Renault Kwid Buying Guide: How much will be the EMI after down payment of Rs 2 lakh?

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If you are planning to buy a budget hatchback for your family, then Renault’s Renault Kwid can be an option for you. The on-road price of the company’s base variant Evolution in Delhi is around Rs 4.99 lakh. If you buy this car with a down payment of Rs 2 lakh, then for the remaining amount, you will have to pay EMI of Rs 4,856 every month on a 7-year loan from the bank.

Renault Kwid Buying Guide: How much will be the EMI after down payment of Rs 2 lakh?

Renault Kwid: Complete on-road price breakup

Renault sells this entry-level hatchback car in many variants in the Indian market. However, the math of its base variant ‘Evolution’ attracts the budget customers the most:

  • Ex-showroom price: Rs 4.53 lakh
  • RTO (Delhi Estimated): Around Rs 22,000
  • Insurance (estimated): Around Rs 24,000
  • Total On-Road Price (Delhi On-Road Price): Approx Rs 4.99 lakh

Down payment of Rs 2 lakh and loan of 7 years

Banks usually decide the loan amount based on the ex-showroom price of the car. Out of the on-road price of Rs 4.99 lakh, if the customer deposits a down payment of Rs 2 lakh upfront, then the remaining Rs 2.99 lakh will have to be taken as a bank loan.

  • Amount to be financed: Rs 2,99,000
  • Estimated interest rate: 9% per annum
  • Loan Tenure: 7 Years (84 Months)
  • EMI per month: Rs 4,856

​Under this loan structure, the customer will pay a total of Rs 1,08,904 (approximately Rs 1.09 lakh) only as interest to the bank over a period of 7 years. In this way, the total cost of the car including ex-showroom price, tax, insurance and interest will be approximately Rs 6.07 lakh for the customer.

With which vehicles is there direct competition in the market?

Renault Kwid competes with many old and established vehicles in the entry-level hatchback segment. If you are looking for an option in this budget, then it has a direct comparison with these vehicles:​

  • Maruti Suzuki Alto K10
  • Maruti Suzuki S-Presso
  • Maruti Suzuki Celerio
  • Maruti Suzuki Wagon R

If you are looking for a low budget and low EMI car to drive in daily city traffic, the Kwid can be a viable option at an EMI of less than Rs 5,000.

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