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

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
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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

BanksMin Loan AmountMax Loan AmountMax TenureInterest RateEMI (On maximum amount)Fees+TaxInterestTotal Amount
ICICI BankRs 1 lacRs 5.20 lacs5 years9.85%Rs 10,920Rs 1,650Rs 1,35,200Rs 6,56,850
HDFC BankRs 1 lacRs 5.55 lacs5 years10.25%Rs 11,760Rs 2,290Rs 1,50,600Rs 7,07,890
SBIRs 1 lacRs 5.93 lacs7 years9.85%Rs 9,799N.A.Rs 2,30,083Rs 8,23,083
Axis BankRs 1 lacRs 6.2 lacs5 years9.75%Rs 12,991N.A.Rs1,65,822Rs 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

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BanksMin Loan AmountMax Loan AmountMax TenureInterest RateEMI (On maximum amount)Fees+TaxInterestTotal Amount
ICICI BankRs 1 lacRs 6.4 lacs7 years9.65%Rs 10,426Rs 1,950Rs 2,35,784Rs 8,77,734
HDFC BankRs 1 lacRs 6.75 lacs5 years9.90%Rs 14,191Rs 2,290Rs 1,76,460Rs 8,53,750
SBIRs 1 lacRs 7.5 lacs7 years9.85%Rs 12,463N.A.Rs 2,92,642Rs 10,46,878
Axis BankRs 1 lacRs 7.7 lacs5 years9.75%Rs 16,135N.A.Up to Rs 2,05,940Up 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

BanksMin Loan AmountMax Loan AmountMax TenureInterest RateEMI (On maximum amount)Fees+TaxInterestTotal Amount
ICICI BankRs 1 lacRs 6.2 lacs7 years9.65%Rs 10,100Rs 1,900Rs 2,28,400Rs 8,50,300
HDFC BankRs 1 lacRs 6.65 lacs5 years9.85%Rs 13,966Rs 2,290Rs 1,72,960Rs 8,40,250
SBIRs 1 lacRs 6.82 lacs7 years9.85%Rs 10,988N.A.Rs 2,58,018Rs 9,23,018
Axis BankRs 1 lacRs 7.9 lacs5 years9.75%Rs 16,554N.A.Rs 2,11,2899,93,240

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
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These prices will differ according to the location

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

BanksMin Loan AmountMax Loan AmountMax TenureInterest RateEMI (On maximum amount)Fees+TaxInterestTotal Amount
ICICI BankRs 1 lacRs 5.5 lacs5 years10%Rs 11,589Rs 1,725Rs 1,45,340Rs 6,97,065
HDFC BankRs 1 lacRs 6.25 lacs5 years9.90%Rs 13,140Rs 2,290Rs 1,63,400Rs 7,90,690
SBIRs 1 lacRs 5.94 lacs7 years9.85%Rs 9,815N.A.Rs 2,30,471Rs 8,24,471
Axis BankRs 1 lacRs 6.9 lacs5 years9.75%Rs 14,458N.A.Up to Rs 1,84,544Rs 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

BanksMin Loan AmountMax Loan AmountMax TenureInterest RateEMI (On maximum amount)Fees+TaxInterestTotal Amount
ICICI BankRs 1 lacRs 7.4 lacs7 years10%Rs 12,183Rs 2,200Rs 2,83,372Rs 10,25,572
HDFC BankRs 1 lacRs 6.7 lacs5 years10.25%Rs 14,197Rs 2,290Rs 1,81,820Rs 8,54,110
SBIRs 1 lacRs 8.4 lacs7 years9.85%Rs 13,880N.A.Rs 3,25,918Rs. 11,65,918
Axis BankRs 1 lacRs 8.3 lacs5 years9.75%Rs 17,392N.A.Rs 2,21,987Rs 10,43,520

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

Personal Loan Interest Rates September 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank11.25% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2018
State Bank of India/SBI8.65% - 9.20%
HDFC8.70% - 9.40%
Bank of Baroda8.55% - 9.55%
LIC Housing8.60% - 8.95%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.85% - 9.10%
Axis Bank8.50% - 8.75%
Citibank8.85% - 9.65%
Indiabulls Housing Finance Limited8.70% - 9.85%
Kotak Bank8.65% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
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