Chevrolet Spark Car Loan EMI Calculator

₹ 7,379.
Here is how - Chevrolet Spark price starts from ₹ 4,00,495 in Delhi. If you pay a down payment of ₹ 36,594 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 7,379.

The cheapest Spark model is 1.0 BS-IV OBDII which is priced at ₹ 4,00,495 in Delhi. You will need to pay at least a ₹ 36,594 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 Spark.

Version	On-road price in Delhi	Max Loan
1.0 BS-IV OBDII	₹ 4,00,495	₹ 3,63,901
LS 1.0 BS-IV OBDII	₹ 4,30,506	₹ 3,91,860
LT 1.0 BS-IV OBDII	₹ 4,64,756	₹ 4,21,906

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 Spark 1.0 BS-IV OBDII will be ₹ 6,242 but you will have to pay interest of ₹ 1,60,427 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 ₹ 12,550, but your interest payment will be only ₹ 87,899 over the 3 years period.

₹ 7,379
Chevrolet Spark price starts from ₹ 4,00,495 in Delhi.

We have considered
Down-payement : ₹ 36,594
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Spark with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 1,34,000

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 Spark starts from ₹ 4.00 Lakh, you can get a loan with an annual income as low as ₹ 1.34 lakh.

Here are the most important things you should consider while getting a car loan for a new Spark

• 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.