Honda Cars India inks MoU with Magma Fincorp for car finance across India

Honda Cars India has signed a Memorandum of Understanding (MoU) with Magma Fincorp Limited, a non-banking finance company (NBFC) for financing its cars across India. This association will help car buyers with access to convenient and easy availability of auto loans with a wider reach. Magma Fincorp will offer car loans up to 90 percent of the cost of the car, for tenures ranging up to 5 years at competitive rates. This facility will be available at 228 branches of Magma Fincorp and 273 facilities of Honda Cars India.

Commenting on the tie-up, Raman Kumar Sharma, senior vice-president and director, Honda Cars India, said, "We are glad to associate with Magma Fincorp to provide end-to-end car finance facilities to our customers. 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.”

Sachin Khandelwal, chief sales officer, Magma Fincorp, said: “Magma brings to the table, in addition to its urban presence, a special focus on the Rurban sector (Rural and Semi-urban) with a widespread coverage through 228 branches and presence across 1,600 talukas and 2,900 locations. Magma has a base of over 650,000 active customers and manages a loan book of nearly Rs 19,000 crore. Magma and Honda complement each other perfectly.”