Automaker Nissan offers the Magnite in the compact SUV segment. If you're considering purchasing the base variant and want to bring home the car after a down payment of just ₹1 lakh, how much monthly EMI will you have to pay? We're providing you with this information in this news.
The base model of Nissan’s Magnite is known as the Visia. The on-road price of the same is ₹5.62 lakh. The taxes in the case of Delhi amount to ₹22,000, while the insurance is ₹27,000. Hence, the on-road price is ₹6.12 lakh.
Assuming that you purchase Visia, the bank would finance its ex-showroom price. With the down-payment of ₹1 lakh, one has to finance ₹5.12 lakh. Financing ₹5.12 lakh for a period of seven years at an interest rate of 9%, the EMI for seven years comes to ₹8,233 per month.
If you take out a car loan from the bank for ₹5.12 lakh at a 9% interest rate for 7 years, you will have to pay an EMI of ₹8,233 per month for 7 years. Thus, over seven years, you will pay approximately ₹1.80 lakh as interest on the Nissan Magnite. After this, the total price of your car, including ex-showroom, on-road, and interest, will be approximately ₹7.91 lakh.
In the Indian market, the Magnite facelift is offered in the compact SUV segment. It competes directly with the Maruti Brezza, Hyundai Venue, Kia Sonet, Mahindra XUV 3XO, Tata Nexon, and Kia Syros.