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Honda Motorcycle and Scooter India (HMSI) has announced new, more affordable finance schemes for its customers. With the new finance schemes, the company will offer its customers interest rates that go as low as 6.5 percent.
Honda claims that it can finance select motorcycles and scooters with the lowest down payment of Rs 1,100 for certain models. To further attract customers to the showroom floor, Honda can process the finance of their motorcycles and scooters with 0 processing fees and documentation charges.
However, it is still unclear exactly what models this new finance scheme is applicable on. There is also a possibility that the dealers could slightly modify these finance schemes according to the availability of stocks and according to festive sales offers.
We doubt the applicability of these affordable finance schemes on all of Honda's motorcycles and scooters. These may apply only on slow-moving or affordable products. So, don't be surprised if the dealer you walked into denied these affordable finance schemes on some premium vehicles sold by Honda.
Thoughts On Honda Offering New Finance Schemes With Low Interest Rates
Honda is the second largest two-wheeler company in India, second only to Hero MotoCorp. With these new affordable finance schemes, Honda is trying to penetrate the rural markets of India, which is currently the stronghold for Hero MotoCorp. If Honda could properly implement these finance schemes in India, this could make Honda the primary choice for rural buyers where pricing and affordability plays a crucial role.