Honda tie-up with Kangra Central Co-operative bank for 2-wheeler finance

Dharamshala/August 02 (NG News)
India’s second largest two-wheeler company, Honda Motorcycle and Scooter India (HMSI) on Saturday announced its tie-up with Kangra Central Co-operative Bank for retail finance of two wheelers in the state.

HMSI’s Sales and Marketing vice president Y S Guleria said that the company is relentlessly look at options to provide the best finance schemes to our customers and give them the ‘Power of Choice’. “With the expansion of our rural product portfolio, especially with Dream Series motorcycles, it is imperative for Honda to facilitate rural customers to make Honda a part of their life,” Guleria said.

Guleria said that the company is privileged to partner with biggest Bank in Himachal Pradesh, Kangra Central Co-operative Bank to make two-wheeler buying more accessible and convenient for its customers. “We are sure now with attractive benefits and depth of our reach in the state, more customers will get an opportunity to experience high quality Honda products,” he added.

The Kangra Central Co-operative Bank chairman Jagdish Sapehia said “We are really happy to partner with Honda in India. Due to Himachal Pradesh’s mountainous terrain, two wheelers play an important role in transportation. It is our continuous endeavor to make our customers life convenient, with this partnership we are confident to be able to help people in buying their choice of Honda two-wheeler and contribute in fulfilling their dreams.”

It is pertinent to mention here that Honda in FY 13-14, associated with Co-operative, Gramin & Non-Banking financial institutions in Punjab, Rajasthan, Uttar Pradesh, Assam, and West Bengal. Very recently, rural retail tie ups in the states of Haryana and Uttrakhand were announced (FY 14-15) for providing two-wheeler retail finance facility. Last year HMSI gained finance penetration by 5 percent which will further increase in current fiscal.

With this association, HMSI is stepping closer to its valued customers in Himachal Pradesh by making Honda’s two wheelers more easily accessible to The Kangra Central Co-op. Bank’s 16 lac customers.

With this partnership, customers across all towns/village where the bank has its network can avail many attractive value-ads. These benefits include Zero Processing fee, Special reduced rate of interest, 85 percent LTV, Tenure upto 60 months and easy documentation. Through this partnership, buyers can avail loan amount of upto Rs 1 Lakh.