Honda introduces car finance schemes in a bid to boost sales in Covid-19 times

  • Honda has partnered with HDFC and Kotak Mahindra Prime Limited to offer a range of finance schemes to increase affordability.
File photo of BS 6 complaint Honda Amaze compact sedan used for representational purpose only. (Photo courtesy: Honda Cars India)
File photo of BS 6 complaint Honda Amaze compact sedan used for representational purpose only. (Photo courtesy: Honda Cars India)

Honda Cars India has become the latest OEM to announce tie-ups with financial institutions for finance schemes which promise to make buying a vehicle easier in current Covid-19 times. The company announced on Wednesday that it has partnered with HDFC and Kotak Mahindra Prime Limited in a bid to increase affordability and support car-purchase decisions.

Honda's tie-up with HDFC would allow customers to avail benefits of a unique combination of Step-up EMI and Balloon EMI at the end of the tenure. The company informs that under this scheme, for a tenure of seven years, customers can benefit in terms of lower EMI during most part of loan tenure and balance amount included in last EMI. The rate of interest is 9.25% and the EMI increases every year with the balloon EMI in the last month.

Also check these Cars

Find more Cars
Honda City Hybrid (HT Auto photo)
Engine Icon1498.0 cc FuelType IconMultiple
₹ 18.89 - 20.39 Lakhs
Compare
View Offers
Honda City (HT Auto photo)
Engine Icon1498.0 cc FuelType IconPetrol
₹ 11.71 - 16.19 Lakhs
Compare
View Offers
Honda Amaze (HT Auto photo)
Engine Icon1199 cc FuelType IconPetrol
₹ 7.16 - 9.92 Lakhs
Compare
View Offers
Honda Elevate (HT Auto photo)
Engine Icon1498 cc FuelType IconPetrol
₹ 11 - 16 Lakhs
Compare
View Offers
Honda Elevate Ev (HT Auto photo)
UPCOMING
₹ 18 Lakhs
View Details
Honda Hr-v (HT Auto photo)
UPCOMING
Engine Icon1198 cc FuelType IconDiesel
₹ 14 Lakhs
View Details

Also Read : Why Honda plans to continue with diesel vehicles in BS 6 era

While the partnership with HDFC covers all vehicles in Honda Cars India's product portfolio currently, its tie-up with Kotak Mahindra Prime introduces schemes for the fourth-generation City only. Under the program, customers can avail interest for five years at the rate of 6.99% and EMI for initial three months at 999 per lakh. An exchange bonus is also on offer for those interested.

Honda is banking on preference for personal mobility in order to stay safe from coronavirus to potentially boost sales. The company, however, also recognises that current times can be challenging in terms of personal finances and states that it is to address this that the schemes mentioned above have been introduced.

The company is also gearing up to launch the updated WR-V in the market while the 2020 City is also expected shortly after its initial launch plans in March were put off due to the national lockdown.

(Note: Please check with individual banks for complete terms and conditions of finance schemes on offer from OEMs)

First Published Date: 10 Jun 2020, 12:11 PM IST
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.