Toyota Corolla Car Loan EMI Calculator

₹ 18,593.
Here is how - Toyota Corolla price starts from ₹ 9,61,554 in Kolkata. If you pay a down payment of ₹ 44,554 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 18,593.

The cheapest Corolla model is HE 1.8J which is priced at ₹ 9,61,554 in Kolkata. You will need to pay at least a ₹ 44,554 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 Kolkata	Max Loan
H1 1.8J	₹ 10,74,552	₹ 10,26,000
H2 1.8E	₹ 11,73,037	₹ 11,21,000
H3 1.8G	₹ 12,37,311	₹ 11,83,000
H5 1.8E	₹ 12,38,347	₹ 11,84,000
H4 1.8G	₹ 13,02,622	₹ 12,46,000
HE 1.8J	₹ 9,61,554	₹ 9,17,000

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 ₹ 14,987 but you will have to pay interest of ₹ 3,41,908 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 ₹ 30,132, but your interest payment will be only ₹ 1,67,752 over the 3 years period.

₹ 18,593
Toyota Corolla price starts from ₹ 9,61,554 in Kolkata.

We have considered
Down-payement : ₹ 44,554
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 ₹ 3,21,000

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 ₹ 9.62 Lakh, you can get a loan with an annual income as low as ₹ 3.21 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.