The Mahindra Thar is a popular SUV in India, known for its rugged design and versatile capabilities. Whether you are looking to calculate EMI (Equated Monthly Installments), explore loan options, or decide on the right down payment, this article will provide you with a detailed overview.
EMI Calculation for Mahindra Thar: A Detailed Breakdown
The EMI for Mahindra Thar depends on factors like the variant, loan tenure, and interest rate. Online platforms such as CarDekho and CarTrade make it easy to calculate your EMI.
CarDekho EMI Calculator
Below is an example of EMI calculations for different Thar variants on CarDekho:
Variant | Interest Rate | EMI (60 Months) |
---|---|---|
Mahindra Thar Earth Edition | 9.8% | ₹34,219 |
Mahindra Thar Earth Edition Diesel | 9.8% | ₹36,641 |
Mahindra Thar Earth Edition Diesel AT | 9.8% | ₹39,880 |
Mahindra Thar LX Convert Top AT | 9.8% | ₹36,635 |
CarTrade EMI Calculator
For CarTrade, EMI calculations are also influenced by the down payment. Below is an example:
Variant | Interest Rate | Down Payment |
---|---|---|
Mahindra Thar Earth Edition | 9.8% | ₹1.80 Lakh |
Mahindra Thar Earth Edition Diesel | 9.8% | ₹1.92 Lakh |
Mahindra Thar Earth Edition Diesel AT | 9.8% | ₹2.09 Lakh |
Mahindra Thar LX Convert Top AT | 9.8% | ₹1.92 Lakh |
What Income Do You Need to Buy a Mahindra Thar?
The on-road price of Mahindra Thar starts at ₹13.87 lakh. To qualify for a loan, your annual income should be at least ₹4.63 lakh.
Loan Tenure and EMI Examples
- Loan Amount: ₹10 Lakh
- Interest Rate: 9%
- Tenure: 5 years
- Approximate EMI: ₹20,196
For a ₹5 lakh loan with a 3-year tenure and a 10% interest rate, the EMI is approximately ₹16,134.
Key Details About Mahindra Thar Variants and Pricing
Mahindra Thar offers multiple variants with prices ranging from ₹11.25 lakh to ₹17.60 lakh (ex-showroom).
Popular Variants and Prices
Variant | Estimated Ex-Showroom Price |
---|---|
AX Opt Hard Top Diesel RWD | ₹11.35 lakh |
LX Hard Top Diesel RWD | ₹12.85 lakh |
Earth Edition Diesel | ₹16.15 lakh |
LX Hard Top Diesel AT | ₹17.2 lakh |
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Tips for Choosing a Car Loan for Mahindra Thar
- Compare Interest Rates: Different banks offer varying rates. Always check for the best deal.
- Higher Down Payment: Paying a larger amount upfront can lower your EMI and interest burden.
- Loan Tenure: Opt for a shorter tenure to save on interest, provided it aligns with your monthly budget.
- Use EMI Calculators: Tools like the ones on CarDekho and CarTrade help estimate your monthly payments accurately.
Mahindra Thar Finance Options
If you’re planning to finance your Thar, ICICI Bank and other financial institutions provide competitive car loan packages. Many banks also offer up to 100% financing for used cars based on your creditworthiness.
FAQs About Mahindra Thar Finance and Purchase
What is the down payment for Mahindra Thar?
The down payment typically starts from ₹1.8 lakh, depending on the variant and loan provider.
Can I afford a Mahindra Thar with a ₹25,000 salary?
Yes, banks may offer loans 3-4 times your annual income. If you earn ₹25,000 per month, you could qualify for a loan of ₹10-12 lakh.
What is the EMI for a ₹20 lakh loan?
For a 5-year tenure, the EMI would be approximately ₹41,226.
Conclusion
Mahindra Thar is a versatile SUV offering excellent financing options. By carefully evaluating your income, down payment capacity, and loan terms, you can make a well-informed decision to own this iconic vehicle. Use reliable EMI calculators to plan your budget effectively and drive home your