How much EMI has to be paid?
After paying a down payment of Rs 2 lakh, you have to take a bank loan of approximately Rs 4.64 lakh for the car. If you take a loan of Rs 4.64 lakh from the bank for seven years at an interest rate of 9 percent, you have to pay an EMI of Rs 7,472 every month for the next seven years. The same down payment for five years with a monthly EMI of 9,641 at the same interest rate. If it is for four years, the EMI rates with the above interest rate and down payment will be Rs 11,557.
Now, if you buy the CNG version of Maruti Suzuki Celerio, the VXI CNG on loan for five years with the same down payment and interest rate, the EMI will be Rs 12,673. If you buy the same CNG version on loan for seven years, the EMI will be Rs 9,823.
However, one important thing to note is that your interest rate and down payment amount will vary based on the rules of the respective banks and your credit score. Therefore, read and understand the bank's terms and conditions clearly before taking a loan.