Car Loan Rates EMI 2024

Know How Much It will Cost You to Own Top Selling SUVs in India

Know How Much It will Cost You to Own Top Selling SUVs in India

Last Updated : June 13, 2017, 4:07 p.m.

Sports Utility Vehicles (SUVs) are increasingly becoming the choice for a wider section of the Indian population fuelled by the growing disposable income, desire for high social esteem and other factors. But before you dream of putting your hand over the steering of SUVs, please ensure you are aware of the financial implications of owning such cars. Today, we will let you know about such implications.

Lenders like ICICI Bank, State Bank of India (SBI), HDFC Bank, Citi Bank, etc are providing finance to customers for getting the ownership of top-selling SUVs such as Mahindra TUV300, Hyundai Creta, Maruti S-Cross and others. But it may not be financially viable for people with annual income of around Rs 3 lacs-3.6 lacs as the equated monthly installments (EMIs) will take out much of their earnings. Plus with increasing day-to-day family expenditure, it will become slightly tougher to deal with the pocket-pinching EMIs. So if you want to have the privilege of having SUVs, you will have to save money as well as invest in saving schemes such as PPFs, mutual funds, etc.

Eligibility for car loan

  • Total job experience of 2 years
  • At least one year of experience with the current employer
  • If you are a self-employed self-professional, you need to be in the business for at least three years
  • Minimum annual income for salaried and self-employed professionals are 2.4 lacs and 4 lacs, respectively

Let us know first the top selling SUVs in India.

Top Selling SUVs

  • Mahindra TUV300 (Rs 7.11 lacs-9.34 lacs)
  • Hyundai Creta (Rs 9.15 lacs-14.4 lacs)
  • Maruti S-Cross (Rs 8.03 lacs-12.03 lacs)
  • Maruti Vitarra Brezza (Rs (6.99 lacs-9.68 lacs)
  • Nissan Terrano (Rs 9.99 lacs-13.20 lacs)
  • Mahindra Scorpio (Rs 9.58 lacs-12.64 lacs
  • Mahindra XUV500
  • TATA Safari Storme 400
  • Renault Duster
  • Toyota Fortuner

Mahindra TUV300

Road price of all the variants of Mahindra TUV300 ranges between Rs 7.11 lacs-9.34 lacs. Other prices associated with the car is broken into

Prices in Delhi

  • Ex-Showroom price -Rs 8,79,880
  • Road Tax & Registration (RTO)- Rs 77,590
  • MCD Parking Fee-Rs 4,000
  • 1st Year Insurance Charges-Rs 22,780
  • Logistics Charges-Rs 8,150

These prices will differ according to the location

Find how much loan you can get to buy Mahindra TUV300 in the table below if your take home salary is Rs 25,000 per month

Banks Min Loan Amount Max Loan Amount Max Tenure Interest Rate EMI (On maximum amount) Fees+Tax Interest Total Amount
ICICI Bank Rs 1 lac Rs 5.20 lacs 5 years 9.85% Rs 10,920 Rs 1,650 Rs 1,35,200 Rs 6,56,850
HDFC Bank Rs 1 lac Rs 5.55 lacs 5 years 10.25% Rs 11,760 Rs 2,290 Rs 1,50,600 Rs 7,07,890
SBI Rs 1 lac Rs 5.93 lacs 7 years 9.85% Rs 9,799 N.A. Rs 2,30,083 Rs 8,23,083
Axis Bank Rs 1 lac Rs 6.2 lacs 5 years 9.75% Rs 12,991 N.A. Rs1,65,822 Rs 7,79,460

Note -EMIs, interest amount and total cost will differ for people with different income bracket and job experience.

Hyundai Creta

Hyundai Creta is available at a price range of Rs 9.15 lacs-14.4 lacs. Assuming your net salary is Rs 25,000.

Prices in Delhi

  • Ex-Showroom price-Rs 9.15 lacs
  • Down Payment- Rs 1,37,179
  • RTO charges-Rs 66,872
  • Insurance-Rs 38,310

These prices will differ according to the location

let’s find how much loan you can get to buy this car assuming your net salary is Rs 25,000 in the table below

Banks Min Loan Amount Max Loan Amount Max Tenure Interest Rate EMI (On maximum amount) Fees+Tax Interest Total Amount
ICICI Bank Rs 1 lac Rs 6.4 lacs 7 years 9.65% Rs 10,426 Rs 1,950 Rs 2,35,784 Rs 8,77,734
HDFC Bank Rs 1 lac Rs 6.75 lacs 5 years 9.90% Rs 14,191 Rs 2,290 Rs 1,76,460 Rs 8,53,750
SBI Rs 1 lac Rs 7.5 lacs 7 years 9.85% Rs 12,463 N.A. Rs 2,92,642 Rs 10,46,878
Axis Bank Rs 1 lac Rs 7.7 lacs 5 years 9.75% Rs 16,135 N.A. Up to Rs 2,05,940 Up to Rs 9,75,940

Note -EMIs, interest amount and total cost will differ for people with different income bracket and job experience.

