Honda Accord [2003-2007] Car Loan EMI Calculator

₹ 31,331.
Here is how - Honda Accord [2003-2007] price starts from ₹ 17,15,159 in Mumbai. If you pay a down payment of ₹ 1,69,959 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 31,331.

The cheapest Accord [2003-2007] model is 2.4 VTi-L MT which is priced at ₹ 17,15,159 in Mumbai. You will need to pay at least a ₹ 1,69,959 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 Accord [2003-2007].

Version	On-road price in Mumbai	Max Loan
2.4 VTi-L AT	₹ 17,96,257	₹ 16,18,600
2.4 VTi-L MT	₹ 17,15,159	₹ 15,45,200
3.0 V6 AT	₹ 19,93,254	₹ 17,96,900

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 Accord [2003-2007] 2.4 VTi-L MT will be ₹ 26,733 but you will have to pay interest of ₹ 7,00,372 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 ₹ 53,747, but your interest payment will be only ₹ 3,89,692 over the 3 years period.

₹ 31,331
Honda Accord [2003-2007] price starts from ₹ 17,15,159 in Mumbai.

We have considered
Down-payement : ₹ 1,69,959
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy Accord [2003-2007] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 5,72,000

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 Accord [2003-2007] starts from ₹ 17.15 Lakh, you can get a loan with an annual income as low as ₹ 5.72 lakh.

Here are the most important things you should consider while getting a car loan for a new Accord [2003-2007]

• 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.