Honda Elevate EMI— Honda Elevate, a Japanese automobile manufacturer that has made a strong hold in the mid-size SUV segment in the Indian automobile market, is being liked a lot by the customers. If you are also planning to buy the automatic variant of this great SUV this festive season or for your family, then it can be made yours at very easy installments through finance plan. You can take home its ‘V CVT’ automatic variant by paying a down payment of just Rs 1 lakh in Delhi. Let us know the complete on-road and EMI mathematics of this deal.

Honda Elevate EMI: Bring home Honda Elevate Automatic with a down payment of just Rs 1 lakh, know how much will be the monthly installment in Delhi

Honda Elevate V CVT: On-road price and tax breakup in Delhi

The automatic portfolio of Honda Elevate starts with its V CVT variant. The ex-showroom price of the base automatic model of this mid-size SUV in New Delhi has been fixed at Rs 13.22 lakh (Rs 13,22,090). To put this vehicle on the road in Delhi, apart from the ex-showroom price, various government and administrative charges have to be paid.

According to the rules of Delhi Transport Department, customers will have to pay Rs 1.32 lakh as RTO registration tax on this model. Apart from this, around Rs 61 thousand will be added as insurance premium for comprehensive protection coverage. According to government rules, TCS charge on vehicles above Rs 10 lakh will be around Rs 13 thousand. After adding all these mandatory charges, the total on-road price of Honda Elevate V CVT in Delhi works out to be around Rs 15.29 lakh (₹ 15,29,478).

Mathematics of Finance and EMI: How much will be the installment on down payment of Rs 1 lakh?

If you do not have the budget to pay the entire amount in one go and you opt for minimum down payment, banks and financial institutions offer loan facilities based on on-road price.

• Total on-road price (Delhi): ~Rs 15.29 lakh
• Down payment: Rs 1,00,000
• Total loan amount: ~14.29 lakh rupees

If you finance this remaining loan amount of Rs 14.29 lakh for a tenure of 7 years (84 months) and the bank’s projected interest rate is 9.8% per annum, then your monthly EMI will be around Rs 23,500. By reducing the loan tenure to 5 years (60 months), this monthly installment will increase to approximately Rs 30,200, due to which you will have to pay less interest.

Official statement/opinion of auto experts

What’s special about street competition and customers?

Bookings for the V CVT variant of Honda Elevate are currently open at showrooms in Delhi-NCR. In this SUV, customers get modern features like 458 liters of boot space, 8-inch touchscreen infotainment system, wireless Android Auto and Apple CarPlay as well as automatic climate control. In the Indian market, this vehicle competes directly with established SUVs like Hyundai Creta, Maruti Suzuki Grand Vitara and Kia Seltos.