Toyota Innova [2015-2016] Car Loan EMI Calculator

₹ 27,148.
Here is how - Toyota Innova [2015-2016] price starts from ₹ 15,36,673 in Muvattupuzha. If you pay a down payment of ₹ 1,97,752 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 27,148.

The cheapest Innova [2015-2016] model is 2.5 G BS III 7 STR which is priced at ₹ 15,36,673 in Muvattupuzha. You will need to pay at least a ₹ 1,97,752 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 Muvattupuzha	Max Loan
2.5 G BS IV 8 STR	₹ 15,70,423	₹ 13,68,621
2.5 G BS IV 7 STR	₹ 15,65,082	₹ 13,63,921
2.5 GX BS IV 8 STR	₹ 16,36,861	₹ 14,27,086
2.5 GX BS IV 7 STR	₹ 16,31,520	₹ 14,22,386
2.5 VX BS IV 8 STR	₹ 19,62,547	₹ 16,38,094
2.5 VX BS IV 7 STR	₹ 19,56,971	₹ 16,33,394
2.5 ZX BS IV 7 STR	₹ 20,24,148	₹ 16,90,018
2.5 G BS III 8 STR	₹ 15,42,014	₹ 13,43,621
2.5 G BS III 7 STR	₹ 15,36,673	₹ 13,38,921
2.5 GX BS III 8 STR	₹ 16,08,452	₹ 14,02,086
2.5 GX BS III 7 STR	₹ 16,03,111	₹ 13,97,386
2.5 VX BS III 8 STR	₹ 19,32,888	₹ 16,13,094
2.5 VX BS III 7 STR	₹ 19,27,312	₹ 16,08,394
2.5 ZX BS III 7 STR	₹ 19,94,489	₹ 16,65,018

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 ₹ 23,951 but you will have to pay interest of ₹ 6,72,963 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 ₹ 48,154, but your interest payment will be only ₹ 3,94,623 over the 3 years period.

₹ 27,148
Toyota Innova [2015-2016] price starts from ₹ 15,36,673 in Muvattupuzha.

We have considered
Down-payement : ₹ 1,97,752
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 ₹ 5,13,000

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 ₹ 15.37 Lakh, you can get a loan with an annual income as low as ₹ 5.13 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.