NEW DELHI: Honda Motorcycle & Scooter India (HMSI) Tuesday said it has partnered with IDFC First Bank to provide financing solutions across the country.
The two partners have signed a memorandum of understanding (MoU) under which facilities like loans up to 100 per cent of vehicle cost, zero processing fee, down payment of Rs 999 and extended loan tenure of 48 months, among others will be offered to the two-wheeler maker's customers, HMSI said in a statement.
Commenting on the development, HMSI Senior Vice President, Sales & Marketing Yadvinder Singh Guleria said with increased cost of ownership, post insurance premium hike and new brake regulations in two-wheelers, more and more customers are availing finance to own two-wheelers.
"We believe that consumer shift towards finance will accelerate even more in the coming year and our partnership with IDFC FIRST Bank Ltd as our new additional retail finance partner is truly a win-win situation for our valued customers," he added.
IDFC FIRST Bank Head Retail-Assets Pradeep Natarajan said the alliance enables the bank to offer speedy and convenient financing solutions to a larger customer base across the country.
"It also strengthens our position as one of the leading players in two-wheeler financing. The association with Honda will bring about a synergistic benefit for both the organizations," he added.