Buying new Honda Amaze V? ₹2 lakh down payment, ₹10,179 EMI for seven years at 9% interest

Japanese car giant Honda is selling the new generation Amaze in the compact sedan category. If you are planning to buy the entry-level variant (V) of the new Honda Amaze and wish to take the car home after paying a down payment of ₹2 lakh, how much EMI per month will you need to pay? 

Honda has the new Amaze in the sub-compact sedan category. The ex-showroom cost of the new model of this car (Honda Amaze V Price) is ₹7.41 lakh. If you buy this car in Delhi, you will need to shell out about ₹52,000 towards RTO and about ₹40,000 for insurance. After that, the on-road cost of the Honda AmazeV is about ₹8.33 lakh.

If you buy the base variant V of this car, the bank will finance it at the ex-showroom price only. In such a case, after making a down payment of ₹2 lakh, you will have to finance around ₹6.33 lakh from the bank. If you are given ₹6.33 lakh for seven years with 9% interest, then you will have to pay an EMI of ₹10,179 per month for the next seven years.

If you take a car loan of ₹6.33 lakh from the bank for seven years with an interest rate of 9%, then you will have to pay an EMI of ₹10,179 per month for seven years. In such a situation, in seven years, you will pay around Rs 2.22 lakh as interest for the base variant V of Honda Amaze. After which, the total price of your car, including ex-showroom, on-road, and interest, will be around Rs 11.55 lakh.

Honda offers the Amaze as a compact-sized sedan. This car directly competes in the market with sedan cars like the new generation Maruti Dzire, Tata Tigor, and  Hyundai Aura. Apart from this, it also faces competition from SUVs like Maruti Brezza, Hyundai Venue, Tata Nexon, Kia Syros, and Kia Sonet in terms of price.