Toyota Innova [2015-2016] Car Loan EMI Calculator

₹ 27,122.
Here is how - Toyota Innova [2015-2016] price starts from ₹ 14,71,492 in Vapi. If you pay a down payment of ₹ 1,33,902 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 27,122.

The cheapest Innova [2015-2016] model is 2.5 G BS III 7 STR which is priced at ₹ 14,71,492 in Vapi. You will need to pay at least a ₹ 1,33,902 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 Innova [2015-2016].

Version	On-road price in Vapi	Max Loan
2.5 G BS IV 8 STR	₹ 15,03,828	₹ 13,67,290
2.5 G BS IV 7 STR	₹ 14,98,711	₹ 13,62,590
2.5 GX BS IV 8 STR	₹ 15,67,456	₹ 14,25,731
2.5 GX BS IV 7 STR	₹ 15,62,339	₹ 14,21,031
2.5 VX BS IV 8 STR	₹ 17,96,757	₹ 16,32,663
2.5 VX BS IV 7 STR	₹ 17,91,639	₹ 16,27,963
2.5 ZX BS IV 7 STR	₹ 18,66,856	₹ 16,97,048
2.5 G BS III 8 STR	₹ 14,76,609	₹ 13,42,290
2.5 G BS III 7 STR	₹ 14,71,492	₹ 13,37,590
2.5 GX BS III 8 STR	₹ 15,40,237	₹ 14,00,731
2.5 GX BS III 7 STR	₹ 15,35,120	₹ 13,96,031
2.5 VX BS III 8 STR	₹ 17,69,538	₹ 16,07,663
2.5 VX BS III 7 STR	₹ 17,64,420	₹ 16,02,963
2.5 ZX BS III 7 STR	₹ 18,39,637	₹ 16,72,048

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 Innova [2015-2016] 2.5 G BS III 7 STR will be ₹ 22,935 but you will have to pay interest of ₹ 5,88,950 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 ₹ 46,111, but your interest payment will be only ₹ 3,22,406 over the 3 years period.

₹ 27,122
Toyota Innova [2015-2016] price starts from ₹ 14,71,492 in Vapi.

We have considered
Down-payement : ₹ 1,33,902
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Innova [2015-2016] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 4,91,000

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 Innova [2015-2016] starts from ₹ 14.71 Lakh, you can get a loan with an annual income as low as ₹ 4.91 lakh.

Here are the most important things you should consider while getting a car loan for a new Innova [2015-2016]

• 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.