ICML Extreme [2014-2015] Car Loan EMI Calculator

₹ 13,267.
Here is how - ICML Extreme [2014-2015] price starts from ₹ 7,60,061 in Mumbai. If you pay a down payment of ₹ 1,05,732 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 13,267.

The cheapest Extreme [2014-2015] model is LD M/S BSIII NonAC 9-str which is priced at ₹ 7,60,061 in Mumbai. You will need to pay at least a ₹ 1,05,732 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 Extreme [2014-2015].

Version	On-road price in Mumbai	Max Loan
LD M/S BSIII NonAC 9-str	₹ 7,60,061	₹ 6,54,329
LD P/S BSIII SAC 9-str	₹ 8,09,069	₹ 6,97,067
LD P/S CRDFI BSIV SAC 9-str	₹ 9,63,188	₹ 8,28,850
LD M/S CRDFI BSIV NonAC 9-str	₹ 8,46,577	₹ 7,29,776
SD with AC 9-str BSIII	₹ 9,46,793	₹ 8,14,553
SD with AC 9-str CRDFI BSIV	₹ 9,97,046	₹ 8,58,377
VD P/s BSIII DAC 7-str	₹ 10,10,451	₹ 8,70,067
VD P/s BSIII CRDFI DAC 7-str	₹ 10,72,377	₹ 9,24,069
VD P/s BSIV CRDFI DAC 7-str	₹ 11,03,020	₹ 9,50,791
SD with AC 9-str CRDFI BSIII	₹ 9,97,046	₹ 8,58,377

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 Extreme [2014-2015] LD M/S BSIII NonAC 9-str will be ₹ 11,846 but you will have to pay interest of ₹ 3,40,735 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 ₹ 23,818, but your interest payment will be only ₹ 2,03,119 over the 3 years period.

₹ 13,267
ICML Extreme [2014-2015] price starts from ₹ 7,60,061 in Mumbai.

We have considered
Down-payement : ₹ 1,05,732
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Extreme [2014-2015] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,54,000

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 Extreme [2014-2015] starts from ₹ 7.60 Lakh, you can get a loan with an annual income as low as ₹ 2.54 lakh.

Here are the most important things you should consider while getting a car loan for a new Extreme [2014-2015]

• 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.