Strengthening further its retail finance options for customers, Honda Motorcycle & Scooter India Pvt. Ltd. today signed a Memorandum of Understanding (MoU) for new nationwide retail finance partnership with Cholamandalam Investment & Finance Company Limited.
Formalizing the partnership in the MoU signing ceremony were Mr. Yadvinder Singh Guleria (Senior Vice President – Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd.) and Mr. Ravindra Kundu (President & Business Head – Vehicle Finance, Cholamandalam Investment & Finance Company Limited) with other dignitaries.
Elaborating on the latest two-wheeler retail finance partnership Mr. Yadvinder Singh Guleria, Senior Vice President, Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd. said,
Increase in two-wheeler ownership cost post insurance premium hike and new brake regulations is resulting in increased percentage of new customers availing retail finance to purchase their favorite two-wheeler. 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 for our valued customers.
Starting today, Honda customers get extra savings of Rs. 6,000 on an average loan with extra comfort and convenience on availing retail finance through Cholamandalam Investment and Finance Company Ltd. The long list of extra benefits includes attractive interest rate, minimum down payment of Rs. 2999, loan up to 97% of two-wheeler value, zero processing fee, extended repayment period of up to 36 months and low EMI scheme as per customer eligibility.
On the occasion, Mr. Ravindra Kundu, President & Business Head– Vehicle Finance of Cholamandalam Investment and Finance Company Ltd. said,
We are very excited to partner with Honda Motorcycle & Scooter India Pvt. Ltd, a trusted and renowned two wheeler brand in India. This partnership will give us a strong foot hold in the mass two wheeler financing space. With our 1000+ 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 organizations.
Cholamandalam’s strong nationwide presence especially in rural and semi urban areas makes it easier for its over 10 lacs customers to ride home their dream Honda two-wheeler anywhere in India through its network of over 1000 branches across the country.
Cholamandalam Investment and Finance Company Limited (Chola) was incorporated in 1978 as the financial services arm of the Murugappa Group. Chola commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and a variety of other financial services to customers. Chola operates from more than 1000 branches across India.
· Loans up to 97% of vehicle cost, Zero processing fee, Rs. 2999 down payment, attractive interest rate, extended loan tenure of 36 months
· Next step by Honda to increase customer affordability in rural and semi-urban markets
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