Honda two-wheel partners with Pine Labs to offer financing options

NEW DELHI: The point-of-sale machines available at Honda two-wheel dealers will now provide a convenient and affordable purchase and credit solution through EMI (), the leading motorcycle manufacturer announced Friday.

and signed a Memorandum of Understanding (MoU) with Pine Labs, which will allow cardholders of 14 credit card holders and six debit cardholders to make loans easily.

In general, applying for loans to buy a two-wheeled vehicle involves two charges: the down payment and the fee, the latter also worries the customer at the time of loan termination. The consumer must present a certificate of no objection from his bank and then pay and organize the elimination of the mortgage at the Registration Authority, the company said in a statement.

Additional benefits such as zero down payment, zero mortgage rate at the time of purchase of the vehicle and loan termination, no bank NOC requirement, no documentation, no loan approval timeout and instant vehicle delivery will be they will examine customers as part of the memorandum of understanding, the statement added.

With every second two-wheel customer that now buys a two-wheeled vehicle under retail financing, the new EMI at Pine Labs POS significantly reduces the time and inconvenience of documentation while simultaneously improving the customer's shopping experience with the joy of Instant delivery Exclusively, under this scheme, SBI credit card holders can obtain a 5% refund up to Rs 4,000 valid until February 29, 2020 with a minimum purchase of Rs 40,000, Honda said.

Yadvinder Singh Guleria, senior vice president of sales and marketing for Honda Motorcycle&Scooter India, said: “With the industry's move towards the BS-VI era, the prices of two-wheelers are undergoing an upward revision of 10% to 15 %. As a result, every second customer is now buying in retail finance. By adding another enabler, this partnership with Pine Labs will simplify our customers' shopping trip. Now you can take advantage of EMI's instant options at the point of purchase with zero down payment, zero waiting time for loan approval and instant delivery of your choice of two wheels, in addition to undocumented requirements. ”

Venkat Paruchuri, product manager of Pine Labs, said: We are very pleased to partner with Honda Motorcycle and Indian Scooter to offer 2-wheel EMI to millions of debit and credit card holders in a wide range of issuing partners, in Pine Labs POS machine EMI on POS is an innovative financial offer based on technology that helps make the complex task of customer loan approval a quick and enjoyable digital experience and will allow Honda dealers to reduce the delay between order and delivery . We believe that this partnership will offer fast and convenient financial solutions to Honda's customer base in India.