Automaker Honda Siel Cars India Ltd. (HSCIL) and private lender Axis Bank have inked a deal for financing HSCIL’s vehicles. “With this tie-up Honda Siel and Axis Bank have agreed to pool their resources together to make accessible organised finance at competitive rates to our dealers and customers across the country for purchase of Honda cars,” said T Natsume, Director (Marketing) of HSCIL. HSCIL, which has dealers in 66 cities across India, wants to increase its market share by means of offering better financing through banks.

Axis Bank has approved a line of credit for financing HSCIL dealers under ‘Channel Financing of Inventory Funding for Dealer Vehicle Stocks’ along with retail financing of auto loans. The bank offers services through its 938 branches in 583 cities across the country. “This agreement will further give us the opportunity to provide our customers more value added services at competitive rates and expose them to our various offerings. This partnership with Honda Siel will benefit the Honda Siel dealers’ network as well as the retail auto loan customers,” said S K Chakrabarti, Executive Director (Retail Banking, SME and Agri) of Axis Bank.