MG Hector Plus Car Loan EMI Calculator

₹ 35,074.
Here is how - MG Hector Plus price starts from ₹ 21,06,511 in Mumbai. If you pay a down payment of ₹ 3,76,711 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 35,074.

The cheapest Hector Plus model is Style 2.0 Diesel 6 STR which is priced at ₹ 21,06,511 in Mumbai. You will need to pay at least a ₹ 3,76,711 down payment to buy this model.

Note: Down payment is the amount you would pay upfront to buy your car. Bank give you a loan for the remaining amount.

Here is a model wise list of max loan amount for Hector Plus.

Version	On-road price in Mumbai	Max Loan
Sharp Pro 1.5 Turbo Petrol MT 6 STR	₹ 24,61,134	₹ 20,62,800
Sharp Pro 1.5 Turbo Petrol CVT 6 STR	₹ 26,19,174	₹ 21,96,800
Savvy Pro 1.5 Turbo Petrol CVT 6 STR	₹ 27,32,397	₹ 22,92,800
Sharp Pro 1.5 Turbo Petrol 7 STR	₹ 24,61,134	₹ 20,62,800
Sharp Pro 1.5 Turbo Petrol CVT 7 STR	₹ 26,19,174	₹ 21,96,800
Savvy Pro 1.5 Turbo Petrol CVT 7 STR	₹ 27,32,397	₹ 22,92,800
Sharp Pro 1.5 Turbo Petrol 6 STR Dual Tone	₹ 24,84,722	₹ 20,82,800
Sharp Pro 1.5 Turbo Petrol CVT 6 STR Dual Tone	₹ 26,42,762	₹ 22,16,800
Savvy Pro 1.5 Turbo Petrol CVT 6 STR Dual Tone	₹ 27,55,985	₹ 23,12,800
Sharp Pro 1.5 Turbo Petrol 7 STR Dual Tone	₹ 24,84,722	₹ 20,82,800
Sharp Pro 1.5 Turbo Petrol CVT 7 STR Dual Tone	₹ 26,42,762	₹ 22,16,800
Savvy Pro 1.5 Turbo Petrol CVT 7 STR Dual Tone	₹ 27,06,450	₹ 22,70,800
Smart Pro 2.0 Turbo Diesel 6 STR	₹ 25,96,369	₹ 21,22,800
Sharp Pro 2.0 Turbo Diesel 6 STR	₹ 27,80,208	₹ 22,75,800
Sharp Pro 2.0 Turbo Diesel 7 STR	₹ 27,48,968	₹ 22,49,800
Sharp Pro 2.0 Turbo Diesel 6 STR Dual Tone	₹ 28,04,239	₹ 22,95,800
Sharp Pro 2.0 Turbo Diesel 7 STR Dual Tone	₹ 27,72,999	₹ 22,69,800
Style 2.0 Diesel 6 STR	₹ 21,06,511	₹ 17,29,800
Style 2.0 Diesel 7 STR	₹ 21,06,511	₹ 17,29,800
Select Pro 1.5 MT 7 STR	₹ 21,55,977	₹ 18,19,800
Select Pro 2.0 Diesel 7 STR	₹ 24,06,735	₹ 19,81,800
Sharp Pro Blackstorm 1.5 Turbo Petrol CVT 7 STR	₹ 26,20,354	₹ 21,97,800
Sharp Pro Blackstorm 2.0 Turbo Diesel 7 STR	₹ 27,54,975	₹ 22,54,800
Sharp Pro Blackstorm 2.0 Turbo Diesel 6 STR	₹ 27,80,208	₹ 22,75,800
Sharp Pro EverGreen 1.5 Turbo Petrol 7 STR	₹ 26,14,456	₹ 21,92,800
Sharp Pro EverGreen 2.0 Turbo Diesel 7 STR	₹ 27,48,968	₹ 22,49,800

As a thumb rule, you can get a maximun loan of up to 100% of the ex-showroom price.

Good Practice will be to chose the shortest possible tenure for which you can afford an EMI amount.

• 1. If you select a higher tenure loan, let's say 7 years, your EMI for Hector Plus Style 2.0 Diesel 6 STR will be ₹ 32,833 but you will have to pay interest of ₹ 10,28,172 over the period of 7 years.
• 2. If you select a lower tenure loan, let's say 3 years, your EMI amount will be higher at ₹ 66,010, but your interest payment will be only ₹ 6,46,560 over the 3 years period.

₹ 35,074
MG Hector Plus price starts from ₹ 21,06,511 in Mumbai.

We have considered
Down-payement : ₹ 3,76,711
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Hector Plus with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 7,03,000

As a general rule, banks or other lenders offer you a car loan 3 to 4 times your annual income. Considering the on-road price of Hector Plus starts from ₹ 21.07 Lakh, you can get a loan with an annual income as low as ₹ 7.03 lakh.

Here are the most important things you should consider while getting a car loan for a new Hector Plus

• 1. Interest rate - Go for the loan with the lowest interest rate.
• 2. Additional Charges - processing fee, prepayment charges, late payment penalty are some of the important points you need to check before taking a loan.
• 3. Tenue and Max Loan Amount - Select a lender who gives you a loan that you can afford.
  -If Max loan amount is lower, you will have to shell out more money upfront to buy the car.
  -If Tenue is lower, your per month instalment amount will increase.
• 4. Eligibility - Banks may have stricter eligibility requirements compared to NBFCs or other financial institutions.