Chevrolet Spark [2007-2012] Car Loan EMI Calculator

₹ 6,420.
Here is how - Chevrolet Spark [2007-2012] price starts from ₹ 3,51,622 in Mumbai. If you pay a down payment of ₹ 35,001 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 6,420.

The cheapest Spark [2007-2012] model is E 1.0 which is priced at ₹ 3,51,622 in Mumbai. You will need to pay at least a ₹ 35,001 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 Spark [2007-2012].

Version	On-road price in Mumbai	Max Loan
E 1.0	₹ 3,51,622	₹ 3,16,621
1	₹ 3,72,776	₹ 3,31,108
LS 1.0	₹ 4,02,820	₹ 3,58,073
LT 1.0	₹ 4,36,187	₹ 3,88,021
LT 1.0 Opt	₹ 4,79,971	₹ 4,35,117
PS 1.0	₹ 3,72,776	₹ 3,31,108
LT 1.0 Airbag	₹ 4,98,918	₹ 4,52,446
LS 1.0 Muzic	₹ 4,04,456	₹ 3,66,114
PS 1.0 LPG	₹ 4,17,077	₹ 3,77,649
LS 1.0 LPG	₹ 4,21,370	₹ 3,88,676
LT 1.0 LPG	₹ 4,53,417	₹ 4,18,510

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 Spark [2007-2012] E 1.0 will be ₹ 5,480 but you will have to pay interest of ₹ 1,43,699 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 ₹ 11,019, but your interest payment will be only ₹ 80,063 over the 3 years period.

₹ 6,420
Chevrolet Spark [2007-2012] price starts from ₹ 3,51,622 in Mumbai.

We have considered
Down-payement : ₹ 35,001
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Spark [2007-2012] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 1,18,000

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 Spark [2007-2012] starts from ₹ 3.52 Lakh, you can get a loan with an annual income as low as ₹ 1.18 lakh.

Here are the most important things you should consider while getting a car loan for a new Spark [2007-2012]

• 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.