Mahindra Thar Car Loan EMI Calculator

₹ 20,256.
Here is how - Mahindra Thar price starts from ₹ 11,90,916 in Mumbai. If you pay a down payment of ₹ 1,91,916 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 20,256.

The cheapest Thar model is AXT 2WD Diesel 1.5L Turbo Manual which is priced at ₹ 11,90,916 in Mumbai. You will need to pay at least a ₹ 1,91,916 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 Thar.

Version	On-road price in Mumbai	Max Loan
LXT 2WD Diesel 1.5L Turbo Manual	₹ 15,32,883	₹ 12,69,500
LXT 2WD Petrol 2.0L Turbo Automatic	₹ 17,37,422	₹ 14,49,500
AXT 2WD Diesel 1.5L Turbo Manual	₹ 11,90,916	₹ 9,99,000
LXT 4WD Diesel 2.2L Turbo Manual	₹ 19,60,499	₹ 16,08,500
LXT 4WD Petrol 2.0L Turbo Manual	₹ 18,31,666	₹ 15,26,500
LXT 4WD Petrol 2.0L Turbo Automatic	₹ 20,19,020	₹ 16,86,500
LXT 4WD Diesel 2.2L Turbo Automatic	₹ 21,43,969	₹ 17,62,500

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 Thar AXT 2WD Diesel 1.5L Turbo Manual will be ₹ 18,562 but you will have to pay interest of ₹ 5,60,208 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 ₹ 37,319, but your interest payment will be only ₹ 3,44,484 over the 3 years period.

₹ 20,256
Mahindra Thar price starts from ₹ 11,90,916 in Mumbai.

We have considered
Down-payement : ₹ 1,91,916
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 3,97,000

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 Thar starts from ₹ 11.91 Lakh, you can get a loan with an annual income as low as ₹ 3.97 lakh.

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

• 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.