Honda Elevate Base Variant EMI: Pay ₹18,430/Month with ₹2 Lakh Down Payment

Honda is one of the top car manufacturers in the country, and it has a range of good cars. Honda Elevate is a mid-size SUV available for purchase in India. If you want to purchase the base variant of Honda Elevate, what will be your EMI if you pay a down payment of ₹2,00,000?

The base variant of Honda Elevate is called SV. The ex-showroom price of this mid-size SUV is ₹11.60 lakhs. The ex-showroom price includes registration tax and RTO charges for buyers in Delhi. The RTO charges will amount to ₹1.25 lakhs, and the insurance will cost ₹43,000. TCS will be ₹11,598. The on-road price of the vehicle in Delhi comes to ₹13.45 lakh.

If you purchase the base variant of the Honda Elevate SUV, bank financing will be provided at the ex-showroom price. Therefore, after making a down payment of ₹2 lakh, you'll need to finance an amount of approximately ₹11.45 lakh from the bank. If you are given a loan of Rs 11.45 lakh from the bank for seven years at a nine percent interest rate, then you will have to pay an EMI of only Rs 18,430 per month for the next seven years.

If you take a car loan of Rs 11.45 lakh from the bank for seven years at a nine percent interest rate, then you will have to pay an EMI of Rs 18,430 per month for seven years. In this case, you will pay approximately Rs 4.02 lakh as interest for the base variant of the Honda Elevate over seven years. After which, the total price of your car, including ex-showroom, on-road and interest, will be approximately Rs 17.48 lakh.

Honda's Elevate is positioned in the mid-size SUV segment. In this segment, it competes directly with SUVs like the Hyundai Creta, Kia Seltos, Tata Harrier, Maruti Grand Vitara, Toyota Urban Cruiser Hyryder.