This table helps you understand, how much loan payment will be pending at the end of the each year of the loan. This way, you can arrive at the amount you will need if you decide to pre-pay your loan.
Months
Principal Paid
Interest Paid
Balance Loan
12
₹15,00,481
₹6,54,216
₹73,55,042
24
₹16,25,020
₹5,29,677
₹57,30,022
36
₹17,59,896
₹3,94,801
₹39,70,127
48
₹19,05,966
₹2,48,731
₹20,64,160
60
₹20,64,160
₹90,536
₹0
Land Rover Discovery EMI
Land Rover Discovery Car Loan EMI calculated for - Interest rate: 8%, Tenure - 5 years, Down-payment : ₹16.39 Lakh
Here is how - Land Rover Discovery price starts from ₹1,04,94,178 in Mumbai. If you pay a down payment of ₹16,38,655 for a 5-year loan available at an 8% interest rate, your EMI amount will be ₹1,79,558.
The cheapest Discovery model is 3.0 Petrol First Edition which is priced at ₹86,117 in Delhi.
You will need to pay at least a ₹7,13,448 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 Discovery.
Version
On-road price Mumbai
Max Loan
3.0 Petrol First Edition
10494178
8855523
2.0 S 4WD Diesel
9064553
7517749
2.0 S Petrol(2020-2021)
8965206
7559000
3.0 Petrol S(2020-2021)
9763407
7693664
2.0 SE 4WD Diesel
9564306
7934709
2.0 SE Petrol(2020-2021)
9416595
7942000
3.0 Petrol SE(2020-2021)
10249111
8077550
2.0 HSE 4WD Diesel
10023397
8296885
2.0 HSE Petrol(2020-2021)
9867057
8303000
3.0 Petrol HSE(2020-2021)
10699774
8433741
2.0 HSE 4WD Luxury Diesel
10620425
8795005
2.0 HSE Luxury Petrol
10451623
8799000
2.0 Petrol
12369576
8806000
3.0 Diesel S(2020-2021)
11238525
8877094
3.0 Petrol HSE Luxury
11337583
8937846
S 2.0 Petrol
12786655
9105000
SE 2.0 Petrol
13041966
9288000
S R-Dynamic 2.0 Petrol
13171691
9381000
S 3.0 Petrol
13177274
9385000
SE R-Dynamic 2.0 Petrol
13427002
9564000
SE 3.0 Petrol
13432584
9568000
HSE 2.0 Petrol
13544154
9648000
S R-Dynamic 3.0 Petrol
13562310
9661000
3.0 Diesel SE(2020-2021)
12264148
9689321
HSE R-Dynamic 2.0 Petrol
13738063
9787000
SE R-Dynamic 3.0 Petrol
13817619
9844000
HSE 3.0 Petrol
13934772
9928000
3.0 Diesel HSE(2020-2021)
12881014
10205494
3.0 Diesel First Edition
12962156
10789374
3.0 Diesel HSE Luxury
13575111
10861088
S 3.0 Diesel
13551110
11087000
SE 3.0 Diesel
13829543
11317000
S R-Dynamic 3.0 Diesel
13971149
11434000
HSE 3.0 Diesel
14212036
11633000
SE R-Dynamic 3.0 Diesel
14249583
11664000
HSE R-Dynamic 3.0 Diesel
14632075
11980000
Metropolitan Edition
15290225
12655000
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 Discovery will be ₹1,38,024 but you will have to pay interest of ₹27,38,493 over the period of 7 years.
2. If you select a lower tenure loan, let's say 3 years, amount will be higher at ₹3,96,562, but your interest payment will be only ₹16,21,232 over the period of 3 years period.
₹1,79,558.
Land Rover Discovery price starts from ₹1,04,94,178 in Mumbai.
We have considered
Down-payment: 16,38,655
Tenure: 5 years
Interest rate: 8%
You will need to fulfil the following 2 criteria to buy Discovery with a loan.
1. Age should be above 21.
2. Your annual income should be above ₹26,24,000
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 Discovery starts from 1,04,94,178, you can get a loan with an annual income as low as 26,24,000.
Here are the most important things you should consider while getting a car loan for a new Discovery
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.
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