o Leisure biking segment expected to grow at 30 % over next 3 years
o High consumer spending and burgeoning HNI population fueling demand
Mumbai, July 5, 2017: Axis Bank, the third largest private sector bank announced the launch of Super Bike Loans for 500cc & above bikes. This marks the entry of the bank into this growing and popular leisure biking segment.
The Product Offering of the bank has Loan to Value Ratio of up to 95% of the bike cost including accessory funding with special offers & programs for their own HNI customers.
Rajiv Anand, Executive Director, Axis Bank, said, “Super bikes like Harley Davidson, Triumph are truly iconic brands that many in India aspire to own. We are making this dream of our customers a possibility through our super bikes loans foray”
The trend of riding clubs & adventure biking activities surrounding these luxury bikes is further adding to the popularity quotient of the segment. The average age of customers in this segment is now at mid 30’s down from the age of early 40’s a couple of years back.
Axis bank with one of the strongest presence in semi urban & rural geographies would also reap benefits of the fact that the demand for luxury bikes is not just limited to the metros but has also reached tier-II and tier-III cities. The network expansion of luxury bike manufacturers to the tier-II and tier-III cities underlines the fact that the market is not confined to a particular geography.
About Axis Bank:
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 3,304 domestic branches (including extension counters) and 14,163 ATMs across the country as on 31st March 2017, the network of Axis Bank spreads across 1,946 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website http://www.axisbank.com offers comprehensive details about its products and services.
Anand Mugad | Sherin Antony
+91 22 4325 2015 | +91 22 4325 2021 | +91 22 4325 2020