Demonetization

To Limit The Impact Of Demonetization On Car Sales, Honda Cars India Ties Up With Banks

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Honda Cars India has taken a decision to tie up with HDFC, Axis, and ICICI Bank to provide up to 100 percent loan facility to its prospective customers.

The special retail finance offers from ICICI Bank include loans up to 100 percent of ex-showroom prices of the models and 90 percent of the on-road prices.

In order to limit the adverse impacts of demonetization on car sales, the Japanese carmaker has made an arrangement with the three leading banks, including ex-showroom and on-road funding for its various models.

Jnaneswar Sen, Senior Vice President, Sales and Marketing HCIL, said in a statement, “In the wake of demonetization of 500 and 1,000 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 by all customers.”

He added that to ease the deal closure and give comfort to the customers, the company has negotiated 100 percent on-road and ex-showroom funding deals with HDFC, Axis, and ICICI Bank.

The collaboration with the banks is intended to facilitate the car buyers in the currently prevailing circumstances, the company said, “The collaborations would facilitate both the salaried and the self-employed individuals and would cover all the models in the HCIL line-up and can be availed at all Honda dealerships across the country,” it added.

The special retail finance offers from ICICI Bank include loans up to 100 percent of ex-showroom prices of the models and 90 percent of the on-road prices. The offers from HDFC include loan value equivalent to 100 percent of on-road prices of all Honda cars (except Honda CR-V) while Axis bank has been offering up to 100 percent 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 7th pay commission). HCIL sells a range of vehicles including Brio, Jazz, Amaze, Mobilio, City, BR-V, and CR-V.

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