Nissan Magnite Car Loan EMI Calculator

₹ 12,164.
Here is how - Nissan Magnite price starts from ₹ 7,21,017 in Mumbai. If you pay a down payment of ₹ 1,21,117 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 12,164.

The cheapest Magnite model is XE which is priced at ₹ 7,21,017 in Mumbai. You will need to pay at least a ₹ 1,21,117 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 Magnite.

Version	On-road price in Mumbai	Max Loan
XE	₹ 7,21,017	₹ 5,99,900
XL	₹ 8,34,933	₹ 6,99,000
XL Turbo	₹ 9,72,872	₹ 8,19,000
XV	₹ 9,23,443	₹ 7,76,000
XV Turbo	₹ 10,79,775	₹ 9,12,000
XV Turbo CVT	₹ 11,72,885	₹ 9,93,000
XV Premium	₹ 10,11,955	₹ 8,53,000
XV Premium Turbo	₹ 11,40,698	₹ 9,65,000
XV Premium Turbo CVT	₹ 12,69,189	₹ 10,58,000
XV Dual Tone	₹ 9,41,835	₹ 7,92,000
XV Premium Dual Tone	₹ 10,30,347	₹ 8,69,000
XV Turbo Dual Tone	₹ 10,98,167	₹ 9,28,000
XV Premium Turbo Dual Tone	₹ 11,59,090	₹ 9,81,000
XV Turbo CVT Dual Tone	₹ 12,11,865	₹ 10,09,000
XV Premium Turbo CVT Dual Tone	₹ 12,87,908	₹ 10,74,000
XV Executive	₹ 8,69,418	₹ 7,29,000
XV Red Edition	₹ 9,47,407	₹ 7,86,500
XV Turbo Red Edition	₹ 10,79,806	₹ 9,24,500
XV Turbo CVT Red Edition	₹ 11,93,846	₹ 9,99,900
XV Premium Turbo (O)	₹ 11,63,688	₹ 9,85,000
XV Premium Turbo (O) Dual Tone	₹ 12,02,504	₹ 10,01,000
XV Premium Turbo (O) CVT	₹ 12,92,587	₹ 10,78,000

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 Magnite XE will be ₹ 11,238 but you will have to pay interest of ₹ 3,44,092 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 ₹ 22,594, but your interest payment will be only ₹ 2,13,484 over the 3 years period.

₹ 12,164
Nissan Magnite price starts from ₹ 7,21,017 in Mumbai.

We have considered
Down-payement : ₹ 1,21,117
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,41,000

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 Magnite starts from ₹ 7.21 Lakh, you can get a loan with an annual income as low as ₹ 2.41 lakh.

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

• 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.