New Delhi: Honda Motorcycle & Scooter India Pvt. Ltd. today signed a Memorandum of Understanding (MoU) with Asia’s leading merchant commerce platform – Pine Labs.
The new Pine Labs POSmachines available across Honda dealerships will now provide a new purchase solution to debit and credit card holders by way of convenient and affordable EMIs (equated monthly installment).
The new alliance which empowers cardholders of 14 credit and 6 debit cardholders, was formalised by Mr Yadvinder Singh Guleria, Senior Vice President – Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd., Mr Kush Mehra, Chief Business Officer, Pine Labs and Mr VenkatParuchuri, Chief Product Officer, Pine Labsalong with other dignitaries.
Usually, applying for loans to buy a 2Wheeler involves two charges – down payment and hypothecation 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, and later pay and arrange for hypothecation removal at the Registration Authority.
With Honda’s new MoU with Pine Labs, customers are now assured of extra benefits like zero-down payment, no documentation and waiting time, zero hypothecation fee or no N.O.C certificate by respective bank. Pine Labs’ EMI on POS payment facility empowers cardholders to choose from multiple tenure options while opting for EMI-based purchase of Honda 2Wheelers.
With every 2nd two-wheeler customer now buying a two-wheeler under retail finance, the new EMI on Pine Labs POS significantly cuts down on time and documentation hassles while parallely 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 29th February 2020 on a minimum purchase of Rs 40,000.
Recognising the growing need for affordable solutions in the 2Wheeler category Mr Yadvinder Singh Guleria, Senior Vice President, Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd. 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 and instant delivery of their choice of two-wheeler besides no documentation requirements.”
Speaking on the partnership with HMSI, Venkat Paruchuri, Chief Product Officer, Pine Labs said, “We are extremely happy to partner with Honda Motorcycle and Scooter India to offer “2 wheeler EMI” to millions of Debit and 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 and delightful digital experience and will enable Honda’s dealers to reduce the time-lag between order and delivery. We believe that this partnership will offer speedy and convenient financing solutions to Honda’s customer base in India.”