Car Financing Scheme In the electric hatchback car market, Tata Motors offers the Tata Tiago EV. How much EMI can you pay each month to get home this affordable category van if you intend to purchase its base model and only need to make a down payment of Rs 1 lakh? Let’s investigate.
In the Indian market, Tata Motors offers vehicles in a variety of market niches. The manufacturer markets the Tata Tiago EV as the most affordable electric vehicle. How much EMI can you afford to pay each month to get it home after putting a Rs 1 lakh down payment if you also intend to purchase it? In this news, we are informing you.
Tata Tiago EV Price
The base Tiago EV model is available from Tata Motors for Rs 7.99 lakh ex-showroom. It costs about Rs 8.43 lakh on the road if you purchase it in Delhi. In addition to the ex-showroom price of Rs 7.99 lakh, this price includes approximately Rs 5500 for RTO and approximately Rs 39,000 for insurance.
How much EMI after down payment of Rs 1 lakh
The bank will only finance the ex-showroom price if you purchase the base EV model of this vehicle. In this case, you will need to obtain approximately Rs 7.43 lakh in bank financing after making a Rs 1 lakh down payment. You will only need to pay an EMI of Rs 11964 every month for the following seven years if the bank grants you Rs 7.43 lakh for seven years with 9% interest.
How much will the car cost
You will be required to pay an EMI of Rs 11964 per month for seven years if you take out a car loan of Rs 7.43 lakh from the bank with a 9% interest rate. In this case, the interest on your Tiago EV will be around Rs 2.61 lakh over seven years. The overall cost of the car, including ex-showroom, on-road, and interest, will then come to almost Rs 11 lakh.
Who will compete with
In the market for electric hatchback cars, Tata Motors has launched the Tiago EV. It is available for a very modest cost. Its direct competitors in this scenario are Citroen Ec3 and JSW MG Comet EV. In addition, a number of hatchbacks, premium hatchbacks, and SUVs compete fiercely with it in terms of pricing.
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