Honda Cars ties up with Magma Fincorp for vehicle finance

Honda Cars India today said it has signed a pact with Magma Fincorp to provide loans to its customers for buying vehicles.
The company has inked a memorandum of understanding (MoU) with Magma Fincorp, a leading non-deposit taking NBFC, for financing their cars across the country, Honda Cars India Ltd (HCIL) said in a statement.
This association will help their customers by providing them convenient and easy availability of auto loans with a wider reach, it added.
"This tie-up will provide a single window for purchase of the car including its finance and will give better buying experience to our customers," said Raman Kumar Sharma, Senior Vice President and Director, HCIL.

As part of the agreement, Magma Fincorp will offer car loans up to 90 per cent of the cost for tenure ranging up to five years.
"This facility will be available at all the branches and locations covered by Magma Fincorp Ltd and 275 facilities of Honda Cars India," it said.
HCIL sells a range of vehicles in the country starting from the entry-level small car Brio to the premium sports utility vehicle CR-V.