What is the interest rate for Hero Honda Passion Plus Bike?

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Q : What is the interest rate for Hero Honda Passion Plus Bike?

Hero Honda Passion Plus EMI

Ex-showroom Price of Hero Honda Passion Plus (Alloy) : ₹ 48,244
Loan Amount : ₹ 41,007
Down Payment : ₹ 7,237

Document Charges :
Processing Fee : ₹ 513
MonthsEMIChart
12₹ 3,702View Chart
24₹ 2,015View Chart
36₹ 1,459View Chart
48₹ 1,185View Chart
60₹ 1,024View Chart
72₹ 919View Chart
84₹ 847View Chart
A : The interest rate for Hero Honda Passion Plus is Hero Honda Passion Plus Interest Rate

The term Interest Rate means the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets. Interest rates are typically noted on an annual basis, known as the annual percentage rate (APR). The assets borrowed could include cash, consumer goods, large assets, such as a vehicle or building. Interest is essentially a rental, or leasing charge to the borrower, for the asset's use. In the case of a large asset, like a vehicle or building, the interest rate is sometimes known as the "lease rate". When the borrower is a low-risk party, they will usually be charged a low interest rate; if the borrower is considered high risk, the interest rate that they are charged will be higher. Interest is charged by lenders as compensation for the loss of the asset's use. In the case of lending money, the lender could have invested the funds instead of lending them out. With lending a large asset, the lender may have been able to generate income from the asset should they have decided to use it themselves.

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