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

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

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Honda motorcycle & Indian scooter signed a Memorandum of Understanding (MoU) with Pine Labs , which will empower cardholders of 14 credit & six debit cardholders to avail loans easily.

Usually, applying for loans to buy a two-wheeler involves two charges – down payment & mortgage fee, the latter also troubles the customer at the time of loan completion. The consumer needs to produce a ‘no objection certificate’ from his bank, & later pay & arrange for mortgage removal at the Registration Authority, the company said in a release.Extra benefits like zero down-payment, zero Hypothecation Fee at the time of vehicle purchase & loan completion, no NOC requirement from the bank, no documentation, no loan approval waiting time & instant delivery of the vehicle will be vetted out to customers as part of the MoU, the release added.

With every second two-wheeler customer now buying a two-wheeler under retail finance, the new EMI on Pine Labs POS significantly cuts down on time & documentation hassles while parallelly enhancing customer buying experience with the joy of instant delivery. Exclusively, under this scheme, SBI Credit cardholders can avail cashback of 5% up to Rs 4,000 valid till February 29, 2020 on a minimum purchase of Rs 40,000, Honda said.

Yadvinder Singh Guleria, senior vice president, sales & marketing, Honda motorcycle & Indian scooter said, “With the industry moving towards BS-VI era, two-wheeler prices are seeing upward revision of 10% to 15%. As a result, every second customer is now buying on retail finance. Adding another enabler, this partnership with Pine labs will simplify the buying journey of our customers. They can now avail instant EMI options at the point of purchase with zero down payment, zero waiting time for loan approval & instant delivery of their choice of two-wheeler besides no-documentation requirements.”

Venkat Paruchuri, chief product officer, Pine Labs said, “We are extremely happy to partner with Honda motorcycle & Indian scooter to offer “2 wheeler EMI” to millions of Debit & Credit cards holders across a range of Issuers partners, on the Pine Labs POS machine. EMI on POS is an innovative technology-led financial offering that helps make the complex task of customer loan approval a quick & delightful digital experience & will enable Honda’s dealers to reduce the time-lag between order & delivery. We believe that this partnership will offer speedy & convenient financing solutions to Honda’s customer base in India.”