Hyundai Elantra [2004-2008] Car Loan EMI Calculator

₹ 14,568.
Here is how - Hyundai Elantra [2004-2008] price starts from ₹ 8,11,680 in Hyderabad. If you pay a down payment of ₹ 93,191 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 14,568.

The cheapest Elantra [2004-2008] model is GT Decontent which is priced at ₹ 8,11,680 in Hyderabad. You will need to pay at least a ₹ 93,191 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 Elantra [2004-2008].

Version	On-road price in Hyderabad	Max Loan
GT Decontent	₹ 8,11,680	₹ 7,18,489
GLS (Leather)	₹ 9,52,704	₹ 8,44,552
CRDi Leather	₹ 11,07,390	₹ 9,82,827
CRDi Decontent	₹ 9,79,814	₹ 8,68,785

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 Elantra [2004-2008] GT Decontent will be ₹ 12,651 but you will have to pay interest of ₹ 3,44,195 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 ₹ 25,435, but your interest payment will be only ₹ 1,97,171 over the 3 years period.

₹ 14,568
Hyundai Elantra [2004-2008] price starts from ₹ 8,11,680 in Hyderabad.

We have considered
Down-payement : ₹ 93,191
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Elantra [2004-2008] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,71,000

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 Elantra [2004-2008] starts from ₹ 8.12 Lakh, you can get a loan with an annual income as low as ₹ 2.71 lakh.

Here are the most important things you should consider while getting a car loan for a new Elantra [2004-2008]

• 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.