Tata Nexon: If you are thinking of buying a stylish, safe and powerful SUV, Tata Nexon can be a great option for you. This SUV is known for its attractive design, strength, and great features in the Indian market. Tata Nexon is not hybrid, but it comes with three powertrain options such as petrol, diesel and now CNG. Even if you do not have a full budget, you can still bring it home on easy EMI through a finance plan. Here we are giving complete information from the calculation of Tata Nexon’s EMI plan and salary.
How much down payment can Tata Nexon get?
Talking about the on-road price of Tata Nexon in Delhi, its initial price is around ₹ 9.19 lakh. If you make a down payment of ₹ 1 lakh to buy this car, then you have to take a loan of ₹ 8.19 lakh. You can get this loan finance from the bank. Keep in mind that the higher the down payment, the lower the interest rate will look as low and the burden of EMI will also be slightly lighter. However, the amount and interest rate of the loan depends entirely on your credit score, income, and bank policy.
EMI and Calculation of Interest
Suppose you get a loan of ₹ 8.19 lakh from the bank at an interest rate of 8.8%. If you take this loan for 3 years (36 months), then every month’s EMI will be around ₹ 25,000. That is, in a period of three years, you will pay around ₹ 11.50 lakh to the bank in total. In this way, you will be paying interest of about ₹ 3.31 lakh on a loan of ₹ 8.19 lakh. If you increase the down payment to ₹ 2 lakh or ₹ 3 lakh, then there will be a clear reduction in the total amount of EMI and interest.
Is your salary enough for Tata Nexon?
Now the question comes that you will be able to repay such a big EMI only when your monthly salary is at least ₹ 60,000 or more. Banks usually allow EMI to be given only 40–50% of your monthly income. So if your salary is less than ₹ 60,000, then either down payment will have to be increased or EMI will have to be reduced by increasing the loan duration by 4-5 years.
Tata Nexon comes with three powertrain options
Tata Nexon is not a hybrid car, but it is available with three different engine options-petrol, diesel and CNG. Its petrol engine is a 1.2-liter turbocharged revotron engine, which produces 88.2 PS power at 5,500 rpm and 170 Nm torque between 1,750 and 4,000 rpm. This car is not only powerful, but also the best in terms of mileage. It gives mileage ranging from 17 to 24 kmpl according to different variants and engine options, which makes it an affordable and balanced SUV.
