Honda Motorcycle & Scooter India (HMSI) Monday said it has tied up with Cholamandalam Investment & Finance Company to provide vehicle retail finance.
Under the partnership, vehicle loans of up to 97 per cent of vehicle cost with zero processing fee will be provided with Rs 2,999 down payment, besides attractive interest rate, and extended loan tenure of 36 months, HMSI said in a statement.
This is the next step by Honda to increase customer affordability in rural and semi-urban markets, it added.
The increase in two-wheeler ownership cost post insurance premium hike and new brake regulations is resulting in increased percentage of new customers availing retail finance to purchase two-wheelers, HMSI Senior Vice President, Sales & Marketing Yadvinder Singh Guleria said.
"We believe that consumer shift towards retail finance will accelerate even more in the coming year. To facilitate convenient and affordable purchase options for our customers, we are pleased to announce partnership with Cholamandalam for our valued customers," he added.
Cholamandalam Investment and Finance Company President & Business Head Vehicle Finance, Ravindra Kundu said, "This partnership will give us a strong foothold in the mass two-wheeler financing space."
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