MG Gloster Car Loan EMI Calculator

₹ 78,668.
Here is how - MG Gloster price starts from ₹ 47,20,774 in Mumbai. If you pay a down payment of ₹ 8,40,974 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 78,668.

The cheapest Gloster model is Sharp 7 STR 2.0 Turbo 2WD which is priced at ₹ 47,20,774 in Mumbai. You will need to pay at least a ₹ 8,40,974 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 6 STR 2.0 Turbo 2WD	₹ 49,91,126	₹ 41,04,800
Blackstorm 7 STR 2.0 Turbo 2WD	₹ 49,91,126	₹ 41,04,800
Blackstorm 6 STR 2.0 Twin Turbo 4WD	₹ 53,29,966	₹ 43,86,800
Blackstorm 7 STR 2.0 Twin Turbo 4WD	₹ 53,29,966	₹ 43,86,800
Sharp 7 STR 2.0 Turbo 2WD	₹ 47,20,774	₹ 38,79,800
Savvy 7 STR 2.0 Turbo 2WD	₹ 49,05,815	₹ 40,33,800
Savvy 6 STR 2.0 Turbo 2WD	₹ 49,05,815	₹ 40,33,800
Savvy 7 STR 2.0 Twin Turbo 4WD	₹ 52,44,656	₹ 43,15,800
Savvy 6 STR 2.0 Twin Turbo 4WD	₹ 52,44,656	₹ 43,15,800

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 Sharp 7 STR 2.0 Turbo 2WD will be ₹ 73,579 but you will have to pay interest of ₹ 23,00,836 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 ₹ 1,47,932, but your interest payment will be only ₹ 14,45,752 over the 3 years period.

₹ 78,668
MG Gloster price starts from ₹ 47,20,774 in Mumbai.

We have considered
Down-payement : ₹ 8,40,974
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 ₹ 15,74,000

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 ₹ 47.21 Lakh, you can get a loan with an annual income as low as ₹ 15.74 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.