• Becomes the first Small Finance Bank to join hands with the world’s largest two-wheeler manufacturer
Bengaluru, Feb 22, 2022: 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.”
About Ujjivan Small Finance Bank
Ujjivan Small Finance Bank Limited is one of the leading small finance banks. The bank remains committed to serving unserved and underserved segments through financial and digital inclusion as a mass-market bank. Ujjivan is a one-stop destination for financial services, offering a personalised customer experience. The strengthened digital interfaces across regions and languages have empowered Ujjivan customers to seek timely and easy access to finance at all times.
About Hero MotoCorp Ltd.
The New Delhi (India) headquartered Hero MotoCorp Ltd. is the world’s largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year — the coveted position it has held for the past 21 consecutive years. The Company has sold over 100 million motorcycles and scooters in cumulative sales since its inception. Hero MotoCorp currently sells its products in 43 countries across Asia, Africa, Middle East, and Latin America. Hero MotoCorp has eight state-of-the-art manufacturing facilities, including six in India, and one each in Colombia and Bangladesh. Hero MotoCorp has two world-class, state-of-the-art R&D facilities — the Centre of Innovation and Technology (CIT) in India and Tech Centre Germany (TCG) near Munich. Hero MotoCorp is one of the largest corporate promoters of multiple disciplines of sports, including, Golf, Football, Field Hockey, Cricket and Motorsports. Fifteen-time Major winner Tiger Woods is Hero’s Global Corporate Partner.