Hyundai Elantra [2004-2008] Car Loan EMI Calculator

₹ 15,309.
Here is how - Hyundai Elantra [2004-2008] price starts from ₹ 8,37,436 in Mumbai. If you pay a down payment of ₹ 82,425 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 15,309.

The cheapest Elantra [2004-2008] model is GT Decontent which is priced at ₹ 8,37,436 in Mumbai. You will need to pay at least a ₹ 82,425 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 Elantra [2004-2008].

Version	On-road price in Mumbai	Max Loan
GT Decontent	₹ 8,37,436	₹ 7,55,011
GLS	₹ 10,49,118	₹ 9,69,411
GLS (Leather)	₹ 9,80,411	₹ 8,85,144
CRDi	₹ 11,61,427	₹ 10,73,822
CRDi Leather	₹ 11,40,083	₹ 10,30,475
CRDi Decontent	₹ 10,10,983	₹ 9,12,970
GT	₹ 9,69,702	₹ 8,95,606

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 Elantra [2004-2008] GT Decontent will be ₹ 13,052 but you will have to pay interest of ₹ 3,41,357 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 ₹ 26,242, but your interest payment will be only ₹ 1,89,701 over the 3 years period.

₹ 15,309
Hyundai Elantra [2004-2008] price starts from ₹ 8,37,436 in Mumbai.

We have considered
Down-payement : ₹ 82,425
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Elantra [2004-2008] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,80,000

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 Elantra [2004-2008] starts from ₹ 8.37 Lakh, you can get a loan with an annual income as low as ₹ 2.80 lakh.

Here are the most important things you should consider while getting a car loan for a new Elantra [2004-2008]

• 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.