Get a Brand new Tata Tiago at lowest EMIs
Last Updated : May 8, 2018, 1:06 p.m.
Tata Tiago, a new discovery of the homegrown automaker Tata Motors, is riding on a strong note with over 50,000 bookings since the launch of the hatchback model in April, 2016. The demand for the stylish model has been on an all time high since its launch, with the sales registering over 100% growth from 3,022 units in April to 6,108 units in October.
The car is available in both diesel and petrol variants. The prices of petrol and diesel variants fall in the range of 3.21 lakhs-5.65 lakhs. As the GST impacts the automobile industry, Tata Motors is the latest manufacturer to join the others. The company has reduced its prices up to 12% on its cars ranging from the entry level Tata Nano to its newest launch Tata Hexa. It has reduced the prices between ₹ 3300 and ₹ 217,000 depending on the model and variant of the desired car.
I am sure, you will be dying to have this car model at your home and must be searching for a loan to buy the same. So, read the article further and bring home the hatchback model.
Down Payment for Tata Tiago
With a car loan, comes the word ‘down payment’ which you have to make while transacting with the dealer to bring home your desired 4-wheeler. You can check below the down payment related to different versions of Tata Tiago.
| Tata Tiago Versions | On-road Price (In ₹) | Estimated Down Payment (In ₹) |
|---|---|---|
| Tata Tiago Revotron XB (Petrol) | 3.52 lakhs-3.96 lakhs | 48K-52K |
| Tata Tiago Revotron XE (Petrol) | 4.11 Lakhs-4.58 Lakhs | 56K-60K |
| Tata Tiago Revotron XE (O) (Petrol) | 4.25 Lakhs-4.72 Lakhs | 58K-61K |
| Tata Tiago Revotorq XB (Diesel) | 4.36 Lakhs-4.86 Lakhs | 59K-63K |
| Tata Tiago Revotron XM (Petrol) | 4.28 Lakhs-4.93 Lakhs | 60K-65K |
| Tata Tiago Revotron XM (O) (Petrol) | 4.57 Lakhs-5.08 Lakhs | 62K-67K |
| Tata Tiago Revotron XT (Petrol) | 4.78 Lakhs-5.29 Lakhs | 65K-70K |
| Tata Tiago Revotorq XE (Diesel) | 4.93 Lakhs-5.42 Lakhs | 66K-71K |
| Tata Tiago Revotron XT (O) (Petrol) | 4.91 Lakhs-5.43 Lakhs | 67K-72K |
| Tata Tiago Revotorq XE (O) (Diesel) | 5.07 Lakhs-5.57 Lakhs | 68K-73K |
| Tata Tiago Revotorq XT (Diesel) | 5.69 Lakhs-6.24 Lakhs | 77K-82K |
| Tata Tiago Revotorq XT (O) (Diesel) | 5.83 Lakhs-6.39 Lakhs | 79K-84K |
| Tata Tiago Revotorq XZ (Diesel) | 6.29 Lakhs-6.89 Lakhs | 85K-91K |
Tata Tiago EMI, Price in India & Interest Rate at Different Lenders
You can avail a loan for a tenure of upto 7 years to buy any of the Tata Tiago versions mentioned above. The extent of finance to buy Tata Tiago is limited to 85%-95% of the ex-showroom price or on-road price of the car. However, the finance is contingent upon the income and repayment capacity of a borrower. You need to earn reasonably higher to get a sufficient amount of loan to reduce the burden of down payment.
Ex-showroom price is the sum payable by the car dealer to the manufacturer to obtain the vehicle. The price also includes the tax paid by the dealer to the state government on the purchase of a car. Whereas the on-road price is an addition of ex-showroom price, road tax, registration charges, costs of insurance and accessories, if any.
Tata Tiago loan offers are available at many lenders across India. While choosing a loan, ensure you keep an eye on the interest rate, EMI payable, processing fee of different lenders. When it comes to interest rate, it ranges from 8.75%-14% per annum. Based on interest rate and the overall tenure, the EMI amount will vary.
