Honda inks national 2Wheeler retail finance MoU with IndusInd Bank Ltd.
Posted on Wednesday, May 18th, 2016 | By IndusInd Bank
- Customer Benefit: Up to Rs. 7,500 on 2Wheeler loan amount of Rs. 60,000
- Loan available up to 90% of 2wheeler value with a repayment tenure of 36 months
- Zero processing fee & quick loan approval in just 1 hour time
- Retail Finance at an attractive rate of interest on all Honda 2wheeler models
New Delhi, May 18, 2016: Providing further stimulus to its domestic growth, Honda Motorcycle & Scooter India Pvt. Ltd. today signed a Memorandum of Understanding with IndusInd Bank, offering retail finance to its customers at an attractive rate of interest on all Honda 2wheeler models.
Present at the MoU signing ceremony were Mr. Yadvinder Singh Guleria (Senior Vice President – Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd.) and Mr. S.V. Parthasarathy (Senior Executive Vice President & Head – Consumer Finance Division, IndusInd Bank Ltd.) along with other dignitaries.
Elaborating on this partnership Mr. Yadvinder Singh Guleria, Senior Vice President, Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd. said, “In 2wheeler industry, retail finance penetration is increasing and more & more customers are looking at various finance options. Riding on the aggressive network expansion plan & increased product portfolio, we will continue to create options that will enable customers to buy their favorite 2wheeler. Driven by this partnership with IndusInd Bank, we aim to grow Honda’s retail finance significantly.”
With this Memorandum of Understanding coming into effect from today, Honda’s customers can not only buy a Honda two-wheeler at an attractive rate of interest, but can reap benefits upto Rs. 7,500 through this retail finance scheme.
IndusInd Bank will offer financing facilities to all eligible customers for purchasing Honda two-wheelers through its network of over 1000 branches spread pan India. Customers can avail loan upto 90% of the product value, with a repayment period of 36 months. Other benefits include zero processing fee and quick loan approval in just 1 hour through tab based technology used for field inspection and proposal login.
On the occasion, Mr. S.V. Parthasarathy, Senior Executive Vice President & Head – Consumer Finance Division, IndusInd Bank Ltd. said, “This alliance is a part of our strategy to remain a leading player in the field of two-wheeler financing. This association will bring about a synergistic benefit for both the organizations, enabling world class customer experience in terms of product and processes.”
About Honda Motorcycle & Scooter India Pvt. Ltd.
After closing the FY 2015-16 at its highest ever annual sales of 44,83,459 units, Honda two-wheelers has made flying start to the fiscal year as well. Its sales in April outperformed the industry with a 27% growth Y-O-Y; 10% more that of the industry. Surpassing the 4 lac sale barrier in the very first month of the fiscal year, Honda sold a total of 4,31,011 units. This represents a 90,000 unit increase viz-z-viz April 2015, Honda emerged as the highest volume gainer in the two wheeler industry, with Activa as the No.1 selling 2wheeler in India.
About IndusInd Bank Ltd.
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2016, IndusInd Bank has 1,000 branches, and 1800 ATMs spread across 623 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. Recently, IndusInd Bank ranked 13th amongst the Top 50 Most Valuable Indian Brands 2015 as per the BrandZ Top 50 rankings powered by WPP and Millward Brown. IndusInd bank has so far financed around 5.5 million two wheelers since 2000. Currently around 7 lakh two wheelers are funded by the bank every year. Strong presence and even spread across all the states of the country is the banks USP.
For further information, contact:
Public Relations Department, Honda Motorcycle & Scooter India Pvt. Ltd