Mahindra Bolero Emi Calculator: If you are dreaming of buying a Mahindra Bolero, but unable to give all the money together, buying it through EMI can be a good option. Mahindra Bolero is a 7-seater compact SUV, which is well liked in the Indian market. Its ex-showroom price starts at Rs 9.79 lakh and goes up to Rs 10.91 lakh.
Bolero can be purchased by taking loan from bank
If you want to buy Mahindra Bolero, then for this you have to take a loan from the bank. But keep in mind that the bank will check your credit score and will approve the loan itself. If you have a good credit score, you are more likely to get a loan and you can get a loan at a low interest rate.
Mahindra Bolero’s on-road price and loan details
The on-road price of Mahindra Bolero’s B4 Diesel variant in Delhi is about Rs 11.26 lakh. If you want to buy this car on a loan, then you can get a loan of up to Rs 10.13 lakh from the bank. For this, you have to make a down payment of at least Rs 1.13 lakh. However, if you want, you can also make more down payment, which will reduce the EMI offering every month.
Interest Rate and EMI Calculation
If the bank gives this loan at an interest rate of 9% and you take it for four years, then an EMI of Rs 25,206 will have to be paid every month.
EMI calculation on different loan periods
If you take a loan for different time periods to buy Mahindra Bolero, then your EMI will be as follows:
Loan duration interest rate monthly EMI
- 4 years 9% ₹ 25,206
- 5 years 9% ₹ 21,000
- 6 years 9% ₹ 18,258
- 7 years 9% ₹ 16,300
How to reduce down payment?
If you have enough savings, you can reduce the loan amount by making more down payment. By doing this you will have to pay less interest and your monthly EMI will also decrease. For example, if you make a down payment of Rs 2 lakh or more instead of Rs 1.13 lakh, then the loan taken from the bank will be reduced, which will reduce your total amount. This will not require you to repay heavy EMI for a long time and the loan of the car will end quickly.
If you want to buy Mahindra Bolero, but cannot give full money together, then buying it on EMI can be a good option. Be sure to check your credit score before taking a loan from the bank and choose the loan period according to your budget. Keep in mind that the more loan period, the greater the total payment will be. So try to make more down payment so that EMI is reduced and you do not have to pay much interest.
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