Ujjivan SFB has become the first Small Finance Bank to enter into a strategic tie-up with Hero MotoCorp – the world’s largest manufacturer of motorcycles and scooters, to finance two-wheelers purchase.
The financing tie-up would help deepen the two-wheeler market penetration and fulfil the aspirations of customers in the mid to low-income segment across the country.
Ujjivan SFB would be funding up to 100 per cent of the on-road price of the vehicle (LTV), depending on the customer’s credit profile. Prospective two-wheeler customers in urban, semi-urban & rural regions across the country will now have a hassle-free experience of riding home a Hero MotoCorp two-wheeler of their choice at attractive EMIs. The customers will get benefited from the strong presence of 6,000 Hero touchpoints pan India.
“We have a strong presence in urban, semi-urban and rural geographies, thereby offering deeper penetration for Hero MotoCorp. Our digital proposition will enable the underserved mass market segment to avail of two-wheeler loans of their choice in a seamless manner. The need for personal mobility is on the rise, driven by freedom of mobility among the mass market segment and better connectivity. Financing entire spend through easy and customer friendly EMIs is spurring the decision making faster,” said Ms Carol Furtado, Chief Business Officer for Ujjivan SFB.
Speaking on the association, Mr Ashutosh Varma, Head – National Sales, Hero MotoCorp, said, “Hero MotoCorp has the largest and most extensive sales network in the country with over 6,000 customer touchpoints. Our tie-up with Ujjivan SFB, the first in the small finance bank segment, will further expand our reach to new customers in different segments.”