The Mahindra Thar has become more than just an SUV in today’s time. With its bold design, powerful road presence, and strong off-roading capabilities, it is now seen as a style and adventure vehicle, especially among young buyers. Its muscular look and performance make it one of the most popular SUVs in the market. If you are planning to buy this vehicle, there is good news for you. You can bring home the Mahindra Thar by making a down payment of around Rs 4 lakh and finance the remaining amount through a bank loan. Before buying, it is important to understand the monthly EMI and total finance cost.
Finance Plan of the Mahindra Thar
Before understanding the finance plan of the Mahindra Thar, it is important to know its pricing details. The SUV is available with both petrol and diesel engine options and comes with manual as well as automatic gearbox choices. The ex-showroom price of the Mahindra Thar starts at around Rs 9.99 lakh for the base model and goes up to Rs 17.62 lakh for the top variant. However, these are only ex-showroom prices. The final on-road cost becomes higher after adding registration charges, insurance, road tax, and other fees. Here, we are discussing the finance and EMI details of the Mahindra Thar’s base model.
Procedure
The base diesel variant of the Mahindra Thar is called the AXT RWD, and its ex-showroom price is Rs 9,99,500. Apart from this cost, buyers also need to pay additional charges such as Rs 87,456 for RTO registration, around Rs 49,539 for insurance, and nearly Rs 60,000 for other expenses. After adding all these costs, the total on-road price of the SUV becomes approximately Rs 11,96,495. If you plan to buy the vehicle with a down payment of Rs 4 lakh, then the remaining amount of about Rs 7,96,495 will need to be financed through a bank loan, which can later be repaid through monthly EMIs.
EMI
If you take a bank loan for five years at an interest rate of 10 per cent, you will have to pay a monthly EMI of around Rs 16,923. This instalment will continue for 60 months, and during this period, you will pay nearly Rs 2,18,895 as interest to the bank. After including the interest amount, the total cost of the Mahindra Thar will increase to around Rs 14,15,390. Buyers can also reduce their monthly EMI by making a bigger down payment at the time of purchase. Apart from this, increasing or reducing the loan repayment period can also affect the EMI amount and overall interest paid on the loan.
