New EMU financial scheme is being offered under the partnership of Honda and Kotak Mahindra Prime Limited to the customers who purchase the outgoing Honda City.
In the earlier post, we have informed you that Honda is offering easy financial schemes to provide affordable vehicles for their customers. One of these is the new EMU scheme, which is provided by the Honda and Kotak Mahindra Prime Limited to the Honda City's customers.
The Honda City is now being offered under the new Honda EMU scheme.
In a 5-year EMI tenure, you can take a loan with a low-interest rate of only 6.99%. For the first three months, the EMI amount will be INR 999 per lakh. For example, you take a loan of INR 10 lakh, the EMI for the initial three months will be INR 10,000. You are allowed to take a loan of 80% of the car’s total on-road price. The EMI will increase after three months; nevertheless, the interest rate will remain the same. Furthermore, the customers who choose exchange will also receive an additional bonus. The Honda City is currently priced from INR 9.91 lakh to INR 14.31 lakh (ex-showroom). The sedan is being offered with discounts of up to INR 1 lakh. The next-gen Honda City will be debuted next month before its launch which is expected to take place in August. The new City will coexist with the current version and is likely to experience a 1-lakh increase in the price.
Another scheme with HDFC bank is also available under which the step-by-step and balloon EMI is available. With this, you can take a loan for a 7-year tenure with a low EMI. When the tenure finishes, the EMI will be the remaining balance. For this scheme, the rate of interest is 9.25%. Nevertheless, each year, this rate will rise until the date of balloon EMI. This gives the customers at least a year to finish their payment. Both of these schemes can ensure that Honda customers can be in complete peace of mind, especially in this difficult time when many people are getting unemployed and suffer from salary cuts.