Nissan Micra Car Loan EMI Calculator

₹ 13,441.
Here is how - Nissan Micra price starts from ₹ 7,78,123 in Mumbai. If you pay a down payment of ₹ 1,15,243 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 13,441.

The cheapest Micra model is XL (O) CVT which is priced at ₹ 7,78,123 in Mumbai. You will need to pay at least a ₹ 1,15,243 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 Micra.

Version	On-road price in Mumbai	Max Loan
XL (O) CVT	₹ 7,78,123	₹ 6,62,880
XV CVT	₹ 9,14,370	₹ 7,81,686
XL (O) DSL	₹ 8,85,453	₹ 7,43,504
XV DSL	₹ 9,69,499	₹ 8,12,964

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 Micra XL (O) CVT will be ₹ 12,128 but you will have to pay interest of ₹ 3,55,872 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 ₹ 24,384, but your interest payment will be only ₹ 2,14,944 over the 3 years period.

₹ 13,441
Nissan Micra price starts from ₹ 7,78,123 in Mumbai.

We have considered
Down-payement : ₹ 1,15,243
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,60,000

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 Micra starts from ₹ 7.78 Lakh, you can get a loan with an annual income as low as ₹ 2.60 lakh.

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

• 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.