Auto giant, Honda Siel Cars India has entered into an alliance with Bank of Baroda (BoB) for financing of Honda Siel vehicles in India market.
Under the agreed terms, the bank will offer car loans at 10.5-11 percent rate of interest to the eligible customers for buying Honda Siel vehicles.
The financing facility will be available at all the branches of Bank of Baroda and at 103 sales points of the car manufacturer.
Commenting on the move, T. Natsume, Director (Marketing), Honda Siel Cars India, said, "We are glad to associate with Bank of Baroda to provide end to end car finance facilities to our customers. This service initiative is another step from Honda Siel Cars to strengthen our relationship with our customers."
It is expected that the association will help in easier availability of auto loans for prospective buyers. The tie-up will helps the company in reaching wider market.
Established in December 1995, Honda Siel Cars India, a joint venture between Japanese automaker Honda Motor Co. and Siel Ltd, provides a range of cars in India which include Honda City, Honda Civic and Honda Accord.
Recently, the company reduced prices on high-end model, Honda Accord by Rs 5,000 following the announcement of excise rate cut.