Toyota Corolla Car Loan EMI Calculator

₹ 18,452.
Here is how - Toyota Corolla price starts from ₹ 10,36,197 in Hyderabad. If you pay a down payment of ₹ 1,26,197 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 18,452.

The cheapest Corolla model is HE 1.8J which is priced at ₹ 10,36,197 in Hyderabad. You will need to pay at least a ₹ 1,26,197 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.

Version	On-road price in Hyderabad	Max Loan
H1 1.8J	₹ 11,44,358	₹ 10,06,000
H2 1.8E	₹ 12,51,393	₹ 11,01,000
H3 1.8G	₹ 13,21,247	₹ 11,63,000
H5 1.8E	₹ 13,23,500	₹ 11,65,000
H4 1.8G	₹ 13,92,228	₹ 12,26,000
HE 1.8J	₹ 10,36,197	₹ 9,10,000

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 HE 1.8J will be ₹ 16,150 but you will have to pay interest of ₹ 4,46,600 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 ₹ 32,471, but your interest payment will be only ₹ 2,58,956 over the 3 years period.

₹ 18,452
Toyota Corolla price starts from ₹ 10,36,197 in Hyderabad.

We have considered
Down-payement : ₹ 1,26,197
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 3,46,000

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 starts from ₹ 10.36 Lakh, you can get a loan with an annual income as low as ₹ 3.46 lakh.

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

• 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.