Toyota Innova Crysta is a great and strong multipurpose vehicle (MPV) which has been designed keeping in mind both large families and commercial use. It is as attractive to look at as its features are excellent. Its starting ex-showroom price ranges from Rs 19.99 lakh to Rs 26 lakh. Now, since the price of this car is a bit high, there are many people for whom it does not fit in the budget. But if you want to buy this car, then you can buy it on loan.
For this, you will need to take a car loan. By making a down payment, you can take it on monthly basis. This loan can be for 5 years or 7 years. Let us know how you can buy it on loan.
Down payment as per budget
Before buying Toyota Innova Crysta, you need to prepare your budget, that is, how much down payment you can give. Its on-road price is around Rs 24 lakh which includes RTO charges and insurance charges, so decide your budget that how much down payment you can give out of Rs 24 lakh. You will have to pay 10% to 20% of the car price and you can pay the rest of the amount through loan. If its price is Rs 24 lakh then you may have to pay a down payment of Rs 2.4 lakh to Rs 4.8 lakh.
EMI Calculation
You can calculate your EMI for purchasing the Toyota Innova Crysta. The EMI calculation depends on bank interest rates, which vary from bank to bank. Typically, bank interest rates range from 9% to 11%. Using the EMI calculator, you can determine the monthly instalment and the time period for which you will need to pay it.
These documents are required
To take a loan for Toyota Innova Crysta, you also need many important documents, which include Aadhar Card, PAN Card, passport size photo, Aadhar Card as proof of residence, electricity bill, driving license, passport, income certificate in the form of last 3 months salary slip for salaried people, last 2 years ITR in Form 16 or for those who are self-employed, it is necessary to have last 2 years ITR and business proof and balance sheet and profit and loss statement and last 6 months bank statement.
Loan Options
To avail a car loan for Toyota Innova Crysta, you have several loan options available. You can also finance the car through Toyota Finance for easy documentation, or you can avail a car loan from State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Mahindra Finance, or other financial institutions.
Choosing the loan term
When taking a Toyota Innova Crysta car loan, it’s important to consider your budget as well as the loan term. A shorter loan term, such as 5 years, will result in higher EMIs but lower interest. A longer loan term, such as 7 years, will result in lower EMIs but higher interest. Therefore, consider comparing interest rates before choosing the loan term.
How to Apply for a Car Loan
To get a Toyota Innova Crysta car loan, visit a Toyota dealership and select the bank from which you wish to take the loan. Fill out the loan application form and attach all the required documents. The bank will then verify your income, credit score, and all the documents. If you are found eligible, your loan will be approved and the loan amount will be transferred to the Toyota dealership. Your car loan is now complete and you will receive your Toyota Innova Crysta.
