Mahindra Thar Car Loan EMI Calculator

₹ 23,014.
Here is how - Mahindra Thar price starts from ₹ 13,87,496 in Mumbai. If you pay a down payment of ₹ 2,52,496 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 23,014.

The cheapest Thar model is AX (O) Hard Top Diesel MT RWD which is priced at ₹ 13,87,496 in Mumbai. You will need to pay at least a ₹ 2,52,496 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	₹ 16,86,239	₹ 14,09,900
AX (O) Convertible Top Petrol MT 4WD	₹ 17,09,776	₹ 14,30,000
LX Hard Top Petrol MT 4WD	₹ 17,91,744	₹ 15,00,001
LX Convertible Top Petrol AT 4WD	₹ 19,67,271	₹ 16,49,901
LX Hard Top Petrol AT 4WD	₹ 19,78,863	₹ 16,59,800
AX (O) Hard Top Diesel MT RWD	₹ 13,87,496	₹ 11,35,000
LX Hard Top Diesel MT RWD	₹ 15,66,200	₹ 12,85,000
AX (O) Convertible Top Diesel MT 4WD	₹ 18,04,472	₹ 14,85,000
AX (O) Hard Top Diesel MT 4WD	₹ 18,22,222	₹ 14,99,899
LX Convertible Top Diesel MT 4WD	₹ 19,11,576	₹ 15,74,900
LX Hard Top Diesel MT 4WD	₹ 19,11,696	₹ 15,75,001
LX Convertible Top Diesel AT 4WD	₹ 20,78,367	₹ 17,14,900
LX Hard Top Diesel AT 4WD	₹ 20,84,444	₹ 17,20,001
Earth Edition Petrol MT 4WD	₹ 18,38,581	₹ 15,40,000
Earth Editon Petrol AT 4WD	₹ 20,24,894	₹ 16,99,000
Earth Editon Diesel MT 4WD	₹ 19,59,350	₹ 16,15,000
Earth Editon Diesel AT 4WD	₹ 21,32,097	₹ 17,60,000

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 ₹ 21,626 but you will have to pay interest of ₹ 6,81,584 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 ₹ 43,479, but your interest payment will be only ₹ 4,30,244 over the 3 years period.

₹ 23,014
Mahindra Thar price starts from ₹ 13,87,496 in Mumbai.

We have considered
Down-payement : ₹ 2,52,496
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 ₹ 4,63,000

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 Thar starts from ₹ 13.87 Lakh, you can get a loan with an annual income as low as ₹ 4.63 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.