Know MG Hector SUV’s loan EMI on Rs 1.60 lakh down payment: Details explained – Times of India

The Hector marked MG’s entry into the Indian market back in 2019, and the mid-size SUV continues to be a strong seller for the brand. MG currently offers the Tata Harrier, Jeep Compass and Mahindra XUV700 rival with a 1.5-litre turbo petrol engine (143 PS/250 Nm) and a Fiat-sourced 2.0-litre diesel engine (170 PS/350 Nm).
Are you planning to purchase the MG Hector and wondering how much EMI would you have to pay? Here’s a table showing the variant-wise on-road (Delhi) price of the MG SUV, and the lowest monthly installment you would have to shell out for it, keeping in mind an average tenure, ROI, as well as down payment –

Variant On-road price
Tenure Interest rate
Down payment EMI
1.5-litre turbo petrol
Style MT Rs 16,23,569 5 years 9.8% Rs 1,60,000 Rs 30,953
Shine MT Rs 17,40,531 5 years 9.8% Rs 1,74,000 Rs 33,130
Shine CVT Rs 18,78,343 5 years 9.8% Rs 1,88,000 Rs 35,749
Smart Hybrid MT Rs 19,79,292 5 years 9.8% Rs 1,98,000 Rs 37,672
Smart CVT Rs 20,48,100 5 years 9.8% Rs 2,05,000 Rs 38,979
Sharp Hybrid MT Rs 21,34,110 5 years 9.8% Rs 2,13,000 Rs 40,629
Sharp CVT Rs 22,27,098 5 years 9.8% Rs 2,23,000 Rs 42,384
2.0-litre diesel
Style MT Rs 18,55,978 5 years 9.8% Rs 1,86,000 Rs 35,318
Shine MT Rs 20,30,867 5 years 9.8% Rs 2,03,000 Rs 38,657
Smart MT Rs 22,27,006 5 years 9.8% Rs 2,23,000 Rs 42,382
Sharp MT Rs 23,67,904 5 years 9.8% Rs 2,37,000 Rs 45,066

To simplify the process, we have chosen an average tenure period of 5 years, along with approximately 10% down payment amount, and an estimated 9.8% bank interest rate as standard. Do note that the buyer is free to decide the tenure for which he/she will be taking the loan for, whereas the interest rate varies from one bank to another. Moreover, you can also choose to pay a higher or a lower down payment, which will decrease or increase your easy monthly installment (EMI) respectively.
MG Motor currently retails the Hector in India at a starting price of Rs 14.15 lakh for the entry-level Style petrol MT variant, going all the way up to Rs 20.11 lakh (both prices, ex-showroom) for the range-topping Sharp diesel MT model. However, the on-road (Delhi) price of the MG SUV currently ranges between Rs 16.24 lakh and Rs 23.68 lakh.
For example, let’s assume you decide on buying the Sharp MT diesel variant of the MG Hector SUV, which currently has an ex-showroom price of Rs 20.11 lakh. If you pay Rs 2.37lakh as down payment out of the Rs 23,67,904 on-road (Delhi) price, you would end up paying Rs 45,066 as EMI for a period of 60 months (5 years) for a total loan amount of Rs 21,30,904. At the end of the tenure, you would have paid Rs 27,03,960 for the SUV, over and above the down payment.
Let us know in the comments down below if you would like to know the EMI for any other car, motorcycle or scooter of your choice!