Toyota Innova [2005-2009] Car Loan EMI Calculator

₹ 14,183.
Here is how - Toyota Innova [2005-2009] price starts from ₹ 7,58,757 in Mumbai. If you pay a down payment of ₹ 59,297 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 14,183.

The cheapest Innova [2005-2009] model is 2.0 E which is priced at ₹ 7,58,757 in Mumbai. You will need to pay at least a ₹ 59,297 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 Innova [2005-2009].

Version	On-road price in Mumbai	Max Loan
2.0 E	₹ 7,58,757	₹ 6,99,460
2.5 E	₹ 7,87,890	₹ 7,09,890
2.0 G1	₹ 10,00,694	₹ 8,91,700
2.0 G2	₹ 8,57,127	₹ 7,90,880
2.0 G3	₹ 9,46,447	₹ 8,73,890
2.0 V	₹ 12,09,923	₹ 10,84,800
2.5 V 8 STR	₹ 12,85,291	₹ 11,52,900
2.5 G1	₹ 10,57,319	₹ 9,46,896
2.5 G4 8 STR	₹ 10,98,366	₹ 9,84,000
2.5 G4 7 STR	₹ 10,93,800	₹ 9,79,900
2.5 V 7 STR	₹ 12,80,725	₹ 11,48,800
2.0 G4	₹ 10,19,567	₹ 9,12,800
2.5 EV MS 8 STR	₹ 9,38,259	₹ 8,39,346
2.5 EV MS 7 STR	₹ 9,42,753	₹ 8,43,405
2.5 EV PS 7 STR	₹ 10,01,547	₹ 8,96,516
2.5 EV PS 8 STR	₹ 9,97,054	₹ 8,92,457

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 Innova [2005-2009] 2.0 E will be ₹ 11,826 but you will have to pay interest of ₹ 2,93,924 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 ₹ 23,777, but your interest payment will be only ₹ 1,56,512 over the 3 years period.

₹ 14,183
Toyota Innova [2005-2009] price starts from ₹ 7,58,757 in Mumbai.

We have considered
Down-payement : ₹ 59,297
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Innova [2005-2009] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,53,000

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 Innova [2005-2009] starts from ₹ 7.59 Lakh, you can get a loan with an annual income as low as ₹ 2.53 lakh.

Here are the most important things you should consider while getting a car loan for a new Innova [2005-2009]

• 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.