Honda 2Wheelers India inks MoU with IDFC First Bank for retail finance partnership

In a bid to further drive two-wheeler sales, Honda Motorcycle & Scooter India, today signed a Memorandum of Understanding (MoU) for nationwide retail finance partnership with IDFC First Bank.

The partnership was formalised at the MoU signing ceremony by Yadvinder Singh Guleria, senior vice-president – Sales & Marketing, Honda Motorcycle & Scooter India and  Pradeep Natarajan, head retail - Assets, IDFC First Bank with other dignitaries.

Elaborating on this latest two-wheeler retail finance partnership Guleria, said, “With 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 coming year and our partnership with IDFC First Bank as our new additional retail finance partner is truly a win-win situation for our valued customers.”

The new MoU with IDFC First Bank, which came into effect from today will allow Honda customers to get extra benefits like attractive interest rate, minimum down payment of Rs 999, loan up to 100 percent of two-wheeler value, zero processing fee, extended repayment period of up to 48 months and low EMI scheme as per customer eligibility. This the company says will result in extra savings of Rs 5,000 on an average loan with extra comfort and convenience.

Pradeep Natarajan, 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 organisations, enabling a superior customer experience in terms of product and processes.”