Ujjivan Small Finance Bank has partnered with one of the largest scooter and motorcycle producers of the world – Hero MotoCorp. The strategic alliance will finance two-wheeler purchases for Hero MotoCorp consumers. The tie-up will further assist in ensuring a deeper penetration in the Indian two-wheeler market, as it will help prospective and aspirational buyers with financial aid.
The Ujjivan Small Finance Bank will provide funding up to 100 per cent of the on-road price of the two-wheeler, depending upon a few key factors – LTV and a consumer’s credit score. The bank claims that consumers will be able to drive home their favourite Hero two-wheeler by opting from a multitude of attractive EMI options. Furthermore, the strong presence of 6,000 Hero touchpoints will work as an added advantage to the buyers.
“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 partnership, 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.”
Also, Hero MotoCorp is working with Bharat Petroleum Corporation Limited to set up charging infrastructure for two-wheeled electric vehicles. The duo will start by establishing nine charging stations in the first phase, with Delhi and Bangalore being the first cities on the list.
