How much is down payment when buying MG Hector Plus car?
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| MG Hector Plus Variants | Exshowroom Price | Down Payment |
|---|---|---|
| MG Hector Plus Smart 1.5 Turbo Petrol 7 STR | ₹ 17,49,800 | ₹ 2,62,470 |
| MG Hector Plus Smart EX 1.5 Turbo Petrol 7 STR | ₹ 17,99,800 | ₹ 2,69,970 |
| MG Hector Plus Smart 2.0 Turbo Diesel 7 STR | ₹ 19,75,800 | ₹ 2,96,370 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol MT 6 STR | ₹ 20,14,800 | ₹ 3,02,220 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol 7 STR | ₹ 20,14,800 | ₹ 3,02,220 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol 6 STR Dual Tone | ₹ 20,34,800 | ₹ 3,05,220 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol 7 STR Dual Tone | ₹ 20,34,800 | ₹ 3,05,220 |
| MG Hector Plus Smart Pro 2.0 Turbo Diesel 6 STR | ₹ 20,79,800 | ₹ 3,11,970 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol CVT 6 STR | ₹ 21,47,800 | ₹ 3,22,170 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol CVT 7 STR | ₹ 21,47,800 | ₹ 3,22,170 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol CVT 6 STR Dual Tone | ₹ 21,67,800 | ₹ 3,25,170 |
| MG Hector Plus Sharp Pro 1.5 Turbo Petrol CVT 7 STR Dual Tone | ₹ 21,67,800 | ₹ 3,25,170 |
| MG Hector Plus Sharp Pro 2.0 Turbo Diesel 7 STR | ₹ 22,20,800 | ₹ 3,33,120 |
| MG Hector Plus Sharp Pro 2.0 Turbo Diesel 6 STR | ₹ 22,20,800 | ₹ 3,33,120 |
| MG Hector Plus Sharp Pro 2.0 Turbo Diesel 7 STR Dual Tone | ₹ 22,40,800 | ₹ 3,36,120 |
| MG Hector Plus Sharp Pro 2.0 Turbo Diesel 6 STR Dual Tone | ₹ 22,40,800 | ₹ 3,36,120 |
| MG Hector Plus Savvy Pro 1.5 Turbo Petrol CVT 6 STR | ₹ 22,42,800 | ₹ 3,36,420 |
| MG Hector Plus Savvy Pro 1.5 Turbo Petrol CVT 7 STR Dual Tone | ₹ 22,62,800 | ₹ 3,39,420 |
| MG Hector Plus Savvy Pro 1.5 Turbo Petrol CVT 6 STR Dual Tone | ₹ 22,62,800 | ₹ 3,39,420 |
| MG Hector Plus Savvy Pro 1.5 Turbo Petrol CVT 7 STR | ₹ 23,23,376 | ₹ 3,48,507 |
Down Payment is nothing but a type of payment made in cash during the onset of the purchase of an expensive good/service. The payment typically represents only a percentage of the full purchase price; in some cases it is not refundable if the deal falls through. Financing arrangements are made by the purchaser to cover the remaining amount owed to the seller. Making a down payment and then paying the rest of the price through installments is a method that makes expensive assets more affordable for the typical person. For example, because houses are extremely expensive assets, home buyers typically pay down payments that equal 5-25% of the total value of a home. The remaining 75-95% of the price will be covered by a bank or other financial institutions through a mortgage loan. The main purposes of a down payment are to ensure that the lending institution has enough capital to create money for a loan in fractional reserve banking systems and to recover some of the balance due on the loan in the event that the borrower defaults.