Renault Kwid remains a popular choice in the hatchback segment of the automobile market. If you are planning to buy Renault Kwid Evolution AMT, the automatic variant of this car, then after paying a down payment of ₹ 1 lakh in Delhi, you will have to pay a monthly EMI of ₹ 7,141.
Renault Kwid Automatic EMI Calculator: How much will be the installment every month after ₹1 lakh down payment, understand the complete mathematics
Mathematics of On-Road Price and Loan Amount in Delhi
The ex-showroom price of the automatic variant (Evolution) of Renault Kwid in Delhi is ₹ 4.90 lakh. To take this vehicle on the road, the customer is required to pay RTO and insurance charges in addition to the ex-showroom price:
- Ex-showroom price: ₹4,90,000
- RTO Charges (Delhi): ₹24,000 (approx)
- Insurance Charge: ₹25,000 (approx)
- Total On-Road Price: ₹5,39,000 (Approx)
Banks generally provide finance facility on the basis of ex-showroom price only. In such a situation, after deducting the down payment of ₹ 1 lakh from the ex-showroom price of ₹ 4.90 lakh, a total car loan of ₹ 4,39,000 will have to be taken.
Interest and total expenses on 7 year loan
If the bank sanctions you a loan of ₹4.39 lakh for a tenure of 7 years (84 months) at 9% annual interest rate, the financial position will be as follows:
“On a loan amount of ₹4.39 lakh with an interest rate of 9%, the total interest payable over 7 years will be ₹1.60 lakh. This takes the effective total cost of the car including ex-showroom, on-road charges and interest to ₹6.99 lakh.”
— Automobile Finance Expert Report
market competition
In the entry-level hatchback segment of the Indian automobile market, Renault Kwid directly competes with established vehicles like Maruti Suzuki Alto K10, Maruti Celerio, Maruti S-Presso and Maruti Wagon R.