Hyundai Elite i20 [2014-2015] Car Loan EMI Calculator

₹ 10,846.
Here is how - Hyundai Elite i20 [2014-2015] price starts from ₹ 6,21,182 in Mumbai. If you pay a down payment of ₹ 86,282 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 10,846.

The cheapest Elite i20 [2014-2015] model is Era 1.2 which is priced at ₹ 6,21,182 in Mumbai. You will need to pay at least a ₹ 86,282 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 Elite i20 [2014-2015].

Version	On-road price in Mumbai	Max Loan
Era 1.2	₹ 6,21,182	₹ 5,34,900
Sportz 1.2	₹ 7,63,666	₹ 6,73,578
Asta 1.2	₹ 8,23,708	₹ 7,11,500
Magna 1.2	₹ 7,00,345	₹ 6,16,962
Sportz 1.2 (O)	₹ 8,01,715	₹ 7,07,329
Era 1.4 CRDI	₹ 7,93,016	₹ 6,73,000
Magna 1.4 CRDI	₹ 8,56,983	₹ 7,36,532
Sportz 1.4	₹ 9,13,867	₹ 7,93,416
Sportz 1.4 (O)	₹ 9,52,473	₹ 8,27,328
Asta 1.4 CRDI	₹ 9,86,088	₹ 8,35,900
Asta 1.2 (O)	₹ 8,50,778	₹ 7,51,196
Asta 1.4 CRDI (O)	₹ 10,02,546	₹ 8,71,312
Sportz 1.2 Special Edition	₹ 7,99,018	₹ 7,04,918
Sportz 1.4 Special Edition	₹ 9,49,545	₹ 8,24,756

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 Elite i20 [2014-2015] Era 1.2 will be ₹ 9,682 but you will have to pay interest of ₹ 2,78,388 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 ₹ 19,466, but your interest payment will be only ₹ 1,65,876 over the 3 years period.

₹ 10,846
Hyundai Elite i20 [2014-2015] price starts from ₹ 6,21,182 in Mumbai.

We have considered
Down-payement : ₹ 86,282
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Elite i20 [2014-2015] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,08,000

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 Elite i20 [2014-2015] starts from ₹ 6.21 Lakh, you can get a loan with an annual income as low as ₹ 2.08 lakh.

Here are the most important things you should consider while getting a car loan for a new Elite i20 [2014-2015]

• 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.