Honda inks MoU with Andhra Bank ahead of festive season

Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI) has signed a MoU with the nationalized bank- Andhra Bank to provide easy financing schemes for customers.

Specially introduced ahead of the festive season, Honda two wheelers will be offered at easy and attractive retail finance options.

“We are delighted to announce a special financing scheme in tie-up with Andhra Bank for our privileged customers who have chosen Honda as their preferred 2Wheeler brand. With number 1 position achieved in Andhra Pradesh and Telangana by Honda, this move reinforces our commitment and focus on growth in both the markets by further strengthening our outreach in semi-urban and rural markets. The strong network of Andhra bank deeply entrenched across markets will assure Honda’s outreach and connect with the consumer. Now customers can easily bring their dream Honda two-wheelers with limited money commitment,” said Y S. Guleria, Senior Vice President, Sales & Marketing, HMSI.

Lowest interest rates @11.75% on reducing balance on the total repayment amount along with great scheme features and flexible tenure are being offered.

With this first of its kind partnership of both the entities brings first nationalized bank based out of Andhra Pradesh partner to finance two-wheelers of HMSI and fuels Andhra bank’s two-wheeler loan portfolio at the national level.

The highlights of this partnership include loan facility on amount of up to 85% of two wheeler’s value for maximum value up to 1.50 lakh, with a repayment tenure of up to 5 years at daily reducing interest; an interest rate of 11.75% and zero processing and documentation charges. Also with women increasingly opting for mobility and freedom, a rate of interest reduced by 0.75 bps i.e. 11% at daily reducing interest is being offered specially for women customers.