Your Dream Jeep Compass SUV Available at an EMI of Just ₹24K

Last Updated : Aug. 2, 2017, 11:54 a.m.

Car lovers, what you have been dreaming for long is out in the showroom to buy. Yes, you heard it right! It’s the Jeep Compass SUV that has finally made its way to the Indian roads after months of speculation. The car model has become an instant hit among the masses with the enquiries and bookings going upto 38,000 and 5,000, respectively, the figures quoted by Fiat Chrysler’s Indian arm in a statement. It’s well within your reach as the EMI can be upto ₹24,000-47,000, thanks to the falling interest rates that have come down to as low as 8.75% per annum. While the overall rates can range from 8.75%-12% p.a. So, if you are earning ₹50,000 and above on a monthly basis, you can bring home the all-new car model and go for a long drive with your family and friends.

How Much Loan Can You Get on Your Income?

As stated earlier, the Jeep Compass models can fit into the pocket of the borrowers with a monthly income of 50,000 and more. The loan amount can be around 85%-90% of the on-road price, which is an addition of ex-showroom price+registration charges, insurance, accessories, if any. The remaining 10%-15% has to be paid upfront in the form of a down payment.

Jeep Compass SUV Car Variants and Their Price In India

The car is launched in both petrol and diesel variants with different specifications. While the petrol variants of Jeep Compass include Sport, Limited and Limited Option, there are seven diesel variants-Sport, Longitude, Longitude Option, Limited, Limited Option, Limited 4×4 and Limited Option 4×4. The prices can be seen in the table below.

Table Showing the Prices of Jeep Compass SUV Models

Note-Loan value is calculated at 85%-90% of the on-road price, while the EMI calculation is based on 8.75%-12% interest rate and a tenure of 7 years besides the loan amount in each of the models.

Should You Pay a Bigger Down Payment Amount?

If you have accumulated the savings which can enable you to pay a bigger down payment for the said SUV models, you should say ‘Yes’ to it as the eventual car loan amount required would then be lesser and thus bring down your EMI repayment liability. This will ensure a seamless repayment of the loan while letting you enjoy a great ride full of exciting moments to cherish.

Shorter Tenure Vs Longer Tenure

What should be your take on the car loan tenure option? Which is good to your pocket- a longer tenure or a shorter one? The maximum tenure for a car loan can be upto 7 years. But you need to be tactical while choosing the tenure option. Well, if you want to bring down the monthly repayment in the form of EMI, you should go for a longer tenure. For those wanting to contain the massive outflow of interest over the years, they better opt for a shorter tenure. This will, however, raise the EMI amount.

If we talk about the Jeep Compass SUV Models, the lowest price comes out to be ₹17.48 lakhs. Assume the bank finances a loan amount worth ₹15 Lakhs at an interest rate of 8.75% per annum. You opt for a 7-year tenure, but your friend decides to choose a 6-year loan period. In that case, be ready to pay an EMI of ₹23,944. Your friend, on the other hand, would need to service the EMI that amounts to ₹26,853, more than what you are supposed to pay. But he would save on the interest outflow, which, in his case, would be ₹4,33,385. Whereas, the interest repayment liability would be around ₹5,11,274 for you to deal with over the 7 year-tenure.

What’s About Processing Fee & Other Charges?

Upon submitting the car loan application, the banks and other financial institutions charge a one-time processing fee which can be a flat amount or 1%-2% of the loan disbursal amount. If you wish to prepay the loan before the expiry of the tenure, there will be charges on the same. Be ready to pay 2%-5% of the outstanding principal amount as a prepayment fee. The floating rate loan, however, can come with a zero fee.

Exciting Features of SUV Models at a Glance

Now that you know the SUV models are within your reach, let’s get on the exciting features that they boast of. What strikes many while discussing on a new car launch is the engine specifications, don’t they? So, what are you waiting for? Take a look at the table below and find what the engines of the latest car models come with.

Other Jaw-Dropping Features

The cars have everything that a buyer seeks in a stylish model, from a classy interior to a sparkling exterior. So, what are these SUV cars studded with? Wanna know? Take a look at the table below.

A Take on Company’s Delivery Network

The company looks to service the car delivery through 50 dealerships across India by the end of 2017. The service network centres of the company total to 48 in India. The diesel versions will be delivered before the petrol variants, according to the company statement.