Honda sets up finance arm in India to boost vehicle sales
Honda Motor
has established a wholly owned subsidiary in India to offer retail sales financing services, including loans and lease sales options, for its products.
PTI reported the new entity,
Honda Finance India
, will apply for a
non-banking financial company (NBFC)
licence before commencing operations, the automaker said in a statement on Wednesday. Once approved, the subsidiary will provide financing support for customers purchasing Honda motorcycles, cars, and related services in the country.
Honda noted that India is one of the fastest-growing automotive markets, with rising demand for motorcycles and cars and a growing share of customers opting for loans to finance purchases. Until now, such retail sales financing has largely been provided by local financial institutions.
'By setting up a local financing subsidiary, Honda aims to strengthen its business in India and make ownership of its products more accessible,' the company said.
Honda already operates similar financing arms in Japan, North America, Europe, and other key markets. With the launch of the Indian unit, the country becomes the ninth market globally where Honda has established a dedicated financial services subsidiary.
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