Mahindra Thar Car Loan EMI Calculator

₹ 21,381.
Here is how - Mahindra Thar price starts from ₹ 12,73,259 in Mumbai. If you pay a down payment of ₹ 2,18,759 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 21,381.

The cheapest Thar model is AX (O) Hard Top Diesel MT RWD which is priced at ₹ 12,73,259 in Mumbai. You will need to pay at least a ₹ 2,18,759 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
LX Hard Top Petrol AT RWD	₹ 15,96,078	₹ 13,49,000
AX (O) Convertible Top Petrol MT 4WD	₹ 16,59,768	₹ 13,87,300
LX Hard Top Petrol MT 4WD	₹ 17,40,565	₹ 14,56,301
LX Convertible Top Petrol AT 4WD	₹ 19,11,056	₹ 16,01,900
LX Hard Top Petrol AT 4WD	₹ 19,21,009	₹ 16,10,400
AX (O) Hard Top Diesel MT RWD	₹ 12,73,259	₹ 10,54,500
LX Hard Top Diesel MT RWD	₹ 14,51,700	₹ 12,04,500
AX (O) Convertible Top Diesel MT 4WD	₹ 17,55,738	₹ 14,44,101
AX (O) Hard Top Diesel MT 4WD	₹ 17,61,576	₹ 14,49,001
LX Convertible Top Diesel MT 4WD	₹ 18,53,073	₹ 15,25,801
LX Hard Top Diesel MT 4WD	₹ 18,64,034	₹ 15,35,001
LX Convertible Top Diesel AT 4WD	₹ 20,22,842	₹ 16,68,301
LX Hard Top Diesel AT 4WD	₹ 20,33,803	₹ 16,77,501

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 AX (O) Hard Top Diesel MT RWD will be ₹ 19,845 but you will have to pay interest of ₹ 6,12,480 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 ₹ 39,899, but your interest payment will be only ₹ 3,81,864 over the 3 years period.

₹ 21,381
Mahindra Thar price starts from ₹ 12,73,259 in Mumbai.

We have considered
Down-payement : ₹ 2,18,759
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 ₹ 4,25,000

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 ₹ 12.73 Lakh, you can get a loan with an annual income as low as ₹ 4.25 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.