Mahindra BE 6 Sporteq EMI: How Much Will You Pay Every Month for the ₹19.45 Lakh Model?

How much would you have to pay for the Mahindra BE 6 Sporteq EMI model having a price tag of ₹19.45 Lakh? Mahindra has launched the new BE 6 Sporteq in India with an attractive starting price of ₹19.45 lakh (ex-showroom). The new electric SUV features several new additions for the high-end electric car market, such as a multitude of battery options and a tech-packed cabin. The current price of the Sporteq range is ranging from ₹19.45 lakh to ₹26.95 lakh (ex-showroom).

But for many buyers, the ₹19.45 lakh price tag is just the beginning. When it comes to car loan, the real question is, if you are buying the entry level BE 6 Sporteq One, what will be the EMI and how much down payment you will need? A detailed calculation based on the model with a price of ₹19.45 lakh.

Mahindra BE 6 Sporteq EMI

Mahindra BE 6 Sporteq Cost

The BE 6 Sporteq One comes with a 59kWh battery pack and is priced at ₹19.45 lakh ex-showroom. This is the basic variant of the Sporteq range and the range is claimed up to 548 km. The 59kWh unit delivers a whopping 231hp and 380Nm, which are distributed to the rear wheels.

The key point to keep in mind is that the amount of ₹19.45 lakh is not the actual amount that you will be paying to get the car on the road. Ex-Showroom price includes registration related charges, insurance, all applicable charges. For instance, the BE 6 Sporteq One has an indicative price of about ₹20.45 lakh on-road in Chandigarh, whereas other cities may have a slightly different price estimate.

EMI’s on ₹19.45 Lakh Mahindra BE 6 Sporteq can be calculated using the formula.To calculate EMI’s on ₹19.45 Lakh Mahindra BE 6 Sporteq, use this formula.

EMI Calculation for ₹19.45 Lakh Mahindra BE 6 Sporteq

Assuming that you choose to pay 20% as a down payment, you would have to pay around ₹4.09 lakh as a down payment. The remaining loan will be approximately ₹16.36 lakh. If this loan is availed for 5 years at an assumed rate of interest of 9.5% per annum, then the principal amount will be ₹34300 per month.

If these conditions are true, the buyer may end up paying ₹34,000-₹35,000 per month for the car loan. The final EMI will vary depending on the interest rate provided by the bank, or a finance company and the on-road price of the car in your city.

What If You Make a Larger Down Payment?

The amount of down payment may significantly simplify the EMI’s to be paid. With an estimated on-road price of ₹20.45 lakh, the loan requirement would reduce to around ₹15.45 lakh if you stumped up ₹5 lakh as an initial deposit. The EMI would be approximately ₹32,400/- per month with the same indicative interest rate for 5 years.

With the increase in down payment to around ₹6 lakh, the loan amount would be lowered to around ₹14.45 lakh. This should reduce the estimated EMI to approximately ₹30,300 per month. Hence, if the buyer has enough savings, it may be easier for them to pay 25-30 percent as down payment as it will lower the EMI and the interest to be paid throughout the term of the loan.

A Mahindra BE 6 Sporteq EMI for Five Years

One of the most popular loans to take is a 5 year loan term since it provides a middle ground between monthly and overall interest payments. The estimated monthly EMI at an assumed 9.5% interest rate will be approximately ₹34,300 for a loan amount of ₹16.36 lakh.

If the money is paid over five years then the total paid off the loan will be much more than the amount borrowed, due to the interest. That’s why it is important that buyers compare the interest rates of different lenders before they finalise their car loan. A one-percent distinction will make a significant impact over the course of 5 years.

Is a longer tenure an option to help reduce EMI?

Yes, a longer loan term will be associated with lower monthly EMIs. But the overall interest paid over the term of the loan will go up. For instance, if the loan amount is roughly ₹16.36 lakh, the EMI could be reduced to about ₹26,700 per month with the same assumed interest rate on loan if the tenure gets extended from 5 years to 7 years.

While the lower EMI might seem appealing, it means you’d be tied up in the loan for another two years. You would also be charged more interest for the total repayment period. Thus, buyers should opt for the longest period only if it is essential for them to keep the monthly payment to a minimum.

Final EMI Estimate

The approximate on-road price of the Mahindra BE 6 Sporteq One is around ₹20.45 lakh, you can use this number to calculate a price if you are planning to buy the BE 6 Sporteq One priced at ₹19.45 lakh. A down payment of 20% would be around ₹4.09 lakh, which would make the estimated loan amount to be approximately ₹16.36 lakh. Assuming that the interest rate is 9.5% for 5 years, the EMI would work out to be around ₹34,300 per month.

The EMI can be further decreased if the amount of down payment can be increased. Another option is to opt for an agreement that is seven years long and reduces the monthly payment to approximately 26700 but the total interest cost will be more. When you add up the complete on-road cost and financing requirement of the Mahindra BE 6 Sporteq, the financial planning becomes simpler, even after factoring in its ex-showroom price of ₹19.45 lakh.

Frequently Asked Questions

Q1. What is the price of the Mahindra BE 6 Sporteq One?
The Mahindra BE 6 Sporteq One with the 59kWh battery is priced at ₹19.45 lakh ex-showroom.

Q2. How much EMI will be required for the Mahindra BE 6 Sporteq?
The EMI depends on the down payment, loan amount, interest rate and tenure. For example, with an estimated ₹20.45 lakh on-road price, 20% down payment and a five-year loan at 9.5% interest, the EMI is approximately ₹34,300 per month.

Q3. Is the Mahindra BE 6 Sporteq available with BaaS?
Yes. The 59kWh Sporteq One is available under the Battery as a Service (BaaS) option at ₹11.45 lakh, with an additional battery usage charge of ₹3.75 per kilometre.

Disclaimer: This article contains the indicative EMI calculation based on an assumption of interest rate, loan tenure and indicative on road price. EMI, interest rate, insurance, taxes, registration charges and final on-road price may differ as per the lender, credit history of the buyer, location, and different applicable charges. It is important to check the final price and loan details with an authorised Mahindra dealer/provider before buying.

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