- Leisure biking segment expected to grow at 30 % over next 3 years
- 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.