Renault Kwid Automatic EMI— Renault India offers its popular hatchback Renault Kwid as an excellent option for those who want an automatic vehicle within the budget segment in the Indian automobile market. If you live in Delhi-NCR and are planning to buy Evolution AMT, the most affordable automatic variant of this car, then after making the initial down payment of Rs 1 lakh, the complete financial mathematics of how much you will have to loose every month has been revealed.

Renault Kwid Automatic EMI: Bring home Kwid Automatic with a down payment of just Rs 1 lakh, know how much will be the installment every month

What is the on-road price breakup in Delhi?

According to official information received from Renault dealership, the ex-showroom price of the base automatic variant (Evolution AMT) of Renault Kwid is Rs 4,99,900. Under the rules of Delhi Transport Department (RTO), an RTO charge of around Rs 19,996 and vehicle insurance of around Rs 25,418 is added to it. Including Fastag and other local cess, its total on-road price in Delhi comes to around Rs 5,45,314.

Loan Mathematics: Complete EMI chart after 1 lakh down payment

If a customer deposits Rs 1,00,000 in down payment cash at the showroom, the total loan amount financed from banks will be Rs 4,45,314. Currently the average interest rate on auto loan in major government and private banks is between 9.8% to 10%. Based on the assumed interest rate of 10%, the EMI for different tenures will be as follows:

• For 3 years (36 months): If you take a loan for 3 years, then the EMI will have to be paid every month around Rs 14,350.
• For 5 years (60 months): In this medium term plan, your monthly premium will come down to around Rs 9,460 per month.
• For 7 years (84 months): If you choose the longest tenure option, you will have to pay the lowest installment of around Rs 7,380 every month.

Official statement and showroom status

“AMT variants are seeing the highest demand among middle-class families to get rid of the clutch hassle. Stock is currently available across showrooms in Delhi-NCR and on-spot loan facility is being offered for down payment of Rs 1 lakh through tie-ups with various banks.”
— Senior Sales Consultant, Renault Delhi Region

Impact on the common man and things to note

For salaried class or small businessmen, monthly EMI of Rs 7 to 9 thousand easily fits in the budget. However, customers should keep in mind that by choosing a long term loan (7 years), even though the monthly installment reduces, the total interest paid to the bank increases significantly. Before booking a car, check with your nearest dealer about the current month’s offers, corporate discount or exchange bonus, which may bring down the on-road price a bit more.