To further strengthen its retail finance options for customers, Honda Motorcycle / Scooter India Pvt. Ltd. signed a Memorandum of Understanding (MoU) today. This new agreement signed between the Japanese 2-wheeler company and IDFC Bank, announces the nationwide retail finance partnership of Honda, with one of the leading banks in India. This partnership was formalized at the MoU signing ceremony, where Mr Yadvinder Singh Guleria (Senior Vice President of Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd.) and Mr Pradeep Natarajan (Head of Retail and Assets, IDFC FIRST Bank Ltd.) were present among other dignitaries.
This new MoU between Honda 2-wheelers and IDFC Bank will come into effect today and will provide all the Honda customers with many privileges. All the Honda customers will be able to enjoy exclusive benefits like a low down payment of Rs.999/-, loan of up to 100% on the 2-wheeler value, an extended loan repayment tenure of up to 48 months, quick loan approval in about 1 hour, an extra saving of up to Rs. 5,000, zero processing fee (full waiver of 2% processing fee exclusively for Honda customers), along with an attractive rate of interest (significant 2% less interest than the industry average).
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.”
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 the 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 favourite 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 the 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.”