Honda 2Wheelers accelerates rural and semi-urban India sales drive

Cholamandalam Investment & Finance Co, with its strong nationwide presence and a base of a million customers, to offer retail finance for Honda products.

Autocar Professional BureauBy Autocar Professional Bureau calendar 12 Jul 2019 Views icon22035 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
HMSI's Yadvinder Singh Guleria and Ravindra Kundu, president and Business Head - Vehicle Finance, Cholamandalam Investment & Finance Company, with other senior officials.

HMSI's Yadvinder Singh Guleria and Ravindra Kundu, president and Business Head - Vehicle Finance, Cholamandalam Investment & Finance Company, with other senior officials.

With the two-wheeler industry feeling the heat of continually slowing sales in a dampened economy, OEMs are exploring new strategies to win over new buyers and influence consumers.

Honda Motorcycle & Scooter India (HMSI), which is targeting semi-urban and rural India to drive up sales, has tied up with Cholamandalam Investment & Finance Co for offering retail finance. What will help is Cholamandalam’s strong nationwide presence with over 1,000 branches, most of them rural and semi-urban areas, and a base of a million.

Earlier thus week, HMSI inked a Memorandum of Understanding (MoU) for a nationwide retail finance partnership with Cholamandalam Investment & Finance Company. The MoU was signed by Yadvinder Singh Guleria, senior vice-president – Sales & Marketing, HMSI, and Ravindra Kundu, president and Business Head - Vehicle Finance, Cholamandalam Investment & Finance Company.

Elaborating on HMSI's latest two-wheeler retain finance partnership, Guleria said, “The increase in two-wheeler ownership cost after the recent insurance premium hike and new brake regulations is resulting in increased percentage of new customers availing retail finance to purchase two-wheelers. 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.”

Honda customers now get extra savings of Rs 6,000 on an average retail finance loan through Cholamandalam Investment and Finance. Extra benefits include an attractive interest rate, minimum down payment of Rs 2,999, loan up to 97 percent of two-wheeler value, zero processing fee, extended repayment period of up to 36 months and low EMI scheme as per customer eligibility.

According to Cholamandalam Investment and Finance Company's Ravindra Kundu, “This partnership will give us a strong foothold in the mass two-wheeler financing space. With our over 1,000-strong branch network across semi-urban and rural markets, we will be able to cater to all customer segments and synergize well, thereby mutually benefitting both the organisations.”

 

 

RELATED ARTICLES
Bajaj Auto launches new Chetak 3503 at Rs 110,000

auther Autocar Professional Bureau calendar29 Apr 2025

The Chetak 3503, with a claimed range of 155km, 63kph top speed and a slower charging time than its 35 Series siblings, ...

Hyundai walks the eco talk with biogas plant, material recovery plant in Gurugram

auther Autocar Professional Bureau calendar22 Apr 2025

Operational since October 2022, the facility targets sustainable waste management in Gurugram by undertaking scientific ...

Rajiv Bajaj reappointed MD and CEO of Bajaj Auto for five-year term

auther Autocar India calendar19 Mar 2025

Bajaj Auto’s Board of Directors has approved the re-appointment of Rajiv Bajaj as the company’s MD and CEO for another f...