Honda Elevate Car Loan EMI Calculator

₹ 24,139.
Here is how - Honda Elevate price starts from ₹ 14,11,674 in Mumbai. If you pay a down payment of ₹ 2,21,174 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 24,139.

The cheapest Elevate model is SV Petrol Manual which is priced at ₹ 14,11,674 in Mumbai. You will need to pay at least a ₹ 2,21,174 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 Petrol Manual	₹ 14,11,674	₹ 11,90,500
V Petrol Manual	₹ 14,65,697	₹ 12,36,800
V Petrol Automatic	₹ 16,00,930	₹ 13,52,700
VX Petrol Manual	₹ 16,58,336	₹ 14,01,900
VX Petrol Automatic	₹ 17,97,569	₹ 15,17,800
ZX Petrol Manual Black Edition	₹ 18,21,255	₹ 15,38,100
ZX Petrol Automatic Black Edition	₹ 19,58,705	₹ 16,55,900
ZX Petrol Manual Signature Black Edition	₹ 18,00,241	₹ 15,16,828
ZX Petrol Automatic Signature Black Edition	₹ 19,37,966	₹ 16,34,621
ZX Petrol Manual	₹ 18,09,937	₹ 15,28,400
ZX Petrol Automatic	₹ 19,47,387	₹ 16,46,200
ZX Petrol Automatic Dual Tone	₹ 19,49,253	₹ 16,44,276
ZX Petrol Manual ADV Edition	₹ 18,61,944	₹ 15,69,600
ZX Petrol Automatic ADV Edition	₹ 19,99,676	₹ 16,87,400
ZX Petrol Manual Dual Tone ADV Edition	₹ 18,85,304	₹ 15,89,600
ZX Petrol Automatic Dual Tone ADV Edition	₹ 20,18,792	₹ 17,07,400
ZX Petrol Manual IVORY	₹ 18,25,090	₹ 15,38,100
ZX Petrol Automatic IVORY	₹ 19,62,822	₹ 16,55,900
ZX Petrol Automatic Dual Tone IVORY	₹ 19,47,841	₹ 16,54,390

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 Petrol Manual will be ₹ 22,003 but you will have to pay interest of ₹ 6,57,752 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 ₹ 44,237, but your interest payment will be only ₹ 4,02,032 over the 3 years period.

₹ 24,139
Honda Elevate price starts from ₹ 14,11,674 in Mumbai.

We have considered
Down-payement : ₹ 2,21,174
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 ₹ 4,71,000

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 ₹ 14.12 Lakh, you can get a loan with an annual income as low as ₹ 4.71 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.