Toyota Corolla Altis Car Loan EMI Calculator

₹ 33,355.
Here is how - Toyota Corolla Altis price starts from ₹ 20,36,174 in Mumbai. If you pay a down payment of ₹ 3,91,174 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 33,355.

The cheapest Corolla Altis model is G Petrol which is priced at ₹ 20,36,174 in Mumbai. You will need to pay at least a ₹ 3,91,174 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 Corolla Altis.

Version	On-road price in Mumbai	Max Loan
G Petrol	₹ 20,36,174	₹ 16,45,000
G CVT Petrol	₹ 22,29,958	₹ 18,06,000
GL Petrol	₹ 23,21,436	₹ 18,82,000
VL CVT Petrol	₹ 25,06,928	₹ 20,19,000
G Diesel	₹ 22,03,008	₹ 17,71,000
GL Diesel	₹ 24,04,674	₹ 19,36,000

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 Corolla Altis G Petrol will be ₹ 31,736 but you will have to pay interest of ₹ 10,20,824 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 ₹ 63,806, but your interest payment will be only ₹ 6,52,016 over the 3 years period.

₹ 33,355
Toyota Corolla Altis price starts from ₹ 20,36,174 in Mumbai.

We have considered
Down-payement : ₹ 3,91,174
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 6,79,000

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 Corolla Altis starts from ₹ 20.36 Lakh, you can get a loan with an annual income as low as ₹ 6.79 lakh.

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

• 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.