A memorandum of understanding was inked between Axis Bank, a private lender and a car manufacturer Honda Siel Cars India. Under this agreement bank will provide vehicle finance to dealers of Honda Siel.
The car maker in a statement said as per the agreement Axis bank is one of the preferred financier of Honda Siel Cars India (HSCI).
HSCI Director (Marketing) T Natsume informed, "With this tie-up Honda Siel and Axis Bank have agreed to pool their resources together to make accessible organized finance at competitive rates to our dealers and customers across the country for purchase of Honda cars."
Axis Bank has also agreed to provide finance to the dealers of Honda Siel on their vehicle stock as well as provide retail finance for auto loans.
Expressing views on the MoU, Axis Bank executive director (Retail Banking, SME and Agri) SK Chakrabarti said, "This agreement will further give us the opportunity to provide our customers more value added services at competitive rates and expose them to our various offerings. This partnership with Honda Siel will benefit the Honda Siel dealers' network as well as the retail auto loan customers."
Axis Bank has a network of 938 branches widespread across 583 cities all over India.