Honda signs MoU with Magma Fincorp Limited

Honda India has signed a  Memorandum of Understanding (MoU) with Magma Fincorp Limited in order to provide easy finance to the customers. Magma will be providing loans up to 90% of total cost of the car which can be repaid in a time period of 5 years. Expressing pleasure over the tie-up, Mr. Raman Kumar Sharma, Sr. Vice President and Director, Honda Cars India Limited said, "We are glad to associate with Magma Fincorp 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.”

“Magma brings to the table, in additional to Urban presence, a special focus on RURBAN sector (Rural and Semi-urban) with a widespread coverage through 228 branches and presence across 1,600 Talukas & 2,900 Locations. Magma has a base of 6.5 lac plus "active customers" & manages a Loan book of about Rs 19,000 crore,” apprised Mr. Sachin Khandelwal, Chief Sales Officer & CEO & MD, Magma Housing Finance while elaborating on the MoU. He added that Magma and Honda, leading players in their respective fields complement each other perfectly and would enable the prospective customers of Honda Cars, the privilege & opportunity of owning a Honda Car even in remote areas through Magma. The finance facility will be available at all the branches covered by Magma.

Stressing on the importance of finance, Mr. Sumit Mukherjee, National Business Head of Asset Based Finance in Magma Fincorp Limited said, “Our Field force of 3700 address the informal & “Rurban” customer segment with limited banking access & no prior credit history. These customers are taking a loan for the first time. This is real time financial inclusion at work. Our Field Officers are equipped with Tablets & printers making them capable of operating from any location (virtual office) which allows Electronic transfer of loan application with all documents from point of sale. Due to this we are able to increase Penetration, Turnaround Proposals faster & convert leads better resulting in significantly better customer engagement & customer experience. Our field officers are capable of providing single day decisions with offerings up to 90% with maximum loan tenures up to 5 years.”

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