The Growing Popularity of Maruti Suzuki CNG Automatic Cars
In the Indian automobile market, Maruti Suzuki has always maintained a strong dominance. The company constantly introduces new and modern vehicles to meet customer expectations. Amid rising petrol and diesel prices, the demand for CNG vehicles is witnessing a massive surge. Keeping this in mind, Maruti Suzuki has introduced CNG variants of its popular cars with automatic gearboxes, making the driving experience much more comfortable.
Many people plan to buy a new car but find it difficult to pay a large amount upfront. For such car buyers, finance options serve as the biggest relief. Maruti's new CNG automatic cars can now be purchased through easy loans and low down payments. Today, we will explain in detail how you can bring these cars home by paying a starting down payment of just one lakh rupees and how much monthly financial burden it will put on you.
Calculation of Loan and Down Payment for First Option
If you consider the ex-showroom price of the first car to be around 8.32 lakh rupees, its on-road price reaches about 9.38 lakh rupees. To buy this segment of car, you only need to deposit a down payment of one lakh rupees at the showroom. After this, you will get a car loan of about 8.38 lakh rupees from a bank or financial institution for the remaining amount.
Suppose you take this loan for a tenure of 5 years i.e., 60 months, and the interest rate applicable is 10 percent per annum. In this case, your monthly installment (EMI) will be approximately 17,805 rupees. During the 5-year loan tenure, you will have to pay a total interest of about 2.30 lakh rupees. This option is very suitable for middle-class families who want to bring a new car home without financial stress.
Expenses for Premium CNG Automatic Cars
If you choose a slightly larger or premium range CNG automatic car from Maruti, you may see a slight difference in price. Assuming the ex-showroom price of the chosen car is 8.53 lakh rupees, taxes, registration, and insurance bring the on-road price to around 9.61 lakh rupees. For this model too, you only need to pay a down payment of one lakh rupees initially.
After this, you will need to take a car loan of about 8.61 lakh rupees. If the loan tenure is 5 years and the interest rate is 10 percent, your monthly installment or EMI will increase to about 18,294 rupees. Throughout this loan tenure, you will have to pay a total interest of 2.36 lakh rupees.
Options for Budget-Conscious Buyers
If your budget is even tighter, Maruti Suzuki's portfolio has great options for you. Suppose the ex-showroom price of another CNG automatic variant is 7.92 lakh rupees, its on-road price stands at about 8.94 lakh rupees. To buy this car too, you just need to make a down payment of one lakh rupees.
The remaining loan of about 7.94 lakh rupees can be taken for 5 years at a 10 percent interest rate. Based on this calculation, your monthly installment will be around 16,870 rupees, and the total interest in 5 years will be 2.18 lakh rupees. Thus, choosing a lower-priced car can make your monthly EMI even more affordable.
Expert Advice and Important Precautions
When buying a car, one should not rely entirely on advertisements or online estimates. Automobile experts believe that loan interest rates can vary based on the customer's CIBIL score, bank rules, and festive offers. Therefore, before making the final decision to buy a car, you should keep some important things in mind.
"Before purchasing a vehicle, visit your nearest dealership, gather information about current offers, and compare loan options from different banks to get the best interest rate." — Automobile Expert
Before purchasing recently launched CNG automatic variants of cars like Maruti Suzuki Baleno, Swift, or Dzire, make sure to visit Maruti Suzuki's NEXA and ARENA dealerships to check the finance details thoroughly.
