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Honda partners with banks to facilitate car buying after demonetisation effect

Honda partners with banks to facilitate car buying after demonetisation effect
Bilal Firfiray Bilal Firfiray Tuesday 22 November 2016, 12:05 PM

Honda Cars India has tied up with HDFC, AXIS and ICICI to facilitate the purchase of cars in the wake of the demonetisation of money in India. Honda says that it intends to reduce the effects of demonetisation on car sales through this initiative.

Customers can make us of this initiative by procuring a 100 per cent on-road and ex-showroom funding when buying Honda cars, from the aforementioned banks. Both salaried and the self-employed individuals can benefit from this initiative. The initiative covers all the models in the Honda India’s line-up and can be availed at all Honda dealerships across the nation.

ICICI bank has a special retail finance scheme which includes loans up to 100 per cent of ex-showroom prices of the vehicles and 90 per cent of the on-road prices. The interest rate for cars like the Honda City and Honda CR-V is 9.50 per cent when buying new, whereas it is 13.75 per cent for used ones. Likewise, for cars like Brio, Amaze, Jazz, Mobilio, and BR-V, the rate of interest is 9.65 per cent for new cars and 14.25 per cent on pre-owned ones.

The offers from HDFC bank include loan value equivalent to 100 per cent of on-road prices of all Honda cars, except Honda CR-V. Axis bank is offering up to 100 per cent on-road funding for 96 months at a salary of Rs 25,000 for all central government employees and beneficiaries of the pensioner scheme under seventh pay commission.

Senior vice president, sales and marketing, Honda Cars India, Jnaneswar Sen, said, “In the wake of demonetisation of 500 and 1000 rupee notes, there will be a big effect on the overall car buying process and the cash component buying is expected to go down. Also, the margin money contribution will be affected for all customers. To ease deal closure and give comfort to the customer we have negotiated 100 per cent on road and Ex-showroom funding deals with HDFC, AXIS, and ICICI Bank.”

 

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