Daewoo Cielo [1994-1999] Car Loan EMI Calculator

₹ 11,558.
Here is how - Daewoo Cielo [1994-1999] price starts from ₹ 6,33,900 in Mumbai. If you pay a down payment of ₹ 63,900 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 11,558.

The cheapest Cielo [1994-1999] model is GLE which is priced at ₹ 6,33,900 in Mumbai. You will need to pay at least a ₹ 63,900 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 Cielo [1994-1999].

Version	On-road price in Mumbai	Max Loan
GLE	₹ 6,33,900	₹ 5,70,000
GLX	₹ 7,26,700	₹ 6,55,000
GLE AT	₹ 6,44,450	₹ 5,80,000
GLX AT	₹ 7,37,200	₹ 6,65,000

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 Cielo [1994-1999] GLE will be ₹ 9,880 but you will have to pay interest of ₹ 2,59,920 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 ₹ 19,864, but your interest payment will be only ₹ 1,45,104 over the 3 years period.

₹ 11,558
Daewoo Cielo [1994-1999] price starts from ₹ 6,33,900 in Mumbai.

We have considered
Down-payement : ₹ 63,900
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Cielo [1994-1999] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,12,000

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 Cielo [1994-1999] starts from ₹ 6.34 Lakh, you can get a loan with an annual income as low as ₹ 2.12 lakh.

Here are the most important things you should consider while getting a car loan for a new Cielo [1994-1999]

• 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.