MG Gloster Car Loan EMI Calculator

₹ 64,880.
Here is how - MG Gloster price starts from ₹ 39,03,712 in Mumbai. If you pay a down payment of ₹ 7,03,912 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 64,880.

The cheapest Gloster model is Super 7 STR 2.0 Turbo 2WD which is priced at ₹ 39,03,712 in Mumbai. You will need to pay at least a ₹ 7,03,912 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 Gloster.

Version	On-road price in Mumbai	Max Loan
Super 7 STR 2.0 Turbo 2WD	₹ 39,03,712	₹ 31,99,800
Sharp 7 STR 2.0 Turbo 2WD	₹ 44,90,074	₹ 36,87,800
Savvy 7 STR 2.0 Turbo 2WD	₹ 46,78,720	₹ 38,44,800
Savvy 6 STR 2.0 Turbo 2WD	₹ 46,78,720	₹ 38,44,800
Savvy 7 STR 2.0 Twin Turbo 4WD	₹ 49,58,684	₹ 40,77,800
Savvy 6 STR 2.0 Twin Turbo 4WD	₹ 49,58,684	₹ 40,77,800

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 Gloster Super 7 STR 2.0 Turbo 2WD will be ₹ 60,844 but you will have to pay interest of ₹ 19,11,096 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 ₹ 1,22,328, but your interest payment will be only ₹ 12,04,008 over the 3 years period.

₹ 64,880
MG Gloster price starts from ₹ 39,03,712 in Mumbai.

We have considered
Down-payement : ₹ 7,03,912
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 13,02,000

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 Gloster starts from ₹ 39.04 Lakh, you can get a loan with an annual income as low as ₹ 13.02 lakh.

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

• 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.