A Memorandum of Understanding (MoU) was inked between State Bank of India (SBI) and Honda Siel Cars India Ltd for providing auto retail financing to prospective customers.
According to company’s press release SBI will be the preferred financier for the entire range of vehicles marketed by Honda Siel Cars in India.
Honda Siel Cars' director (marketing) Tatsuya Natsume and SBI's chief general manager, personal banking business unit, P Nanda Kumaran signed the MoU.
The main aim of signing MoU is to target high-end customers who will be taking car loans of above Rs 5 lakh from the bank. SBI has launched a special scheme called SBI Advantage Car Loan Scheme for this segment. The bank release said the scheme is available for individuals – salaried, professionals, self-employed, businessmen and proprietary/ partnership firms- who pay income tax and whose income/net profit or gross taxable income is Rs2.50 lakh and above.
SBI under its car loan is giving 85% of on-road price of the car with a repayment period of 7 years as maximum applicable to all categories of customers. Bank is charging only 0.50% of the loan amount as processing fee.
The release said, the USP of the product is the loans will be sanctioned on a priority basis.
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