Honda Motorcycle and Scooter India ties-up with Allahabad UP Gramin Bank for 2Wheeler Retail Finance
• Honda enters into its 9th Regional tie-up for 2Wheeler Rural Retail finance.
• Tie up with Allahabad UP Gramin Bank to benefit 2Wheeler customers in 11districts of Uttar Pradesh
• Key features: Special reduced interest rate, half yearly installment for farmers, 90% Loan to Value, Tenure up to 48
Months and “Zero” Documentation Fee
Banda, September 22, 2014: Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI), the only Honda in Indian two-wheeler Industry, today announced its new retail finance tie-up with Allahabad UP Gramin Bank, at a special ceremony in Banda. Allahabad UP Gramin Bank’s strong rural presence will make it easier for customers to ride home their dream Honda two-wheeler.
Honda in FY 13-14, associated with Co-operative, Gramin & Non-Banking financial institutions in Punjab, Rajasthan, Uttar Pradesh, Assam, West Bengal. Rural retail tie ups in the states of Haryana, Uttrakhand and Himachal Pradesh were announced (FY 14-15) for providing 2wheeler retail finance facility. Last year HMSI gained finance penetration by 5% which will further increase in current fiscal.
With this association, HMSI is stepping closer to its valued customers in Uttar Pradesh by making Honda’s 2Wheelers more easily accessible to Allahabad UP Gramin Bank 70 lakh 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 Documentation fee, half yearly installments for farmers, Special reduced rate of interest, 90% LTV and tenure upto 48 months. Within a period of one and half years, customers can get a benefit of upto Rs. 4000 as compared to open market two-wheeler finance schemes
On the partnership, Mr. Sudhanshu Gaur, Chairman, Allahabad UP Gramin Bank said “We are really happy to partner with Honda in India. In Uttar Pradesh, 2Wheelers play an important role in daily 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 2Wheeler and contribute in fulfilling their dreams.’’
Excerpts from the Company:
On this partnership, Mr. Y.S. Guleria, Vice President, Sales & Marketing, HMSI said, “At Honda, we 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. Today we are privileged to partner with Allahabad UP Gramin Bank to make 2Wheeler 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.”
HMSI in Uttar Pradesh:
The 2Wheeler industry in Uttar Pradesh is rapidly growing and today contributes 13% to total 2Wheeler sales in India. As one of the ‘Fastest Growing 2Wheeler Company in both Uttar Pradesh and pan-India’ – Honda grew an overwhelming 34% compared to average 2Wheeler industry growth of 18% in FY14-15 (YoY basis). Honda meets the expectations of customers in Uttar Pradesh with its 381 sales and service outlets.
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