Honda Elevate Car Loan EMI Calculator

₹ 23,909.
Here is how - Honda Elevate price starts from ₹ 14,02,825 in Mumbai. If you pay a down payment of ₹ 2,23,675 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 23,909.

The cheapest Elevate model is SV MT which is priced at ₹ 14,02,825 in Mumbai. You will need to pay at least a ₹ 2,23,675 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 Elevate.

Version	On-road price in Mumbai	Max Loan
VX MT	₹ 16,50,695	₹ 13,91,150
ZX CVT	₹ 19,47,075	₹ 16,41,150
SV MT	₹ 14,02,825	₹ 11,79,150
V MT	₹ 14,88,176	₹ 12,52,150
ZX MT	₹ 18,18,463	₹ 15,31,150
V CVT	₹ 16,16,789	₹ 13,62,150
VX CVT	₹ 17,83,307	₹ 15,01,150
ZX CVT Dual Tone	₹ 19,36,116	₹ 16,50,050
SV MT 2024	₹ 14,28,546	₹ 12,01,150
V MT 2024	₹ 15,22,083	₹ 12,81,150
V CVT 2024	₹ 16,39,003	₹ 13,81,150
VX MT 2024	₹ 16,84,602	₹ 14,20,150
VX CVT 2024	₹ 18,05,581	₹ 15,20,150
ZX MT 2024	₹ 18,41,847	₹ 15,51,150
ZX CVT 2024	₹ 19,61,106	₹ 16,53,150
ZX CVT Dual Tone 2024	₹ 19,72,647	₹ 16,63,000

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 Elevate SV MT will be ₹ 21,865 but you will have to pay interest of ₹ 6,57,510 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 ₹ 43,959, but your interest payment will be only ₹ 4,03,374 over the 3 years period.

₹ 23,909
Honda Elevate price starts from ₹ 14,02,825 in Mumbai.

We have considered
Down-payement : ₹ 2,23,675
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 4,68,000

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 Elevate starts from ₹ 14.03 Lakh, you can get a loan with an annual income as low as ₹ 4.68 lakh.

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

• 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.