MG Comet EV is the most affordable electric car in India. The small electric car not only grabbed a lot of attention with its quirky design language, but also with its pricing strategy. The ultra-compact electric car is very easy to manoeuvre through highly congested city traffic as well as park in tight spaces. Its compact design makes the MG Comet EV a perfect city car. Adding more appeal to it is the pricing.
MG has taken a two-pronged strategy for pricing the Comet EV. While consumers can buy it in a conventional method, they can also opt for a BaaS (Battery-as-a-Service) scheme, which allows them to purchase the electric car without paying the battery cost. In this case, the consumers need to pay a pay-as-you-use battery rental every month. This move significantly reduces the upfront cost of the electric car for buyers.
If you have been planning to buy the MG Comet EV for your regular commuting purposes, and are wondering about the monthly EMI payable in case of outright purchase, here is a quick guide.
MG Comet EV: How much monthly EMI to pay?
{{/usCountry}}If you have been planning to buy the MG Comet EV for your regular commuting purposes, and are wondering about the monthly EMI payable in case of outright purchase, here is a quick guide.
MG Comet EV: How much monthly EMI to pay?
{{/usCountry}}The MG Comet EV is priced between ₹762,800 and ₹999,800 (ex-showroom), depending on the variant. In this EMI calculation, we will consider the top-end variant, the Blackstorm Edition, priced at ₹999,800 (ex-showroom). The rate of interest considered is 9.5%, while the repayment tenures considered are 12 months, 24 months and 36 months.
| Mg Comet EV: Monthly EMI calculation | ||||||
|---|---|---|---|---|---|---|
| Model & variant | Price (ex-showroom) | Loan (100% ex-showroom price) | Interest rate | Repayment tenure | Monthly EMI | Total interest |
| MG Comet EV Blackstorm Edition | ₹999,800 | ₹999,800 | 9.5% | 12 months | ₹87,666 | ₹52,192 |
| 24 months | ₹45,905 | ₹101,927 | ||||
| 36 months | ₹32,027 | ₹153,156 | ||||
| 48 months | ₹25,118 | ₹205,869 | ||||
| 60 months | ₹20,998 | ₹260,060 | ||||
According to this calculation, two own the MG Comet EV, the monthly EMI will range between ₹20,998 and ₹87,666, depending on the repayment tenure selected. However, it is to be remembered that monthly EMI varies depending on multiple factors, which include down payment, amount of loan taken, rate of interest, repayment tenure, etc.