Chevrolet Optra Magnum [2007-2012] Car Loan EMI Calculator

₹ 15,513.
Here is how - Chevrolet Optra Magnum [2007-2012] price starts from ₹ 8,77,602 in Chennai. If you pay a down payment of ₹ 1,12,515 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 15,513.

The cheapest Optra Magnum [2007-2012] model is LS 1.6 which is priced at ₹ 8,77,602 in Chennai. You will need to pay at least a ₹ 1,12,515 down payment to buy this model.

Note: Down payment is the amount you would pay upfront to buy your car. Bank give you a loan for the remaining amount.

Here is a model wise list of max loan amount for Optra Magnum [2007-2012].

Version	On-road price in Chennai	Max Loan
LS 2.0 TCDi	₹ 10,10,104	₹ 8,81,626
LT 2.0 TCDi	₹ 11,18,538	₹ 9,76,997
LS 1.6	₹ 8,77,602	₹ 7,65,087
LT 1.6	₹ 9,98,070	₹ 8,71,042

As a thumb rule, you can get a maximun loan of up to 100% of the ex-showroom price.

Good Practice will be to chose the shortest possible tenure for which you can afford an EMI amount.

• 1. If you select a higher tenure loan, let's say 7 years, your EMI for Optra Magnum [2007-2012] LS 1.6 will be ₹ 13,678 but you will have to pay interest of ₹ 3,83,865 over the period of 7 years.
• 2. If you select a lower tenure loan, let's say 3 years, your EMI amount will be higher at ₹ 27,501, but your interest payment will be only ₹ 2,24,949 over the 3 years period.

₹ 15,513
Chevrolet Optra Magnum [2007-2012] price starts from ₹ 8,77,602 in Chennai.

We have considered
Down-payement : ₹ 1,12,515
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Optra Magnum [2007-2012] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,93,000

As a general rule, banks or other lenders offer you a car loan 3 to 4 times your annual income. Considering the on-road price of Optra Magnum [2007-2012] starts from ₹ 8.78 Lakh, you can get a loan with an annual income as low as ₹ 2.93 lakh.

Here are the most important things you should consider while getting a car loan for a new Optra Magnum [2007-2012]

• 1. Interest rate - Go for the loan with the lowest interest rate.
• 2. Additional Charges - processing fee, prepayment charges, late payment penalty are some of the important points you need to check before taking a loan.
• 3. Tenue and Max Loan Amount - Select a lender who gives you a loan that you can afford.
  -If Max loan amount is lower, you will have to shell out more money upfront to buy the car.
  -If Tenue is lower, your per month instalment amount will increase.
• 4. Eligibility - Banks may have stricter eligibility requirements compared to NBFCs or other financial institutions.