Maruti S-Cross

Maruti S-Cross’ price ranges between Rs 8.03 lacs-12.03 lacs.

Prices In Delhi

  • Ex-Showroom price-Rs 8.03 lacs
  • Down Payment-Rs 1,20,456
  • RTO charges- Rs 82,266
  • Insurance- Rs 29,708

These prices will differ according to the location

Table showing the loan eligibility, interest rate, EMIs on Maruti S-Cross

Banks Min Loan Amount Max Loan Amount Max Tenure Interest Rate EMI (On maximum amount) Fees+Tax Interest Total Amount
ICICI Bank Rs 1 lac Rs 6.2 lacs 7 years 9.65% Rs 10,100 Rs 1,900 Rs 2,28,400 Rs 8,50,300
HDFC Bank Rs 1 lac Rs 6.65 lacs 5 years 9.85% Rs 13,966 Rs 2,290 Rs 1,72,960 Rs 8,40,250
SBI Rs 1 lac Rs 6.82 lacs 7 years 9.85% Rs 10,988 N.A. Rs 2,58,018 Rs 9,23,018
Axis Bank Rs 1 lac Rs 7.9 lacs 5 years 9.75% Rs 16,554 N.A. Rs 2,11,289 9,93,240

Note -EMIs, interest amount and total cost will differ for people with different income bracket and job experience.

Maruti Vitara Brezza

Maruti Vitarra Brezza is offered at a price range of Rs 6.99 lacs-9.68 lacs. Other prices of the car model are illustrated below.

Prices in Delhi

  • Ex-Showroom Price-Rs 6.99 lacs
  • Down Payment-Rs 1,04,850
  • RTO-Rs 70,162
  • Insurance-Rs 25,992

These prices will differ according to the location

Table showing the loan eligibility, interest rate, EMIs on Maruti Vitarra Brezza

Banks Min Loan Amount Max Loan Amount Max Tenure Interest Rate EMI (On maximum amount) Fees+Tax Interest Total Amount
ICICI Bank Rs 1 lac Rs 5.5 lacs 5 years 10% Rs 11,589 Rs 1,725 Rs 1,45,340 Rs 6,97,065
HDFC Bank Rs 1 lac Rs 6.25 lacs 5 years 9.90% Rs 13,140 Rs 2,290 Rs 1,63,400 Rs 7,90,690
SBI Rs 1 lac Rs 5.94 lacs 7 years 9.85% Rs 9,815 N.A. Rs 2,30,471 Rs 8,24,471
Axis Bank Rs 1 lac Rs 6.9 lacs 5 years 9.75% Rs 14,458 N.A. Up to Rs 1,84,544 Rs 8,67,480

Note -EMIs, interest amount and total cost will differ for people with different income bracket and job experience

Nissan Terrano

Nissan Terrano is offered at a price range of Rs 9.99 lacs-13.20 lacs. Let’s see the break-up of costs of this car in the points below.

  • Ex-Showroom Price-Rs 9.99 lacs
  • Down Payment-Rs 1,49,850
  • RTO-Rs 99,412
  • Insurance-Rs 36,706

The prices will differ according to the location

Table showing the loan eligibility, interest rate, EMIs on Nissan Terrano

Banks Min Loan Amount Max Loan Amount Max Tenure Interest Rate EMI (On maximum amount) Fees+Tax Interest Total Amount
ICICI Bank Rs 1 lac Rs 7.4 lacs 7 years 10% Rs 12,183 Rs 2,200 Rs 2,83,372 Rs 10,25,572
HDFC Bank Rs 1 lac Rs 6.7 lacs 5 years 10.25% Rs 14,197 Rs 2,290 Rs 1,81,820 Rs 8,54,110
SBI Rs 1 lac Rs 8.4 lacs 7 years 9.85% Rs 13,880 N.A. Rs 3,25,918 Rs. 11,65,918
Axis Bank Rs 1 lac Rs 8.3 lacs 5 years 9.75% Rs 17,392 N.A. Rs 2,21,987 Rs 10,43,520

Note -EMIs, interest amount and total cost will differ for people with different income bracket and job experience.

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