Honda City Car Loan EMI Calculator

₹ 24,528.
Here is how - Honda City price starts from ₹ 14,37,068 in Mumbai. If you pay a down payment of ₹ 2,27,368 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 24,528.

The cheapest City model is SV Petrol MT which is priced at ₹ 14,37,068 in Mumbai. You will need to pay at least a ₹ 2,27,368 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	₹ 14,67,655	₹ 12,35,862
Elegant Edition CVT	₹ 16,08,766	₹ 13,56,552
SV Petrol MT	₹ 14,37,068	₹ 12,09,700
V Petrol MT	₹ 15,53,986	₹ 13,09,700
VX Petrol MT	₹ 16,30,475	₹ 13,82,600
V Petrol CVT	₹ 16,82,599	₹ 14,19,700
ZX Petrol MT	₹ 17,76,369	₹ 14,99,900
VX Petrol CVT	₹ 17,71,109	₹ 15,03,300
ZX Petrol CVT	₹ 19,03,849	₹ 16,17,200
V Petrol MT Apex Edition	₹ 15,24,100	₹ 12,84,138
V Petrol CVT Apex Edition	₹ 16,65,210	₹ 14,04,828
VX Petrol MT Apex Edition	₹ 16,44,890	₹ 13,87,448
VX Petrol CVT Apex Editon	₹ 17,57,779	₹ 14,84,000
Sport Petrol CVT	₹ 17,06,115	₹ 14,47,300

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 ₹ 22,398 but you will have to pay interest of ₹ 6,71,732 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 ₹ 45,032, but your interest payment will be only ₹ 4,11,452 over the 3 years period.

₹ 24,528
Honda City price starts from ₹ 14,37,068 in Mumbai.

We have considered
Down-payement : ₹ 2,27,368
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 ₹ 4,80,000

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 ₹ 14.37 Lakh, you can get a loan with an annual income as low as ₹ 4.80 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.