Honda Siel Cars India Ltd. ties - up with Punjab National Bank for car finance

April 19, 2009 New Delhi

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New Delhi, April 19: Honda Siel Cars India Ltd, leading manufacturer of premium cars in India, signed a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) the largest Nationalized Bank for financing their cars across India. This association will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners.

Punjab National Bank will offer car loan up to 90% of “on road cost”, for tenure ranging up to 7 years at a very competitive rate. This facility will be available at all the branches of Punjab National Bank and 103 facilities of Honda Siel Cars India.

On this occasion Shri Nagesh Pydah, Executive Director, Punjab National Bank said
`“Bank has the network of over 4600 branches, largest amongst Nationalized Banks spread over more than 2550 Centers. The Bank with glorious history of 114 years, serves over 38 million customers through 100% CBS branches. Besides, being ranked as one of India's top service brands, PNB is fully committed to its guiding principles of sound and prudent banking.”
Shri Pydah further said that PNB’s BPLR at 11.50% was amongst the lowest in the Industry & the Bank offers entire gamut of retail loans at competitive rates and easy terms. The bank has setup centralized processing cell for faster processing of retail loans.
“PNB and Honda, market leaders in their respective fields joining hands marks a new beginning in Car financing. The prospective customers of Honda Cars will have the opportunity of owning Honda Cars even in the remotest areas,” he added.

Speaking on the occasion Mr. M. Takedagawa, President  & CEO, Honda Siel Cars said,” We are glad to associate with Punjab National Bank to provide end to end car finance facilities to our customers. Honda is a customer centric company and respects the needs and aspirations of our customers. This tie-up will provide a single window for purchase of the car including its finance and will give better buying experience to our customers.”