Swift Financing: Swift's Base Variant EMI Calculation Explained
Learn about the EMI calculation for buying Maruti Suzuki Swift's basic model with an upfront payment of ₹2 lakh and understand its total on-road cost over a seven-year financing period.
Highlights
- •Maruti Suzuki Swift is popular among young people and families due to its affordability and practicality.
- •For ₹2 lakh down and other formalities, Maruti Swift’s base variant will be available for approximately ₹6.36 lakhs in Delhi.
- •Based on 9% EMI per annum over 8 years, the total repayment would be around ₹5.9 lakhs or 1.53 lakhs in interest.
- •The final cost of buying a basic Maruti Swift could range up to ₹7.90 lakhs inclusive of additional fees like registration, insurance, and VAT.
Maruti Suzuki is widely regarded as one of the most reputable and popular car manufacturers in India. The company offers a wide range of vehicles across different segments, with Maruti Suzuki Swift standing out in its Hatchback segment.
Swift is well-liked by young people and families alike for its practicality and affordability. If you are considering buying the Swift's base model but prefer making an upfront down payment of ₹2 lakh followed by EMI payments, we’ve got you covered.
The showroom cost of Maruti Suzuki Swift’s basic variant stands at ₹5.79 lakhs without any additional taxes or discounts. However, registering the car in Delhi could incur registration fees around ₹24,000 and insurance costs approximately ₹28,000, bringing your total on-road price within a range of ₹6.36 lakhs.
With an upfront payment of ₹2 lakh, you will need to finance the remaining amount through EMI payments over 7 years (84 months) at a rate of 9% per annum. Monthly instalments would come out to nearly ₹7,027 – your EMI payment.
If you opt for an 8-year loan at 9% p.a., your total amount payable over the period would be approximately ₹5.9 lakhs, with around ₹1.53 lakhs being interest-only payments. When you factor in these additional costs like insurance fees and VAT, Swift’s base variant could end up being around ₹7.90 lakhs by the time you’re done.