Read the table below to find out everything about getting Tata Tiago at lowest EMIs
Table Showing Interest Rate, EMI and Maximum Loan Amount for Tata Tiago
| Lenders | Max. Loan Tenure | Interest Rate | Per Lakh EMI | Max. Loan Amount | Processing Fee | Foreclosure Charges |
|---|---|---|---|---|---|---|
| State Bank of India (SBI) | 7 years | 9.60%-9.65% p.a. | ₹ 1,640- ₹ 1,642 | Upto 85% of the on-road price | NIL | NIL |
| HDFC Bank | 7 years | 9.25%-11.25% p.a. | ₹ 1,622- ₹ 1,725 | Upto 90%-100% of on-road price | ₹ 2,825- ₹ 5,150 | 3%-6% of the principal outstanding on a given date. No foreclosure allowed before 6 months from the date of loan disbursement. |
| ICICI Bank | 7 years | 10.75%-12.75% p.a. | ₹ 1,699- ₹ 1,806 | Upto 100% of ex-showroom price | ₹ 2.500- ₹ 5,000 | 5% of principal outstanding on a given date. No foreclosure allowed before 6 months from the date of loan disbursement. |
| Axis Bank | 7 years | 9.50%-15% p.a. | ₹ 1,712- ₹ 1,765 | Upto 85% of on-road price | ₹ 3,500- ₹ 5,500 | 5%-10% of the principal outstanding after 180 days from the date of disbursement. No foreclosure allowed before 6 months from the date of loan disbursement. |
| Punjab National Bank (PNB) | 7 years | 9.60%-9.85% p.a. | ₹ 1,640- ₹ 1,652 | Upto Rs. 1 Crore or 25 times of net monthly salary or business income, whichever is lower | 1% of the loan amount, subject to a maximum of Rs. 6,000 | NIL in the case of floating rate loan. 2% of the principal outstanding in fixed rate loan. No fee if the prepayment is done from own sources |
| Canara Bank | 7 years | 8.75%-8.90% pa | ₹ 1,596- ₹ 1,604 | Upto 85%-90% of the On-road Price | 0.25% of the Loan Amount | NIL |
| Kotak Mahindra Bank | 7 years | 11.50%-13.50% p.a. | ₹ 1,739- ₹ 1,846 | Upto 90% of the ex-showroom price | As applicable by the bank | 5.75% of the principal outstanding plus GST |
Tata Tiago Loan Calculator
In the table above, you must have gone through the per lakh EMI of different lenders on a loan availed to buy Tata Tiago. Now it’s time to know exactly as to how much EMI will be payable from your pocket when you step out to avail a loan from any of the banks mentioned above. To know the EMI payable, you need to use the loan calculator, which in other words could be told as EMI calculator or interest calculator. The calculator will also show the amounts of interest and overall sum to be paid over the loan term.
Suppose you wish to buy Tata Tiago Revotron XM (O) (Petrol) whose on-road price is Rs. 4.28 lakhs. Assume you are getting a loan amount of up to 85% of the on-road price of the said model from various lenders. The loan amount comes out to be Rs. 3.63 lakhs for a period of 7 years. For the sake of convenience, let’s say you get a loan of Rs. 4 lakhs and now you are keen to know the EMIs payable, right! Glance at the table below to get a sight of the same.
Tata Tiago EMI Calculator on a Loan of Rs. 4 Lakhs
| Banks | Loan Amount (In Rs.) | Interest Rate (In % p.a.) | Max. Tenure (In Years) | EMI (In Rs.) | Interest Outgo (In Rs.) | Total Payment (Principal+Interest) (In Rs.) |
|---|---|---|---|---|---|---|
| SBI | 400000 | 9.60-9.65 | 7 | 6,558-6,568 | 1,50,880-1,51,742 | 5,50,880-5,51,742 |
| HDFC Bank | 400000 | 9.25-11.25 | 7 | 6,486-6,902 | 1,44,866-1,79,740 | 5,44,866-5,79,740 |
| ICICI Bank | 400000 | 10.75-12.75 | 7 | 6,797-7,223 | 1,70,907-2,06,692 | 5,70,907-6,06,692 |
| Axis Bank | 400000 | 9.50-15 | 7 | 6,538-7,719 | 1,49,158-2,48,371 | 5,49,158-6,48,371 |
| PNB | 400000 | 9.60-9.85 | 7 | 6,558-6,610 | 1,50,880-1,55,199 | 5,50,880-5,55,199 |
| Canara Bank | 400000 | 8.75%-8.95% | 7 | 6,385- 6,425 | 1,36,340- 1,39,741 | 5,36,340- 5,39,741 |
| Kotak Mahindra Bank | 400000 | 11.50-13.50 | 7 | 6,955-7,386 | 1,84,185-2,20,420 | 5,84,185-6,20,420 |
The EMI amount shown in the table above seems pocket-friendly as anyone with a decent income of say 18,000-30,000 can easily pay the requisite monthly installment. So, if you have the income within the said range or beyond, a shining Tata Tiago with a sleek design is waiting for you at the showroom.
