The Mahindra Thar is more than just an SUV; it’s a lifestyle statement. Known for its rugged design and off-road prowess and commanding road presence, the Thar is one of the most coveted vehicles in India’s car market today. For many adventure enthusiasts and young people, owning a Thar is a dream. But the price always scares away potential buyers.
The good news is that with the existing vehicle financing options that now exist, you don’t need to pay the entire amount upfront. Buyers can finance the remaining amount through a bank loan and repay it in manageable monthly instalments by making a ₹4 lakh down payment.
Mahindra Thar On-Road Price
Mahindra Thar's ex-showroom price starts at around ₹9.99 lakh for the base variant. However, the actual on-road price is higher after including registration charges, insurance, and other relevant costs.
For instance, the approximate on-road price of the Mahindra Thar AX (O) RWD Diesel (or a similarly priced base RWD diesel variant, depending on location and current pricing) may be around ₹11.96 lakh, including:
Ex-showroom price: ₹9,99,500
RTO charges: ₹87,456
Insurance: ₹49,539
Other charges: ₹60,000
Note: The exact on-road price can vary depending on city, state taxes, dealership charges, insurance provider, and other accessories.
EMI Calculation
Suppose you purchase the SUV with an estimated on-road price of ₹11,96,495 and make a ₹4 lakh down payment.
The remaining loan amount would be approximately:
Loan Amount: ₹7,96,495
Loan Tenure: 5 years (60 months). Interest Rate: 10% per annum (illustrative)
Based on these assumptions:
- I estimated the monthly EMI to be about ₹16,923.
- This EMI is just a guess. The monthly instalment will vary depending on your lender, credit score, processing charges, and interest rate.
Total Interest Payable
Over the five-year repayment period, the estimated interest paid would be approximately:
- Total Interest: Around ₹2,18,895
- Including down payment, loan repayment, and interest, the total ownership cost (excluding fuel, maintenance, service, taxes after purchase, and accessories) is about ₹14.15 lakh.
- Tips to Reduce Your EMI
If you want to reduce the cost of the Thar purchase, consider these financial planning tips.
Increase the Down Payment
Paying more than ₹4 lakh upfront helps to reduce the loan amount, leading to lower monthly EMIs and less interest over the loan tenure.
Compare Loan Offers
Interest rates differ from one bank or financial institution to another. Comparing offers from multiple lenders can help you secure a better financing deal.
Choose the Right Loan Tenure
A longer loan tenure reduces the monthly EMI but increases the total interest paid. A shorter tenure means higher EMIs but lower overall interest costs. Choose a repayment period that works for your financial situation.
Check for Special Offers
Mahindra dealerships and partner banks sometimes have festive discounts, exchange bonuses, low-interest finance schemes, or reduced processing fees. Exploring these offers before purchasing may lead to lower overall costs.
Is the Mahindra Thar Worth Buying?
The Mahindra Thar is one of India’s most capable off-road SUVs and is also a stylish everyday vehicle. Its bold design, modern features, powerful engine options, and strong resale value make it a great choice for buyers seeking both adventure and practicality.
With more flexible financing options now available, owning a Mahindra Thar is more accessible than ever. But prospective buyers should assess their monthly budget, compare financing options, and verify the latest on-road prices and loan terms with an authorised Mahindra dealership or their preferred financial institution before buying.
