Honda 2Wheelers India adds new retail finance partner
New Delhi, May 14, 2019
New national 2Wheeler retail finance MoU with IDFC FIRST Bank Ltd.
- Honda customers availing IDFC FIRST Bank loan to benefit with saving starting Rs. 5,000 *
- Key Highlights: Loans up to 100% of vehicle cost, Zero processing fee, down payment of Rs. 999, attractive interest rate, extended loan tenure of 48 months
- Honda further strengthens its retail finance portfolio to increase customer affordability in disruptive market
New Delhi, May 14, 2019: Strengthening further its retail finance options for customers, Honda Motorcycle & Scooter India Pvt. Ltd. today signed a Memorandum of Understanding (MoU) for nationwide retail finance partnership with IDFC FIRST Bank - one of the leading banks in India.
Formalizing the partnership at the MoU signing ceremony were Mr. Yadvinder Singh Guleria (Senior Vice President – Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd.) and Mr. Pradeep Natarajan (Head Retail - Assets, IDFC FIRST Bank Ltd.) with other dignitaries.
Elaborating on this latest two-wheeler retail finance partnership Mr. Yadvinder Singh Guleria, Senior Vice President, Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd. said,
“With increased cost of ownership, post insurance premium hike and new brake regulations in two-wheelers, more and more customers are availing finance to own their favorite two-wheeler. It is imperative to facilitate convenient and affordable purchase options for our customers. We believe that consumer shift towards finance will accelerate even more in coming year and our partnership with IDFC FIRST Bank Ltd. as our new additional retail finance partner is truly a win-win situation for our valued customers.”
The new MoU with IDFC FIRST Bank Ltd. coming into effect from today gives Honda customers extra benefits like attractive interest rate, minimum down payment of Rs.999, loan up to 100% of two-wheeler value, zero processing fee, extended repayment period of up to 48 months and low EMI scheme as per customer eligibility. This will result in extra savings of Rs. 5,000 on an average loan with extra comfort and convenience.
On the occasion, Mr. Pradeep Natarajan, Head Retail -Assets, IDFC FIRST Bank, said, “The alliance enables us to offer speedy and convenient financing solutions to a larger customer base across the country. It also strengthens our position as one of the leading players in two-wheeler financing. The association with Honda will bring about a synergistic benefit for both the organizations, enabling a superior customer experience in terms of product and processes.”
IDFC FIRST Bank Ltd.’s strong nationwide presence makes it easier for its over 70 lacs customers to ride home their dream Honda two-wheeler anywhere in India through its network of over 200 branches across the country.
About Honda Motorcycle & Scooter India Pvt. Ltd.
Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI) – the 100% subsidiary of Honda Motor Company, Japan (World’s No.1 two-wheeler company) started its Indian 2Wheeler operations in May 2001. In its 18th year, Honda 2Wheelers India has grown to become India’s Most Trusted two-wheeler brand with over 42 million happy customers. Honda gives customers true Power of Choice with its most diverse product portfolio of 25 two-wheelers including 8 automatic scooters (NAVi, CLIQ, Activa I, Dio, Aviator, Activa 5G, Activa 125, Grazia), 11 motorcycles (Dream Neo, CD 110 Dream, Dream Yuga, Livo, CB Shine, CB Shine SP, CB Unicorn, CB Unicorn 160, CB Hornet 160R, X-Blade, CBR 250R), 6 big bikes (CB300R, CBR650R, Africa Twin, CB1000R, CBR1000RR, Gold Wing).
About IDFC FIRST Bank Ltd.
IDFC First Bank provides a range of financial solutions to individuals, small businesses and corporates. The Bank offers savings and current accounts, NRI accounts, salary accounts, demat accounts, fixed and recurring deposits, home and personal loans, Two wheeler loans, Consumer durable loans, small business loans, forex products, payment solutions and wealth management services. IDFC First Bank has a nationwide presence and operates in the Retail Banking, Wholesale Banking and other banking segments. Customers can choose where and how they want to bank: over 200 bank liability branches, 102 asset branches, 140 ATMs and 454 rural business correspondent centers across the country, net banking, mobile banking and 24/7 toll free Banker-on-Call service.
* Saving varies as per loan amount and fitment of customer. The Rs. 5,000 saving is calculated for 50,000 loan for Honda 2wheeler for 48 months tenure.
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