Honda New City Car Loan EMI Calculator

₹ 23,503.
Here is how - Honda New City price starts from ₹ 13,59,264 in Mumbai. If you pay a down payment of ₹ 2,00,114 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 23,503.

The cheapest New City model is SV Petrol MT which is priced at ₹ 13,59,264 in Mumbai. You will need to pay at least a ₹ 2,00,114 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 New City.

Version	On-road price in Mumbai	Max Loan
SV Petrol MT	₹ 13,59,264	₹ 11,59,150
V Petrol MT	₹ 14,61,006	₹ 12,47,150
VX Petrol MT	₹ 15,90,502	₹ 13,59,150
ZX Petrol MT	₹ 17,32,715	₹ 14,82,150
V CVT	₹ 16,05,533	₹ 13,72,150
VX CVT	₹ 17,35,028	₹ 14,84,150
ZX CVT	₹ 18,77,242	₹ 16,07,150

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 New City SV Petrol MT will be ₹ 21,186 but you will have to pay interest of ₹ 6,20,474 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 ₹ 42,594, but your interest payment will be only ₹ 3,74,234 over the 3 years period.

₹ 23,503
Honda New City price starts from ₹ 13,59,264 in Mumbai.

We have considered
Down-payement : ₹ 2,00,114
Tenure : 5 years
Interest Rate : 8%

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

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 4,54,000

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 New City starts from ₹ 13.59 Lakh, you can get a loan with an annual income as low as ₹ 4.54 lakh.

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