Hero Honda, the motorcycle market leader, on Thursday tied up with Punjab National Bank to provide low interest loans to its customers.
PNB would offer loans to Hero Honda buyers at the rate of 11 per cent for one year and at 15 per cent for a duration of five years, PNB chairman and managing director S S Kohli told a press conference in New Delhi.
The loan facility with long repayment period and low interest rates would initially be available in Punjab and Haryana and later be extended to other parts of the country, he said.
With the combined strength of Hero Honda's nation-wide dealerships and 4,400 PNB offices, it would be easier for customers to take advantage of the loans, Hero Honda chairman Brijmohan Lall said.
On an average, 25-30 per cent motorcycles were financed, which should see an increase of at least five per cent with the help of its tie-up with PNB, he said.
The bank has similar arrangements with other automakers.
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