Mahindra XUV 3XO EMI A Guide for Prospective Buyers

The competitive arena of Indian SUVs leaves few doubts on holding a dominant and diversified market scenario for Mahindra & Mahindra, especially if considered in terms of choices. The entry-level model called XUV 3XO, especially a base variant dubbed MX1 would be used when a down payment of Rs 2 lakh seems to be sufficient. Henceforth, this article becomes a good study guide on its EMI conditions.

Determining Factors of the XUV 3XO EMI

The EMI you pay for your Mahindra XUV 3XO loan will be highly dependent on several factors: On-Road Price: This is your base ex-showroom price, but there’s more. The Road Tax, Registration fees, or RTO, and insurance will all differ based on location.
Loan Amount: Loan amount is arrived at by deducting the down payment from the on-road price. Interest Rate: The interest rate offered by the lending institution plays a pivotal role in determining your EMI. Loan Tenure: The longer the loan tenure, the lower your monthly EMI but the higher the overall interest payable.

Calculating Your XUV 3XO EMI

Let’s illustrate with an example:

Base Price (MX1): Rs 7.99 lakh (ex-showroom)
On-Road Costs (Delhi)
RTO: Approximately Rs 56,000
Insurance: Approximately Rs 42,000
On-Road Price: Approximately Rs 8.97 lakh
Down Payment: Rs 2 lakh
Loan Amount: Rs 6.97 lakh
Loan Tenure: 7 years
Interest Rate: 9% per annum

With these values, your approximated monthly EMI would be around Rs 11,216.

Total Cost of Ownership

For the entire loan tenure of 7 years, you would be paying approximately Rs 2.45 lakh as interest on the XUV 3XO loan. So, your total cost of ownership would come out to be approximately Rs 11.42 lakh, including the ex-showroom price, on-road costs, and interest.

Tips to Reduce Your XUV 3XO EMI

Pay More as Down Payment: The higher the down payment, the lesser the loan amount, and consequently, the EMIs. Negotiate on Interest Rates: Compare offers from various banks and choose the one with the lowest interest rate. Shorten the Tenure of Loan: Shorter tenure will result in lesser interest payments, but your EMIs will be higher. Explore Loan Schemes: A few banks are offering special loan schemes with the attractive interest rate and flexible repayments.

Conclusion

Careful consideration of factors above and considering the available options of loans may help you handle your XUV 3XO loan with a good level of financial control. Do not forget to compare offers from other lenders, bargain for the lower interest rates, and select your repayment plan with respect to the budget and long-term financial planning.

Disclaimer: The information given is general in nature and not considered financial advice. Seek professional help from a financial advisor.