Targeting a 30 per cent jump in the sales of its `Ape' range of three-wheelers this year, Piaggio Vehicles Pvt Ltd has tied up with State Bank of India (SBI) for extending finance options to the customers.
As part of the tie-up, SBI would offer finance to customers on both commercial and passenger vehicles of Ape range of three-wheelers in all branches across the country, Mr Simon Fernandes, Deputy General Manager (SME Division), SBI, told newspersons here on Tuesday.
"The finance schemes are being offered with an interest rate of Rs 11.5 per cent. However, if we see in the market terminology of flat rates, the interest would work out to around 8 per cent and there are no hidden charges," he said. The bank would extend 85 per cent of the on-road price of the vehicle as loan.
Mr S. Ramachandra, Head of Institutional Sales, Piaggio, said the target was to sell 6,000 Ape vehicles through SBI finance in Andhra Pradesh before December. "Soon, we will also launch gas-run three-wheelers and also foray into four-wheeler segment," he said. The vehicles are priced between Rs 1.29 lakh and Rs 1.32 lakh.
During the last fiscal, Piaggio had sold over 1.37 lakh and 37,000 vehicles in the country and Andhra Pradesh, respectively. "Now, there are over five lakh Ape three-wheelers on the road in the country and we have a 50 per cent market share," he added.
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