Documentation formalities will also be less long drawn out due to this alliance. The new partnership will offer these benefits to two wheeler customers across the state and will also be applicable to buyers in the 21-60 age groups wherein they can avail of a loan amount upto Rs 50,000 or 85% of the on road value of the Honda two wheeler whichever is less.
Demand for two wheelers in the state of Punjab is increasing by leaps and bounds and contributes 29% to total two wheeler sales in North India. Buyers in Punjab will get a boost by this new alliance of HMSI Punjab State Cooperative Bank which has over 10 lakh customers and 805 branches in the state.
Partnership to benefit 2wheeler Customers across the state
Attractive features like-low down payment, half yearly/monthly EMI options
Industry’s first feature-highest ever repayment tenure of 5 years
Mumbai, September 18, 2013: Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI), the Only 2 Wheeler Company of Honda in India today announced first of its kind partnership with Punjab State Co-operative Bank to provide retail finance to the two wheeler customers in the state. Punjab State Co-operative Bank gives loans on auto product like Tractors, Two Wheelers and Combine Harvester etc.
This partnership is expected to benefit and support customers across all towns of the state by making retail finance easily accessible with attractive benefits. The benefits includes attractive features like low down payment, monthly/half yearly installment options, highest ever repayment tenure of 5 years and easy documentation. The retail finance scheme can be availed by people of 21-60 years of age. Through this partnership, buyers can avail loan amount of upto Rs 50,000/- or 85% of the value of Honda two wheeler, whichever is less.
On the occasion, Mr A.S Miglani, IAS, RCS, Punjab State Co-operative Bank said “With this strategic tie-up with world’s no.1 2 wheeler brand Honda, we feel that the potential of owning a two wheeler by people in Punjab will really get a boost. It is our continuous effort to make convenient, the availability of finance to the people of Punjab and with Honda’s partnership we believe we would be able to help people in buying their choice of two-wheeler.
Excerpts from the Company:
Talking on the partnership, Mr. Y S. Guleria, Vice President, Sales & Marketing, said, “Punjab is overall no. 2 market in North India and is also an important market for HMSI. To the People of Punjab who have entrusted their faith and confidence in Honda, We are sure that with PSCB’s wide network and easy finance solutions, we would be able to reach out to more and more customers in Punjab state and provide them an opportunity to experience high quality Honda products.”
HMSI in Punjab:
The 2Wheeler industry in Punjab is rapidly growing and today contributes 29% to total 2Wheeler sales in North India. As the ‘Fastest Growing 2Wheeler Company not only in India but also in the state of Punjab’ – Honda grew an overwhelming 23% compared to average 2Wheeler industry growth of 1% in FY12-13 (YoY basis). Honda meets the expectations of customers in Punjab with its 143 sales and service outlets and aims to aggressively expand its reach to serve its customer faster.