The demand for SUV vehicles is increasing rapidly in the Indian market and Mahindra Scorpio-N is one of the most liked SUVs at present. Due to its strong looks, great features and powerful engine, it is called the ‘Big Daddy of SUVs’. Many people dream of owning one, but just liking the car is not enough, it is also very important to understand its EMI and monthly budget. If you are also thinking of buying Scorpio-N, then it is important to first know what your salary should be.
Scorpio-N price?
Ex-showroom prices of the Mahindra Scorpio-N in the Indian market starts at ₹13.49 lakh for its base model (Z2) and goes up to ₹24.95 lakh for its top-end model (Z8 L). If we talk about on-road price (which includes RTO, insurance and other taxes), it starts from around ₹ 16 lakh and goes up to above ₹ 30 lakh depending on the variant and city.
Understand the complete mathematics of EMI
Suppose you buy the cheapest base model of Scorpio-N, Z2, whose on-road price comes to around ₹ 16 lakh. For this, if you make a down payment of ₹ 3 lakh from your own pocket, then you will have to take a total car loan of ₹ 13 lakh. If you take a loan from the bank for 5 years (60 months) at an annual interest rate of 9.5%, then you will have to pay an EMI of about ₹ 27,300 every month. Here, if you take the loan for 7 years, the EMI will reduce to around ₹ 21,300, but you will have to pay more interest.
What should be your salary to buy a car?
A thumb rule from finance experts is that your monthly car EMI should not be more than 20% to 25% of your total in-hand monthly salary. Apart from this, one has to consider an extra budget of around ₹ 5,000 to ₹ 8,000 for the monthly expenses of the vehicle (petrol/diesel, maintenance and servicing). If you can afford an EMI of ₹27,300, then your monthly in-hand salary should be at least ₹1.10 lakh to ₹1.20 lakh, so that the household budget does not get strained.
