Chandigarh, 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.”