HMSI tie-up with Punjab State Co-operative Bank for two wheeler retail finance

Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI), today announced first of its kind partnership with Punjab State Co-operative Bank to provide retail finance to the two wheeler customers in the state. This partnership is expected to benefit and support customers across the state by making retail finance easily accessible with attractive benefits. The benefits through the tie-up includes attractive features like low down payment, monthly/half yearly installment options, highest ever repayment tenure of 5 years and easy documentation. The retail finance scheme can be availed by people of 21-60 years of age. Through this partnership, buyers can avail loan amount of upto Rs 50,000/- or 85% of the value of Honda two wheeler, whichever is lesser.

Talking on the partnership, Mr. Y S. Guleria, Vice President, Sales & Marketing, said, “Punjab is overall no. 2 market in North India and is also an important market for HMSI. To the People of Punjab who have entrusted their faith and confidence in Honda, We are sure that with PSCB’s wide network and easy finance solutions, we would be able to reach out to more and more customers in Punjab state and provide them an opportunity to experience high quality Honda products.”

On the occasion, Mr A.S Miglani, IAS, RCS, Punjab State Co-operative Bank said “With this strategic tie-up with world’s no.1 2 wheeler brand Honda, we feel that the potential of owning a two wheeler by people in Punjab will really get a boost. It is our continuous effort to make convenient, the availability of finance to the people of Punjab and with Honda’s partnership we believe we would be able to help people in buying their choice of two-wheeler.

The 2-Wheeler industry in Punjab is rapidly growing and today contributes 29% to total 2-Wheeler sales in North India. As the ‘Fastest Growing 2-Wheeler Company not only in India but also in the state of Punjab’ – Honda grew an overwhelming 23% compared to average 2-Wheeler industry growth of 1% in FY12-13 (YoY basis). Honda meets the expectations of customers in Punjab with its 143 sales and service outlets, and aims to aggressively expand its reach to serve its customer faster.

Punjab State Co-operative Bank is one of the largest public sector co-operative bank in Punjab, which provides loans on auto product like Tractors, Two Wheelers and Combine Harvester etc. It has over 10 lakh customers with 805 branches in the state, whereas HMSI has 122 touch points across 57 towns in the state.