is one of the most popular cars in India due to its spacious design and fuel efficiency. If you’re thinking about buying this car and have ₹60,000 for the down payment, here’s how the loan and monthly payments (EMI) might look like.
Loan Details
The on-road price of the Wagon R LXI variant is around ₹5,96,112 in Delhi. After paying the ₹60,000 as the down payment, you would need a loan of ₹5,36,112. The loan is usually taken for a period of five years (60 months), and the interest rate is expected to be around 9.8% annually. This means that your monthly EMI would be around ₹11,338.
Estimated Monthly EMI
Over the five-year loan period, you will pay ₹11,338 each month, which will total ₹6,80,280. When you add the ₹60,000 down payment, the total cost of the car becomes ₹7,40,280.
Key Points to Consider
It’s important to note that the actual interest rate might vary depending on the bank or financial institution you choose, so it’s a good idea to compare offers from different banks. Additionally, if you choose a longer loan tenure, your monthly EMI will be lower, but you might end up paying more in interest in the long run. On the other hand, if you can make a higher down payment, your loan amount will reduce, and so will your EMI.
By paying ₹60,000 as a down payment, your monthly EMI for the Wagon R will be approximately ₹11,338 for a period of five years. Always check with your bank to get the best loan deal that suits your needs. Keep in mind that the numbers mentioned here are approximate, and the final details will depend on your bank and the loan terms.