Honda Motorcycles and Scooter India Pvt. Ltd, the Indian arm of the world’s largest manufacturer of two wheelers, has taken a new step towards two wheeler finance by officially partnering IndusInd Bank today, which has over 1000 branches present across the country. With zero processing fee and loan approval in just 1 hour, Honda plans to expand product reach and trigger sales through this step. Prospective buyers can now avail loan upto 90% of the entire amount with a repayment tenure of 36 months. This finance option is valid for all Honda two-wheeler models across segments.
Opting for this scheme, Honda also claims to provide customer savings of upto Rs 7,500 on a loan amount of Rs. 60,000. This will be a win-win situation for customers as well as for the brand, by enhancing accessibility especially in the rural market for bike and two wheeler finance. Honda two-wheelers, Senior Vice President- Sales and marketing, Yadvinder Singh Guleria said, “Retail finance penetration is increasing and more & more customers are looking at various finance options. Riding on the increased product portfolio, we will continue to create options that will enable customers to buy their favorite two-wheeler.”
Riding on the popularity of EMI options which can be seen in a lot of purchase behavior especially amongst the youth, Honda aims to increase its sales when competing with the likes of Hero motorcycles-its past partner, as well as Bajaj auto in the Indian market.