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Honda Cars and Magma Fincorp tie up to address Rural and Semi-urban sector

Honda Cars and Magma Fincorp tie up
 

New Delhi, January 30, 2016: Honda Cars India signs Memorandum of Understanding (MoU) with Magma Fincorp Limited.

Honda Cars India has tied up with Magma Fincorp Limited for car finance. The latter is a known Non Deposit taking NBFC, and will finance Honda cars pan India. The tie up offers customers a convenient and easy to avail auto loan choice.

Magma Fincorp Limited offers car loans for up to 90 percent vehicle cost for a period of up to 5 years through all its branches and locations, and at 275 Honda Cars India facilities.

Raman Kumar Sharma, Sr. Vice President and Director, Honda Cars India Ltd says the association provides end to end car finance facilities to customers. The automaker is a customer centric company and respects customer needs and aspirations. The tie up offers a better buyer experience through a single window for car purchase and finance.

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Sachin Khandelwal, Chief Sales Officer, CEO and MD, Magma Housing Finance says alongwith urban presence, Magma brings a special focus on RURBAN sector (Rural and Semi-urban)through 228 branches and presence across 1,600 talukas, and 2,900 Locations. Magma reports more than 6.5 lakh active customers, and a loan book of about Rs 19,000 crore.

Magma and Honda complement each other perfectly and the new arrangement lets prospective Honda owners even in remote areas own a car through Magma financing options.

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Sumit Mukherjee, National Business Head of Asset Based Finance in Magma Fincorp Ltd says the company works extensively with the informal and Rurban customer segment with limited banking access, and no prior credit history. Such customers take a loan for the first time. Magma Field Officers use tablets and printers so tehy can operate from any location (virtual office) to facilitate electronic transfer of loan application alongwith documents from point of sale. This has helped increase penetration, quickened proposal turnaround time, and helps convert leads better. Field officers are capable of providing single day decisions to offer up to 90 percent finance with maximum loan tenure of upto 5 years.

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