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Honda Cars India Limited has announced a partnership with multiple financial institutions in order to make their range of vehicles more affordable for buyers. The brand has partnered with Kotak Mahindra Bank Limited and with HDFC Bank to offer new financial options to customers.
The partnership with Kotak Mahindra Bank limited is specifically for the brands fourth-generation Honda City. The program allows for buyers to take advantage of a low rate of interest of 6.99 percent, and a low EMI of Rs 999 per lakh, for the first three months. In addition, customers who choose to exchange their old cars during purchase will be eligible for an exchange bonus.
The partnership with HDFC Bank allows for customers to take advantage of a combination of a Step-up EMI and a Balloon EMI (at the end of the loan tenure) across Honda's entire range of cars.
The financial partnership will allow for customers to benefit via lower EMIs during most part of the loan tenure, and pay a larger amount in the last EMI. The scheme is available for a loan tenure of seven years, and customers will pay an interest rate of 9.25 percent. The scheme will see EMI increases every year with the Balloon EMI at the last month of the tenure.
In Honda related news, the brand is planning to launch the all new 2020 Honda City later this month. The new model will see a host of changes inside and out, and is expected to be larger in dimensions as compared to the outgoing model.
The 2020 Honda City will arrive with new LED headlights, a reworked bumper, a new dashboard, a seven-inch TFT ernable instrument cluster, and a segment-first Alexa Remote voice assistant feature.
The new 2020 model will be available with 1.5-litre petrol and diesel engines that will arrive mated to a standard six-speed transmission unit, and a CVT automatic will be available as an optional. To read more about the 2020 Honda City, click here.
Thoughts About Honda Cars India Limited Partnering With Multiple Financial Institutions
This is good news for those who want to buy a new Honda car. Most people will be extra careful and will want to avoid contracting Covid-19, and one of the ways to do this is buy their own car. Honda's new finance schemes will make purchasing a car much easier during this rather difficult economic phase.