Honda Cars India Ltd. (HCIL) leading manufacturer of passenger cars in India, has announced 100% On road and Ex-showroom funding deals with HDFC, AXIS and ICICI Bank. In the wake of the de-monetization of the INR 500 and INR 1000 notes, HCIL pre-empts that the car sales would be adversely affected. The collaboration with the banks is intended to facilitate the car buyers in the currently prevailing circumstances.
Mr. Jnaneswar Sen, Senior Vice President, Sales & Marketing Honda Cars India Ltd. said, “In the wake of de-monetization 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% on road and Ex-showroom funding deals with HDFC, AXIS, and ICICI Bank.”
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.
The special retail finance offers from ICICI Bank include loans upto 100% of ex-showroom prices of the models and 90% of the on road prices, at an interest rate of 9.50% on new cars and 13.75% on used cars (Honda City and Honda CR-V) and at 9.65% for news cars and 14.25% on used cars (Honda Brio, Honda Jazz, Honda Amaze, Honda Mobilio and Honda BR-V).
The offers from HDFC include loan value equivalent to 100% of on-road prices of all Honda cars (except Honda CR-V) while Axis bank is offering upto 100% on road funding for 96 months at a salary of INR 25,000 for all Central Government employee and beneficiaries of the pensioner scheme (under 7th pay commission).