Two giants in their respective sectors have come together to woo two-wheeler buyers across the country.
Punjab National Bank (PNB) has tied up with Honda Motorcycle & Scooter India (HMSI) to provide attractive retail finance for the latter's two-wheeler customers.
The Memorandum of Understanding (MoU) was exchanged between S.S. Bhatia, General Manager-Retail Assets, PNB, and Yadvinder S Guleria, Vice-President, Sales & Marketing, HMSI, in the Capital on Monday
With this MoU, two-wheeler customers can now buy a Honda two-wheeler at the industry's lowest finance rate of 12.25 per cent (with daily reducing interest), Guleria said.
The loan amount could be up to 90 per cent of the two-wheeler value and the extended repayment tenure could be up to five years.
"This alliance is the first of its kind in the two-wheeler industry, both for Honda and PNB. Propelled by this partnership with PNB, we aim to grow Honda's retail finance significantly in the coming months," Guleria added.
Currently, PNB has a network of over 6,000 branches and about 7,000 Automated Teller Machines (ATM).