Honda Cars India has announced introducing a range of easy car finance scheme for its customers. The company says that it has been working closely with various financial institutions to offer some lucrative plans to increase affordability and support car purchase. In fact, the Japanese carmaker has partnered with Kotak Mahindra Prime Limited for a customer-friendly program, targeted at those who plan to buy the previous generation Honda City. Under the program, customers can avail low rate of interest scheme for 5 years at 6.99 per cent and low EMI for initial 3 months at ₹ 999 per lakh. Customers who are interested, will be able to avail an exchange bonus as well.
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Additionally, the company has also partnered with HDFC Bank for a different finance scheme. Under this plan, customers will get to avail a combination of Step-up EMI and Balloon EMI at the end of the tenure on all Honda models. Customer buying a car with a loan tenure of 7 years, will be required to pay lower EMIs during most of the loan tenure, while the balance amount will be included in last EMI. The rate of interest for this plan will be is 9.25 per cent and the EMI will increase every year with the balloon EMI coming in as part of the last month of the tenure.
Honda Cars India believes that with the COVID-10 pandemic, people will be extra careful against the coronavirus, and will increasingly opt for personal mobility. The company says that easy finance schemes like these can thus address many issues of financing during this tough phase. We have already seen similar finance options being introduced by other carmakers like - Tata Motors, Mahindra, Maruti Suzuki, Skoda Auto, Volkswagen, Fiat, and even Mercedes-Benz India.