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.
