News India Live, Digital Desk: (Cars News Updates) Who does not see the dream of Toyota’s car, especially Innova High Cross,? These vehicles are a bit expensive, but this does not mean that you cannot bring them home. Nowadays, buying a car on easy installments (EMI) with the help of banks has become quite common. And yes, you too probably closer your favorite Innova High Cross ₹ 2.32 Lakh You can bring home by giving initial payment (down payment)!
If you have an Innova highcross in your mind too, then let’s solve this confusion today. We tell you how much down payment you will have to pay to buy it and then every month how much EMI can be burdened.
First, the price estimates:
See, the price of the car changes city and city, due to tax, etc. But for a guess, suppose The base model of Toyota Innova High Cross in Noida is about ₹ 23.17 lakhs It comes (this is an on-road price).
When you take a loan, bank usually About 9% annual interest Can apply (it depends on your credit score and bank). Your EMI is fixed on the basis of this interest rate.
How much will you have to pay?
If we look at the price mentioned above and general banking rules, then the bank will get you closer to the price of the car ₹ 20.85 Lakh Can give a loan up to. This means that from your pocket At least ₹ 2.32 lakh You have to pay as a down payment. Yes, if your credit score is good, then the bank may give you more loans or reduce the interest rate slightly!
How much will the month installment be made? (Example)
Let us guess EMI according to different loan periods (how many years to repay the loan) (₹ 20.85 lakh loans and 9% interest rate):
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4 year loan: Almost every month ₹ 51,900 Installment of
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5 years loan: Almost every month ₹ 43,300 Installment of
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6 year loan: Almost every month ₹ 37,600 Installment of
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7 year loan: Almost every month ₹ 33,550 Installment of
Is your salary enough for this?
Now the question comes that how much month should be earned to fill so much EMI? See, if you choose a loan of 6 or 7 years (which ranges the EMI between ₹ 33,000 to ₹ 38,000), then the other expenses of the vehicle (petrol, maintenance, etc.), mixing everything comfortably Earnings of month at least ₹ 1 lakh to ₹ 1.5 lakh Or it is better if it is more than that. This is just a thick account, it will also depend on the rest of your expenses.
Important thing: Remember, all these figures are just an example. Real down payment, loan amount, interest rate and EMI can change your city, selected car models, your credit score and bank policy. For the most sure information, it will be best to contact the Toyota dealer or bank near you!
