If you are considering purchasing a Hyundai Creta base model in Delhi, it is important to determine how much salary you would need to afford it. This blog post aims to assist you in calculating key financial aspects such as the monthly EMI, down payment, interest rate, ex-showroom price, and on-road price, based on your income and loan tenure.
Hyundai Creta Base Model Price in Delhi:
The ex-showroom price of the Hyundai Creta base model in Delhi is currently Rs. 10.87 lakh, according to various sources. The on-road price, which includes additional charges such as RTO fees and insurance, amounts to Rs. 12.66 lakh. Assuming you plan to finance 90% of the on-road price, you would require a loan amount of Rs. 11.39 lakh.
Creta Base Model Down Payment, Monthly EMI, and Total Interest:
The interest rate for a car loan is influenced by factors such as the lender, your credit score, and the loan tenure. In this example, we will consider an average interest rate of 8.60% p.a., which is offered by leading banks in India. The loan tenure can range from 1 year to 8 years, depending on your eligibility and preference.
The table below illustrates the monthly EMI, down payment, and total interest payable for various loan tenures:
– 1 year: Monthly EMI – Rs. 98,309, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 0.51 lakh
– 2 years: Monthly EMI – Rs. 51,114, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 0.99 lakh
– 3 years: Monthly EMI – Rs. 35,433, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 1.48 lakh
– 4 years: Monthly EMI – Rs. 27,571, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 1.98 lakh
– 5 years: Monthly EMI – Rs. 22,859, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 2.49 lakh
– 6 years: Monthly EMI – Rs. 19,760, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 3.01 lakh
– 7 years: Monthly EMI – Rs. 17,519, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 3.54 lakh
– 8 years: Monthly EMI – Rs. 15,858, Down Payment – Rs. 1.27 lakh, Total Interest – Rs. 4.08 lakh
Your Salary to Own Hyundai Creta Base Model:
To afford a new Hyundai Creta base model in Delhi, your monthly salary should be able to cover the EMI as well as other expenses including fuel, maintenance, and insurance. A general rule of thumb is that your EMI should not exceed 40% of your monthly income. Based on this guideline, the minimum monthly salary required for different loan tenures is estimated as follows:
– 1 year: Rs. 2,45,773
– 2 years: Rs. 1,27,785
– 3 years: Rs. 88,583
– 4 years: Rs. 68,928
– 5 years: Rs. 57,148
– 6 years: Rs. 49,400
– 7 years: Rs. 43,798
– 8 years: Rs. 39,645
News Summary:
– This blog post provides information on the financial aspects of purchasing a Hyundai Creta base model in Delhi.
– The ex-showroom price is Rs. 10.87 lakh, and the on-road price is Rs. 12.66 lakh.
– The monthly EMI, down payment, and total interest payable vary depending on the loan tenure.
– To afford the car, your monthly salary should be able to cover the EMI and additional expenses.
– These calculations are based on assumptions and actual loan terms may differ.
– It is advisable to compare interest rates and features offered by different lenders before applying for a car loan.
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