One of the most popular launches in the hatchback segment, Renault Kwid is driving everyone crazy due to its stylish design and enhanced affordability. While the ex-showroom price of the car model ranges from ₹2.52-4.53 lakhs, the on-road price stands at ₹2.88-4.97 lakhs. The French automaker has thus recorded sales of around 1.75 lakh units since the launch date.
If you want to buy Kwid on a loan, the applicable EMI will be ₹4,000-8,000, depending on the variants you opt for. Based on the EMI range, anyone earning ₹25,000 and above in a month can buy Kwid and enjoy a long drive. You can learn more about the loan, EMI and price pertaining to different Kwid models in this article.
Do You Know Your Loan Eligibility for Renault Kwid?
Car loans are generally disbursed at 85%-90% of the on-road price of the vehicle. The remaining 10%-15% would have to be paid from your end in the form of a down payment. Going by that theory, the loan amount can be ₹2.46-4.47 lakhs in the case of Kwid. The remaining ₹40,000-50,000 would be the down payment you need to make to buy the car model.
Price in India and EMI Options of Renault Kwid
|Car Models||Variants||Ex-showroom Price (In Lakhs)||On-road Price (In Lakhs)||Expected Loan Amount (In Lakhs)||Expected EMI (In ₹)|
|STD||Petrol||2.62||2.89||2.46 - 2.60||3,927 - 4,590|
|RXE||Petrol||3.03||3.33||2.83 - 3.00||4,517 - 5,296|
|RXL||Petrol||3.28||3.6||3.06 - 3.24||4,885 - 5,719|
|1.0 RXL||Petrol||3.49||3.83||3.26 - 3.45||5,204 - 6,090|
|RXT||Petrol||3.61||3.96||3.37 - 3.56||5,379 - 6,284|
|RXT Opt||Petrol||3.74||4.1||3.49 - 3.69||5,571 - 6,514|
|1.0 RXL AMT||Petrol||3.79||4.15||3.53 - 3.74||5,635 - 6,602|
|1.0 RXT||Petrol||3.83||4.19||3.57 - 3.77||5,699 - 6,655|
|1.0 RXT Opt||Petrol||3.96||4.33||3.68 - 3.90||5,874 - 6,885|
|Climber 1.0||Petrol||4.24||4.65||3.95 - 4.19||6,305 - 7,396|
|1.0 RXT AMT Opt||Petrol||4.25||4.66||3.96 - 4.19||6,321 - 7,396|
|Climber 1.0 AMT||Petrol||4.53||4.97||4.22 - 4.47||6,736 - 7,891|
Note – The calculation of the loan amount is based on 85%-90% of the on-road price of several Kwid models. The on-road price stated in the table is for New Delhi. The actual price will differ from city to city. Similarly, the EMI is calculated based on an interest rate of 8.75%-12% and a tenure of 7 years.
What About Processing Fee and Other Charges?
On a general note, it can be said that the processing fee is calculated at 1%-2% of the car loan amount. But in an era of growing customization, the script changes and often leads to attractive offers for the customers to avail. Now as we have entered into the festive season, the scope for a zero processing fee can be enormously high. State Bank of India (SBI) has already waived off the processing fee on a car loan until December 2017. And as the season is long, you can expect other lenders to join the bandwagon as well.
You may come across a situation wherein you would have surplus amount to pay off the outstanding loan before the expiry of the tenure. However, it could lead to prepayment charges, which can be around 2%-5% of the principal outstanding. So, do that only when the saving of interest exceeds the prepayment charges by a significant amount.
Stylish Features to Look at
Renault is launched with dazzling interior and exterior features to capture your imagination. You can see some of them in the points below.
- 7-inch touchscreen Media-NAV system
- Digital instrument cluster
- Standard front fog lamps
- One-touch lane change indicator
- Remote keyless entry with central locking
- Flared wheel arches
- Forward leaning stance
- Headlight design equipped with a C-shaped chrome trim
- 799 CC 3-cylinder unit
- 5-speed manual gearbox