Swipe to ride: Honda 2 Wheelers signs MoU with Pine Labs to give customers more EMI options
Benefits of this EMI will make it easier for consumers to buy the bike
- Zero down-payment
- Zero Hypothecation Fee at time of vehicle purchase & loan completion
- No NOC required from bank
- No Documentation
- No loan approval waiting time
- Instant delivery of vehicle
Ever wasted the entire day in a queue to get a number to wait in another queue just to come on another day? This is not an exaggeration. Only those who have gone through the hassles of getting a NOC from the bank would know the joy of ‘No NOC requirement from bank’ feature that Honda and Pine Labs have offered. Honda Motorcycle & Scooter India Pvt. Ltd. today signed a Memorandum of Understanding (MoU) with Asiaâ€™s leading merchant commerce platform – Pine Labs. The new Pine Labs POS machines 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).
This is a great initiative by Honda and Pine Labs for making it very easy for a customer to buy Honda bikes. Maybe a little too easy, some parents might say. However, as we are heading into a future where everything has to be done instantly, this is an obvious, yet a unique solution by the two companies. As demand and competition grows in this means of lending credit. Even though the credit card companies may charge more interest than the traditional bike and car loans, a customer will make up for it through cashback offers and credit card points depending on the amount spend on the card.
Mr. Yadvinder Singh Guleria, Senior Vice President, Sales & Marketing, Honda Motorcycle & Scooter India Pvt. Ltd.
â€œWith 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.â€
Venkat Paruchuri, Chief Product Officer, Pine Labs said,Â
â€œWe are extremely happy to partner with Honda Motorcycle and Scooter India to offer â€œ2 wheeler EMIâ€ 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 Hondaâ€™s dealers to reduce the time-lag between order and delivery. We believe that this partnership will offer speedy and convenient financing solutions to Hondaâ€™s customer base in India.â€