Honda Siel Cars India has signed a Memorandum of Understanding (MoU) with Punjab National Bank (PNB), for financing their cars across India.

Under the arrangement, the lender will offer car loan up to 90% of "on road cost", for tenure ranging up to 7 years at very competitive rates. The facility will be available at all the branches of Punjab National Bank and 103 facilities of Honda Siel Cars India.

According to market analysts, the latest alliance will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners.

Punjab National Bank has the network of over 4600 branches, largest amongst Nationalized Banks spread over more than 2550 Centers.

In addition, the lender with glorious history of 114 years, serves over 38 million customers through its 100% CBS branches.