Tata Nano Car Loan EMI Calculator

₹ 4,269.
Here is how - Tata Nano price starts from ₹ 2,43,735 in Chennai. If you pay a down payment of ₹ 33,176 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 4,269.

The cheapest Nano model is CX which is priced at ₹ 2,43,735 in Chennai. You will need to pay at least a ₹ 33,176 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 Nano.

Version	On-road price in Chennai	Max Loan
CX	₹ 2,43,735	₹ 2,10,559
LX	₹ 2,74,604	₹ 2,37,772
Twist XT	₹ 2,90,336	₹ 2,51,186
Twist XE	₹ 2,46,802	₹ 2,12,662

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 Nano CX will be ₹ 3,799 but you will have to pay interest of ₹ 1,08,557 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 ₹ 7,638, but your interest payment will be only ₹ 64,409 over the 3 years period.

₹ 4,269
Tata Nano price starts from ₹ 2,43,735 in Chennai.

We have considered
Down-payement : ₹ 33,176
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 82,000

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 Nano starts from ₹ 2.44 Lakh, you can get a loan with an annual income as low as ₹ 82000.

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

• 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.