The popularity of Land Rover vehicles is not hidden from anyone. The company’s Defender is a luxury car, whose ex-showroom price ranges from Rs 1.04 crore to Rs 2.79 crore. If you are planning to buy this car, you can also buy it on down payment and EMI instead of paying a lump sum. Here we will tell you how you can buy Defender on down payment and EMI.
How much loan will be available for Defender?
The on-road price of the cheapest model of Defender 110X Dynamic HSE Petrol is Rs 1.20 crore. To buy this vehicle, you can get a loan of Rs 96.13 lakh. The bank will charge a fixed interest rate on this loan, according to which you will have to deposit a certain amount in the bank every month as EMI. If your salary is between Rs 2.5 lakh and Rs 3 lakh and the bank charges 9 percent interest on this loan, then you can take it on loan for seven years. In this case, you will have to deposit an EMI of Rs 1.55 lakh every month in the bank.
What will be the amount of EMI?
If you want to take a loan for this car for six years, then your monthly salary should be between Rs 3 lakh and Rs 3.5 lakh. In this case, you will have to deposit an EMI of Rs 1.73 lakh every month in the bank, and the interest rate will be 9 percent. Apart from this, if your monthly salary is Rs 3 lakh to Rs 4 lakh or more, then you can take this car on loan for five years, due to which you will have to deposit an EMI of Rs 2 lakh every month in the bank, and the interest rate will still be 9 percent.
Take care of the documents before taking a loan
Before buying Defender on loan, it is important that you read all the documents properly. Bank policies may vary, and due to this the amount of EMI may vary. To buy Defender on loan, your monthly income should be around Rs 3 lakh. So, if you are planning to buy this luxury car on down payment and EMI, then keep all these points in mind and make the right decision to make it your favorite car.
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