MG Hector Plus Car Loan EMI Calculator

₹ 35,480.
Here is how - MG Hector Plus price starts from ₹ 20,74,133 in Mumbai. If you pay a down payment of ₹ 3,24,333 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 35,480.

The cheapest Hector Plus model is Smart EX 1.5 Turbo Petrol MT 7 STR which is priced at ₹ 20,74,133 in Mumbai. You will need to pay at least a ₹ 3,24,333 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	₹ 24,46,982	₹ 20,50,800
Sharp Pro 1.5 Turbo Petrol CVT 6 STR	₹ 26,03,841	₹ 21,83,800
Smart Pro 2.0 Turbo Diesel 6 STR	₹ 25,44,702	₹ 20,79,800
Sharp Pro 2.0 Turbo Diesel 6 STR	₹ 27,14,122	₹ 22,20,800
Savvy Pro 1.5 Turbo Petrol CVT 6 STR	₹ 26,73,427	₹ 22,42,800
Smart EX 1.5 Turbo Petrol MT 7 STR	₹ 20,74,133	₹ 17,49,800
Sharp Pro 1.5 Turbo Petrol MT 7 STR	₹ 24,04,523	₹ 20,14,800
Sharp Pro 1.5 Turbo Petrol CVT 7 STR	₹ 25,61,383	₹ 21,47,800
Savvy Pro 1.5 Turbo Petrol CVT 7 STR	₹ 27,15,884	₹ 22,78,800
Smart 2.0 Turbo Diesel 7 STR	₹ 23,99,586	₹ 19,75,800
Sharp Pro 2.0 Turbo Diesel 7 STR	₹ 27,14,122	₹ 22,20,800
Sharp Pro EX 1.5 Turbo Petrol CVT 6 STR	₹ 25,49,589	₹ 21,37,800
Sharp Pro EX 1.5 Turbo Petrol MT 6 STR	₹ 23,92,729	₹ 20,04,800
Sharp 2.0 Diesel Turbo MT 6-STR	₹ 24,84,624	₹ 20,29,800

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 Smart EX 1.5 Turbo Petrol MT 7 STR will be ₹ 32,328 but you will have to pay interest of ₹ 9,65,752 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 ₹ 64,996, but your interest payment will be only ₹ 5,90,056 over the 3 years period.

₹ 35,480
MG Hector Plus price starts from ₹ 20,74,133 in Mumbai.

We have considered
Down-payement : ₹ 3,24,333
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 ₹ 6,92,000

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 ₹ 20.74 Lakh, you can get a loan with an annual income as low as ₹ 6.92 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.