How Much Monthly Salary is Needed to Buy the Hyundai Creta EV on EMI? See the details

Hyundai Creta EV on EMI: Hyundai has officially launched the much-anticipated Creta Electric in the Indian market during the Auto Expo 2025. This move marks a major step for Hyundai in expanding its electric vehicle lineup. The Creta Electric is expected to attract a large number of buyers who are keen to switch to an eco-friendly vehicle while still enjoying the comfort and style of a popular SUV.

If you are considering purchasing the Executive variant of this electric SUV and planning to make a down payment of Rs 3 lakh, it’s important to understand the financing options, especially the monthly EMI (Equated Monthly Installment). This article will provide all the details you need to know about the cost and financing of the Hyundai Creta Electric.

Price Breakdown and EMI Calculation

The Executive variant of the Hyundai Creta Electric comes at an ex-showroom price of Rs 17.99 lakh. However, the total cost of ownership includes additional expenses such as insurance and taxes. For buyers in Delhi, insurance for the vehicle will cost approximately Rs 75,000, and there will be a Tax Collected at Source (TCS) charge of about Rs 17,990. These extra costs bring the on-road price of the Creta Electric to around Rs 18.92 lakh.

Now, let’s talk about the financing options. When you apply for a loan, banks typically calculate the loan amount based on the ex-showroom price of the vehicle. In this case, after making a down payment of Rs 3 lakh, you will need to finance the remaining amount, which is approximately Rs 15.92 lakh.

How the EMI is Calculated

To calculate the EMI, let’s assume you opt for a loan tenure of seven years with an interest rate of 9%. Based on this loan structure, your monthly EMI will be around Rs 25,617. This is the amount you will need to pay every month for the next seven years. While the EMI may seem substantial, it’s essential to factor in that the loan tenure gives you the flexibility to repay over an extended period, making the monthly payments more manageable than if the loan was shorter.

Interest and Total Cost of Ownership

Over the course of the seven-year loan, you will end up paying a total of about Rs 5.59 lakh in interest. While this is a significant amount, it’s important to remember that this interest is spread across the seven years, making the payments more affordable.

If we add the interest to the on-road price of the vehicle, the total cost of the Hyundai Creta Electric will come to approximately Rs 24.51 lakh. This total includes the ex-showroom price, on-road expenses, and the interest paid over the loan period. So, even though the monthly EMI may seem high, the total cost of ownership is an important consideration when planning your purchase.

Is It Affordable for You?

With a down payment of Rs 3 lakh, the EMI of Rs 25,617 may be manageable for some buyers. However, it’s important to consider your monthly income and other financial commitments before committing to this purchase. For instance, if your salary is higher, such an EMI might fit comfortably within your budget. But if you have other significant expenses, it might make sense to reconsider the loan amount or look for a more affordable variant.

Additionally, owning an electric vehicle comes with benefits such as lower running costs and government incentives, which might help balance out the initial costs. The Hyundai Creta Electric offers a premium driving experience while contributing to a greener environment.

While purchasing the Hyundai Creta Electric Executive variant with a down payment of Rs 3 lakh will result in a monthly EMI of Rs 25,617 for a seven-year loan at an interest rate of 9%. Over the course of the loan, you will pay a total of Rs 5.59 lakh in interest, bringing the total cost of ownership to around Rs 24.51 lakh.

Before making your decision, it’s essential to understand the financial commitments involved in purchasing this electric SUV. This information will help you determine whether the Creta Electric fits within your budget and whether you are ready to embrace the future of driving with an electric vehicle.