MINI Cooper Convertible Car Loan EMI Calculator

₹ 77,659.
Here is how - MINI Cooper Convertible price starts from ₹ 48,48,150 in Mumbai. If you pay a down payment of ₹ 10,18,150 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 77,659.

The cheapest Cooper Convertible model is S [2018-2020] which is priced at ₹ 48,48,150 in Mumbai. You will need to pay at least a ₹ 10,18,150 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 Cooper Convertible.

Version	On-road price in Mumbai	Max Loan
S [2018-2020]	₹ 48,48,150	₹ 38,30,000
S [2020-2021]	₹ 47,82,988	₹ 40,10,000
S [2021-2022]	₹ 58,83,368	₹ 46,50,000
S	₹ 61,79,736	₹ 51,82,000
S (Steptronic Sport)	₹ 56,26,457	₹ 47,08,000

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 Cooper Convertible S [2018-2020] will be ₹ 75,564 but you will have to pay interest of ₹ 25,17,376 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 ₹ 1,51,923, but your interest payment will be only ₹ 16,39,228 over the 3 years period.

₹ 77,659
MINI Cooper Convertible price starts from ₹ 48,48,150 in Mumbai.

We have considered
Down-payement : ₹ 10,18,150
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 16,17,000

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 Cooper Convertible starts from ₹ 48.48 Lakh, you can get a loan with an annual income as low as ₹ 16.17 lakh.

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

• 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.