As Honda Motorcycle and Scooter India( HMSI) eyes greater penetration in the rural and semi-urban regions across the country, the two-wheeler maker has tied up with Punjab National Bank (PNB)for vehicle finance.
The company, which gets around 30 per cent of revenues from rural and semi-urban areas, expects a boost in sales as around 40 per cent of the PNB’s total 6,340 branches are located in the rural and semi-urban areas.
The tie-up with PNB, which has a customer base of around 8.9 crore coupled with attractive loan schemes, would help the company enhance retail finance for its products.
The company, which has been looking to enhance its rural footprint, sells three mass segment Dream series bikes-Dream Yuga, Dream Neo and CD 110 Dream. The company had sold 4.5 lakh units in the festival season last year.
The company, which sold around 3.7 million two-wheelers last fiscal remains positive to sell 4.5 million units during this fiscal.
The company, which has three manufacturing facilities, would enhance its total production capacity to 5.8 million units with the commissioning of its Gujarat plant. The new plant is expected to be operational in early 2016.
HMSI is also looking to add another 1,000 touch points across the country thereby taking the total number to over 3,800 by the end of the current fiscal.