Honda City Car Loan EMI Calculator

₹ 25,102.
Here is how - Honda City price starts from ₹ 14,71,656 in Mumbai. If you pay a down payment of ₹ 2,33,656 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 25,102.

The cheapest City model is SV Petrol MT which is priced at ₹ 14,71,656 in Mumbai. You will need to pay at least a ₹ 2,33,656 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 City.

Version	On-road price in Mumbai	Max Loan
Elegant Edition MT	₹ 15,29,447	₹ 12,90,150
Elegant Edition CVT	₹ 16,75,297	₹ 14,15,150
SV Petrol MT	₹ 14,71,656	₹ 12,38,000
V Petrol MT	₹ 15,61,567	₹ 13,14,900
VX Petrol MT	₹ 16,86,671	₹ 14,21,900
V Petrol CVT	₹ 17,07,717	₹ 14,39,900
ZX Petrol MT	₹ 18,28,717	₹ 15,39,900
VX Petrol CVT	₹ 18,36,902	₹ 15,46,900
ZX Petrol CVT	₹ 19,74,867	₹ 16,64,900
V Petrol MT Apex Edition	₹ 15,79,222	₹ 13,30,000
V Petrol CVT Apex Edition	₹ 17,25,373	₹ 14,55,000
VX Petrol CVT Apex Editon	₹ 18,25,326	₹ 15,37,000

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 City SV Petrol MT will be ₹ 22,938 but you will have to pay interest of ₹ 6,88,792 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 ₹ 46,116, but your interest payment will be only ₹ 4,22,176 over the 3 years period.

₹ 25,102
Honda City price starts from ₹ 14,71,656 in Mumbai.

We have considered
Down-payement : ₹ 2,33,656
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 4,91,000

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 City starts from ₹ 14.72 Lakh, you can get a loan with an annual income as low as ₹ 4.91 lakh.

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

• 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.