Honda Elevate Car Loan EMI Calculator

₹ 23,703.
Here is how - Honda Elevate price starts from ₹ 14,49,480 in Chennai. If you pay a down payment of ₹ 2,80,480 for a 5-year loan available at 8% interest rate, your EMI amount will be ₹ 23,703.

The cheapest Elevate model is SV MT which is priced at ₹ 14,49,480 in Chennai. You will need to pay at least a ₹ 2,80,480 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 Chennai	Max Loan
VX MT	₹ 17,07,220	₹ 13,81,000
ZX CVT	₹ 20,11,162	₹ 16,31,000
SV MT	₹ 14,49,480	₹ 11,69,000
V MT	₹ 15,38,229	₹ 12,42,000
ZX MT	₹ 18,77,426	₹ 15,21,000
V CVT	₹ 16,71,962	₹ 13,52,000
VX CVT	₹ 18,40,956	₹ 14,91,000
ZX CVT Dual Tone	₹ 20,41,356	₹ 16,39,900
SV MT 2024	₹ 14,86,645	₹ 11,91,000
V MT 2024	₹ 15,84,789	₹ 12,71,000
V CVT 2024	₹ 17,07,469	₹ 13,71,000
VX MT 2024	₹ 17,55,315	₹ 14,10,000
VX CVT 2024	₹ 18,54,686	₹ 14,91,000
ZX MT 2024	₹ 19,20,026	₹ 15,41,000
ZX CVT 2024	₹ 20,45,160	₹ 16,43,000
ZX CVT Dual Tone 2024	₹ 20,69,696	₹ 16,63,000

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 Elevate SV MT will be ₹ 22,592 but you will have to pay interest of ₹ 7,28,728 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 ₹ 45,421, but your interest payment will be only ₹ 4,66,156 over the 3 years period.

₹ 23,703
Honda Elevate price starts from ₹ 14,49,480 in Chennai.

We have considered
Down-payement : ₹ 2,80,480
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 ₹ 4,84,000

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 ₹ 14.49 Lakh, you can get a loan with an annual income as low as ₹ 4.84 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.