Honda Motorcycle & Scooter India (HMSI) has signed a MoU with Pine Labs, a leading merchant commerce platform in Asia, for providing customers hassle free ownership experience. Under the partnership, the new Pine Labs POS machines will be made available across Honda dealerships to provide a new purchase solution for debit and credit card holders via convenient EMIs.
With Honda’s new MoU with Pine Labs, customers will now get extra benefits including zero-down payment, no documentation and waiting time, zero hypothecation fee or no NOC certificate by respective bank. Pine Labs’ EMI on POS payment facility empowers cardholders to choose from multiple tenure options while opting for EMI-based purchase of Honda two-wheelers.
The companies say the new alliance covers 14 credit and 6 debit card holders and has been formalised by Yadvinder Singh Guleria, senior VP-Sales & Marketing, Honda Motorcycle & Scooter India; Kush Mehra, chief business officer, Pine Labs and Venkat Paruchuri, chief product officer, Pine Labs along with other dignitaries.
Yadvinder Singh Guleria, senior VP-Sales & Marketing, HMSI said that “With the industry moving towards BS VI era, two-wheeler prices are seeing upward revision of 10 to 15 percent. As a result, every second customer is now buying through retail finance. This partnership with Pine labs will simplify the buying journey of our customers. They can now avail instant EMI options at the point of purchase with zero down payment, zero waiting time for loan approval and instant delivery of their choice of two-wheeler besides no documentation requirements.”
Venkat Paruchuri chief product officer, Pine Labs added that “We are extremely happy to partner with Honda Motorcycle & Scooter India to offer 'two-wheeler EMI' to millions of debit and credit card holders across a range of issue partners, on the Pine Labs POS machine. EMI on POS is an innovative technology-led financial offering that helps make the complex task of customer loan approval a quick and delightful digital experience and will enable Honda’s dealers to reduce the time-lag between order and delivery. We believe that this partnership will offer speedy and convenient financing solutions to Honda’s customer base in India.”
HMSI explained that at present applying for loans to buy a two-wheeler involves two charges – down payment and hypothecation fee, the latter is a source of a hassle during loan completion too. The consumer needs to produce a ‘no objection certificate (NOC)’ from his bank, and later pay for hypothecation removal by the registration authorities. The OEM says the new EMI on Pine Labs POS significantly cuts down on time and documentation hassles as well as enhancing the customer buying experience with the joy of instant delivery.