Honda City [2008-2011] Car Loan EMI Calculator

₹ 15,187.
Here is how - Honda City [2008-2011] price starts from ₹ 8,58,206 in Chennai. If you pay a down payment of ₹ 1,09,206 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 15,187.

The cheapest City [2008-2011] model is 1.5 E MT which is priced at ₹ 8,58,206 in Chennai. You will need to pay at least a ₹ 1,09,206 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 [2008-2011].

Version	On-road price in Chennai	Max Loan
1.5 E MT	₹ 8,58,206	₹ 7,49,000
1.5 S MT	₹ 9,42,204	₹ 8,23,000
1.5 S AT	₹ 10,38,086	₹ 9,24,000
1.5 V MT	₹ 9,93,283	₹ 8,68,000
1.5 V AT	₹ 10,75,011	₹ 9,40,000
1.5 V MT Exclusive	₹ 10,52,309	₹ 9,20,000
1.5 V AT Exclusive	₹ 11,31,767	₹ 9,90,000

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 [2008-2011] 1.5 E MT will be ₹ 13,376 but you will have to pay interest of ₹ 3,74,584 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 ₹ 26,893, but your interest payment will be only ₹ 2,19,148 over the 3 years period.

₹ 15,187
Honda City [2008-2011] price starts from ₹ 8,58,206 in Chennai.

We have considered
Down-payement : ₹ 1,09,206
Tenure : 5 years
Interest Rate : 8%

You will need to fulfill the following 2 criteria to buy City [2008-2011] with a loan

• 1. Age should be above 21
• 2. Your annual income should be above ₹ 2,87,000

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 [2008-2011] starts from ₹ 8.58 Lakh, you can get a loan with an annual income as low as ₹ 2.87 lakh.

Here are the most important things you should consider while getting a car loan for a new City [2008-2011]

• 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.