Honda is now offering a new EMI scheme along with Kotak Mahindra Prime Limited for people who want to buy the outgoing City right now.
The outgoing Honda City is being offered with heavy discounts now, up to Rs 1 Lakh. With this, Honda has rolled out a new scheme where you can pay the lowest EMI possible. This scheme is available for buyers who will take the loan with the help of Kotak Mahindra Prime Limited
For an EMI tenure of 5 years, you can take a loan with a low-interest rate of just 6.99%. The EMI amount for the first initial three months will be Rs 999 per lakh. So, basically, for instance, you have taken a loan of 10 Lakh, your EMI will be Rs 10,000 for the first three months. You can take a loan of up to 80% of the total on-road price of the car.
Also Read: Buy The Current Honda City With Discounts Of Up To Rs 1 Lakh!
The EMI amount will then increase after three months but with the same interest rate. This will ensure that the buyers are in complete peace of mind. In these uncertain economic conditions, many buyers are facing job losses and salary cuts. In addition to this offer, those opting for exchange will get an additional bonus.
There’s another scheme with HDFC bank where you can avail step-by-step and balloon EMI. In this scheme, you can take the loan for a tenure of 7 years with a low EMI amount. At the end of the tenure, the last EMI will be the remaining balance which will be a hefty amount.
The rate of interest for this scheme is 9.25%. However, every year, the rate of interest will increase till the date of balloon EMI. Along with Honda, many other manufacturers have also started this step-by-step and balloon EMI process. This allows the buyers, atleast, a year to get their finances settled accordingly.
Also Read: 2020 Honda City Launch Likely To Happen In August – Scoop
The prices of current Honda City start at Rs 9.91 Lakhs going up to Rs 14.31 Lakhs (ex-showroom). The fifth generation new City is likely to be launched in the month of August. It will co exist with the current version and will demand a premium of around a Lakh or more. However, Honda might debut the new City next month itself.
