Mahindra Scorpio [2002-2006] Car Loan EMI Calculator

₹ 14,769.
Here is how - Mahindra Scorpio [2002-2006] price starts from ₹ 7,88,450 in Mumbai. If you pay a down payment of ₹ 60,050 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 14,769.

The cheapest Scorpio [2002-2006] model is 2.6 CRDe which is priced at ₹ 7,88,450 in Mumbai. You will need to pay at least a ₹ 60,050 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 Scorpio [2002-2006].

Version	On-road price in Mumbai	Max Loan
2.6 Sportz CRDe	₹ 8,82,900	₹ 8,16,200
2.6 DX CRDe	₹ 8,49,300	₹ 7,85,000
2.6 SLX CRDe	₹ 9,18,200	₹ 8,49,000
2.6 CRDe	₹ 7,88,450	₹ 7,28,400

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 Scorpio [2002-2006] 2.6 CRDe will be ₹ 12,289 but you will have to pay interest of ₹ 3,03,876 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 ₹ 24,707, but your interest payment will be only ₹ 1,61,052 over the 3 years period.

₹ 14,769
Mahindra Scorpio [2002-2006] price starts from ₹ 7,88,450 in Mumbai.

We have considered
Down-payement : ₹ 60,050
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Scorpio [2002-2006] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,63,000

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 Scorpio [2002-2006] starts from ₹ 7.88 Lakh, you can get a loan with an annual income as low as ₹ 2.63 lakh.

Here are the most important things you should consider while getting a car loan for a new Scorpio [2002-2006]

• 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.