Mitsubishi Lancer [2004-2012] Car Loan EMI Calculator

₹ 15,457.
Here is how - Mitsubishi Lancer [2004-2012] price starts from ₹ 8,50,378 in Mumbai. If you pay a down payment of ₹ 88,058 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 15,457.

The cheapest Lancer [2004-2012] model is LXi 1.5 which is priced at ₹ 8,50,378 in Mumbai. You will need to pay at least a ₹ 88,058 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 Lancer [2004-2012].

Version	On-road price in Mumbai	Max Loan
LXi 1.5	₹ 8,50,378	₹ 7,62,320
LXd 2.0	₹ 9,45,609	₹ 8,16,000

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 Lancer [2004-2012] LXi 1.5 will be ₹ 13,254 but you will have to pay interest of ₹ 3,51,016 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 ₹ 26,648, but your interest payment will be only ₹ 1,97,008 over the 3 years period.

₹ 15,457
Mitsubishi Lancer [2004-2012] price starts from ₹ 8,50,378 in Mumbai.

We have considered
Down-payement : ₹ 88,058
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Lancer [2004-2012] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,84,000

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 Lancer [2004-2012] starts from ₹ 8.50 Lakh, you can get a loan with an annual income as low as ₹ 2.84 lakh.

Here are the most important things you should consider while getting a car loan for a new Lancer [2004-2012]

• 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.