Honda Elevate Car Loan EMI Calculator

₹ 23,717.
Here is how - Honda Elevate price starts from ₹ 13,87,655 in Mumbai. If you pay a down payment of ₹ 2,17,965 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 23,717.

The cheapest Elevate model is SV MT which is priced at ₹ 13,87,655 in Mumbai. You will need to pay at least a ₹ 2,17,965 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
SV MT	₹ 13,87,655	₹ 11,69,690
V MT	₹ 14,41,414	₹ 12,15,990
V CVT	₹ 15,79,931	₹ 13,31,890
VX MT	₹ 16,41,667	₹ 13,84,690
VX CVT	₹ 17,81,257	₹ 15,00,590
Apex Edition VX MT	₹ 16,31,343	₹ 13,75,862
Apex Edition VX CVT	₹ 17,44,233	₹ 14,72,414
Black Edition ZX MT	₹ 18,00,783	₹ 15,17,290
Black Edition ZX CVT	₹ 19,38,515	₹ 16,35,090
Signature Black Edition ZX MT	₹ 18,00,241	₹ 15,16,828
Signature Black Edition ZX CVT	₹ 19,37,966	₹ 16,34,621
Elite Pack VX MT	₹ 16,14,409	₹ 13,61,379
Elite Pack VX CVT	₹ 17,49,876	₹ 14,77,241
Elite Pack ZX MT	₹ 17,62,293	₹ 14,87,862
Elite Pack ZX CVT	₹ 19,04,098	₹ 16,05,655
ZX MT	₹ 17,89,442	₹ 15,07,590
ZX CVT	₹ 19,27,173	₹ 16,25,390
ZX CVT Dual Tone	₹ 19,49,253	₹ 16,44,276
ADV Edition MT	₹ 18,37,613	₹ 15,48,790
ADV Edition CVT	₹ 19,75,345	₹ 16,66,590
ADV Edition MT Dual Tone	₹ 18,37,857	₹ 15,49,000
ADV Edition CVT Dual Tone	₹ 19,75,589	₹ 16,66,800

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 ₹ 21,628 but you will have to pay interest of ₹ 6,47,062 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 ₹ 43,484, but your interest payment will be only ₹ 3,95,734 over the 3 years period.

₹ 23,717
Honda Elevate price starts from ₹ 13,87,655 in Mumbai.

We have considered
Down-payement : ₹ 2,17,965
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 ₹ 4,63,000

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 ₹ 13.88 Lakh, you can get a loan with an annual income as low as ₹ 4.63 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.