The Royal Enfield Meteor 350 is indeed a cruiser motorcycle that has gained popularity in India. The claim of a monthly installment (EMI) of ₹6,128 might be achievable depending on several factors, including the loan amount, the interest rate, and the loan tenure.
Here’s a breakdown of what influences the EMI and some general information about the Meteor 350:
Factors Influencing EMI:
- On-Road Price: The actual price you pay, including ex-showroom cost, registration, insurance, and other charges, varies by city and the specific variant you choose.
- Down Payment: The initial amount you pay upfront significantly affects the loan amount and, consequently, the EMI. A higher down payment will result in a lower EMI.
- Loan Amount: This is the remaining amount after the down payment, which is financed by the lender.
- Interest Rate: The rate at which the lender charges interest on the loan. This can vary depending on your creditworthiness, the lender, and prevailing market conditions. Interest rates for two-wheeler loans generally range from around 9.7% to 15% per annum.
- Loan Tenure: The duration over which you repay the loan. Longer tenures typically result in lower EMIs but a higher total interest paid over the loan period. Shorter tenures mean higher EMIs but lower total interest outgo.
Example EMI Calculation:
Let’s consider an example based on the information from the search results:
- On-road price (example in Delhi): ₹ 2,36,477
- Loan amount (after a hypothetical down payment of ₹ 23,648): ₹ 2,12,829
- Interest rate: 6% per annum
- Tenure: 36 months (3 years)
Using an EMI calculator formula: $$ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N – 1} $$ Where:
- P = Principal loan amount (₹ 2,12,829)
- R = Monthly interest rate (Annual rate / 12 / 100 = 6 / 12 / 100 = 0.005)
- N = Number of monthly installments (36)
$$ EMI = \frac{212829 \times 0.005 \times (1+0.005)^{36}}{(1+0.005)^{36} – 1} \approx ₹ 6,464 $$
This calculation shows that an EMI around ₹ 6,464 is possible under these specific conditions. To achieve an EMI closer to ₹ 6,128, you might need a higher down payment or a longer loan tenure, which would also increase the total interest paid.
Key Features of the Royal Enfield Meteor 350:
The Royal Enfield Meteor 350 is a cruiser-style motorcycle known for its comfortable riding posture and retro aesthetics combined with modern features:
- Engine: 349cc single-cylinder, 4-stroke, air-oil cooled engine producing around 20.2 to 20.4 PS of power and 27 Nm of torque. It features electronic fuel injection (EFI) for smooth power delivery.
- Chassis: Twin downtube spine frame designed for better handling and stability.
- Comfort: Low and comfortable split seat with an optional padded backrest for the pillion rider, making it suitable for long rides.
- Lighting: LED headlamp for better visibility and reduced power consumption, along with LED tail lamps on some variants.
- Instrument Cluster: A retro-inspired digi-analog instrument panel with an analogue speedometer and a digital display for other information. Some variants also feature Bluetooth connectivity and Tripper navigation (turn-by-turn directions via Google Maps).
- Wheels and Tyres: Alloy wheels with tubeless tyres are available on most variants, offering better safety and convenience. Spoke wheels are found on the Aurora variant for a more classic look.
- Brakes: Disc brakes on both the front (300mm) and rear (270mm) with dual-channel ABS for enhanced safety.
- Suspension: Telescopic front forks and twin tube emulsion shock absorbers at the rear with 6-step adjustable preload.
- Fuel Tank: 15-liter fuel tank capacity, offering a decent riding range.
- Kerb Weight: Around 191 kg.
- Seat Height: 765 mm, making it accessible for riders of various heights.
- Other Features: USB charging port, mobile connectivity, navigation assist, and various color options across its Fireball, Stellar, Aurora, and Supernova variants.
Price Range in India (Ex-Showroom, Delhi):
The ex-showroom prices for the Royal Enfield Meteor 350 typically range from approximately ₹ 2.08 Lakh to ₹ 2.33 Lakh, depending on the variant. On-road prices will be higher due to registration, insurance, and other charges.
In conclusion, while a monthly installment of ₹ 6,128 might be possible with a specific loan structure, it’s crucial to consider the total cost of the loan, including the interest paid over the tenure. The Royal Enfield Meteor 350 offers a blend of classic cruiser styling with modern features, making it an appealing option for many riders.