Maruti Suzuki, the country’s largest automobile company, has launched Ignis at the start of 2017. The new model comes with wide open eyes, hexa-mesh grille, shell-like roof, eye-catching slits on the C-pillar and others. Based on the new platform, the sub 4-meter compact SUV is expected to offer enhanced fuel efficiency. Maruti Ignis is launched in both petrol and diesel engine variants. While the 1197CC petrol-powered engine delivers 82PS of power at 6,000 rpm, the 1248CC diesel engine generates 75PS power at 4,000 rpm. The car will fit into the pocket of many as the ex-showroom price of the low and high-end variants is ₹4.56 lakhs and 8.08 lakhs, respectively. So, if you are planning to have it on a car loan, you can do that by paying an EMI of ₹7K-14K.
How Much Loan Will You Get to Buy Ignis?
Before applying for a car loan, you must know the factors that determine the loan eligibility. The quantum of a loan would mostly depend on the income, repayment capacity and the price of the car. Before disbursing a car loan, the lenders would surely check your credit history. And if the credit score is well past 760, you can even get a higher loan amount than what you would receive under normal circumstances. The loan amount can be equivalent to 85%-90% of the on-road price of the vehicle model. Now, how does the on-road price arrive? I am sure, you would ask this question, right! Let me tell you the on-road price is a sum total of ex-showroom price, RTO, insurance and accessory charges. Besides, the loan can be given for a maximum tenure of upto 7 years.
Price in India and EMI Options of Maruti Suzuki Ignis Variants
|Car Models||Variants||Ex-showroom Price (In Lakhs)||On-road Price (In Lakhs)||Expected Loan Amount (In Lakhs)||Expected EMI (In ₹)|
|Sigma 1.2 MT||Petrol||4.56||4.93||4.19 - 4.44||6,688 - 7,838|
|Delta 1.2 MT||Petrol||5.17||5.58||4.74 - 5.02||7,566 - 8,862|
|Zeta 1.2 MT||Petrol||5.63||6.07||5.16 - 5.46||8,237 - 9,638|
|Delta 1.2 MT||Petrol||5.72||6.17||5.24 - 5.55||8,364 - 9,797|
|Zeta 1.2 AT||Petrol||6.18||6.84||5.81 - 6.16||9,274 - 10,874|
|Delta 1.3 MT||Diesel||6.28||7.07||6 - 6.36||9,577 - 11,227|
|Alpha 1.2 MT||Petrol||6.47||7.16||6.08 - 6.44||9,705 - 11,368|
|Zeta 1.3 MT||Diesel||6.75||7.59||6.45 - 6.83||10,296 - 12,057|
|Delta 1.3 AT||Diesel||6.83||7.68||6.53 - 6.91||10,424 - 12,198|
|Alpha 1.2 AT||Petrol||7.01||7.81||6.64 - 7.03||10,559 - 12, 410|
|Zeta 1.3 AT||Diesel||7.3||8.21||6.98 - 7.39||11,142 - 13,045|
|Alpha 1.3 MT||Diesel||7.54||8.47||7.20 - 7.62||11,493 - 13,451|
|Alpha 1.3 AT||Diesel||8.08||9.23||7.85 - 8.31||12,531 - 13,265|
Note- Loan amount is calculated at 85%-90% of the on-road price, while the EMI arrives at an assumption of 8.75%-12% interest rate and a maximum tenure of 7 years. Also, the on-road price of the models is for New Delhi. The price will vary from city to city.
Processing Fee & Other Charges You Would Have to Pay
The processing fee can be anywhere between 1%-2% of the loan amount sanctioned. The fee also combines 18% GST, which stands for Goods and Services Tax. However, as the festive season has kicked off, SBI has launched a new offer removing the processing fee on a car loan until December 2017. Keep your fingers crossed as some other lenders can also come with such festive season offers.
You can also prepay the car loan before the expiry of the tenure. It can bear charges at 2%-5% of the principal outstanding plus 18% GST. So, be mindful of the charges before making the prepayment.