MG Gloster Car Loan EMI Calculator

₹ 77,719.
Here is how - MG Gloster price starts from ₹ 46,50,189 in Mumbai. If you pay a down payment of ₹ 8,17,189 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 77,719.

The cheapest Gloster model is Sharp 2WD Diesel Turbo Automatic 7 STR which is priced at ₹ 46,50,189 in Mumbai. You will need to pay at least a ₹ 8,17,189 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
Blackstorm 2WD Diesel Turbo Automatic 6 STR	₹ 49,08,480	₹ 40,46,000
Blackstorm 2WD Diesel Turbo Automatic 7 STR	₹ 49,08,480	₹ 40,46,000
Blackstorm 4WD Diesel Turbo Automatic 6 STR	₹ 52,35,921	₹ 43,16,000
Blackstorm 4WD Diesel Turbo Automatic 7 STR	₹ 52,35,921	₹ 43,16,000
Sharp 2WD Diesel Turbo Automatic 7 STR	₹ 46,50,189	₹ 38,33,000
Savvy 2WD Diesel Turbo Automatic 7 STR	₹ 48,29,012	₹ 39,80,000
Savvy 2WD Diesel Turbo Automatic 6 STR	₹ 48,29,012	₹ 39,80,000
Savvy 4WD Diesel Turbo Automatic 7 STR	₹ 51,52,903	₹ 42,49,000
Savvy 4WD Diesel Turbo Automatic 6 STR	₹ 51,52,903	₹ 42,49,000
Desertstorm 2WD Diesel Turbo Automatic 6 STR	₹ 49,08,480	₹ 40,46,000
Desertstorm 2WD Diesel Turbo Automatic 7 STR	₹ 49,84,441	₹ 41,00,486
Snowstorm 2WD Diesel Turbo Automatic 7 STR	₹ 49,84,441	₹ 41,00,486
Desertstorm 4WD Diesel Turbo Automatic 6 STR	₹ 53,12,924	₹ 43,73,865
Desertstorm 4WD Diesel Turbo Automatic 7 STR	₹ 53,12,924	₹ 43,73,865
Snowstorm 4WD Diesel Turbo Automatic 7 STR	₹ 53,12,924	₹ 43,73,865

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 Sharp 2WD Diesel Turbo Automatic 7 STR will be ₹ 72,479 but you will have to pay interest of ₹ 22,55,236 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 ₹ 1,45,720, but your interest payment will be only ₹ 14,12,920 over the 3 years period.

₹ 77,719
MG Gloster price starts from ₹ 46,50,189 in Mumbai.

We have considered
Down-payement : ₹ 8,17,189
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 ₹ 15,51,000

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 ₹ 46.50 Lakh, you can get a loan with an annual income as low as ₹ 15.51 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.