Mahindra Bolero Neo Car Loan EMI Calculator

₹ 19,218.
Here is how - Mahindra Bolero Neo price starts from ₹ 11,28,713 in Mumbai. If you pay a down payment of ₹ 1,80,913 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 19,218.

The cheapest Bolero Neo model is N4 which is priced at ₹ 11,28,713 in Mumbai. You will need to pay at least a ₹ 1,80,913 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 Bolero Neo.

Version	On-road price in Mumbai	Max Loan
N4	₹ 11,28,713	₹ 9,47,800
N8	₹ 11,89,749	₹ 9,99,995
N10	₹ 13,53,899	₹ 11,21,001
N10 (O)	₹ 14,46,687	₹ 11,99,001
Limited Edition	₹ 13,92,106	₹ 11,49,900

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 Bolero Neo N4 will be ₹ 17,592 but you will have to pay interest of ₹ 5,29,928 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 ₹ 35,370, but your interest payment will be only ₹ 3,25,520 over the 3 years period.

₹ 19,218
Mahindra Bolero Neo price starts from ₹ 11,28,713 in Mumbai.

We have considered
Down-payement : ₹ 1,80,913
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Bolero Neo with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 3,77,000

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 Bolero Neo starts from ₹ 11.29 Lakh, you can get a loan with an annual income as low as ₹ 3.77 lakh.

Here are the most important things you should consider while getting a car loan for a new Bolero Neo

• 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.