Buying a car through financing is a smart choice because you don’t need to pay the full amount at once.
With just a small down payment, you can take the car home and repay the remaining amount in easy monthly installments (EMIs).
The Mahindra Bolero is one of the most popular vehicles, especially in rural areas.
Let’s check out the financing details and find out how much EMI you would pay if you buy this SUV with a down payment of ₹2 lakh.
A Reliable SUV at an Affordable Price
The Bolero is loved for its large size, seating capacity of 7 people, and ability to handle rough roads easily.
Mahindra offers it in three variants, priced between ₹9.81 lakh and ₹10.93 lakh.
It is available only in diesel and is considered one of the most reliable and budget-friendly SUVs, popular in both rural and urban markets.
Here, we will discuss the financing of its base variant, Bolero B4.
On-Road Price Details
Ex-showroom price: ₹9,81,400
RTO (Road Tax): ₹90,703
Insurance: ₹53,785
Other charges: ₹300
This brings the on-road price to ₹11,26,188.
If you pay ₹2 lakh as down payment, you will need a loan of ₹9,26,188 from the bank.
EMI Calculation
The EMI amount depends on the loan, interest rate, and tenure.
Let’s take an example:
Loan amount: ₹9,26,188
Tenure: 7 years
Interest rate: 10%
In this case, your monthly EMI will be ₹15,376. Over the loan period, you will pay ₹3,65,381 as interest, making the total cost of the car ₹14,91,569.
If you increase the down payment, your EMI will reduce.
Similarly, changing the loan tenure will also affect your monthly installment.
