NEW DELHI: Fullerton India Credit Co Ltd, one of the fastest-growing NBFCs, on Tuesday signed an MoU with Hero Honda Motors Ltd to offer consumer finance for buying two-wheelers at Honda dealerships.
“Our understanding of the small credit market in India and our international experience in the mass market segment will be beneficial in servicing the wide spread network of Hero Honda Motors. We see a lot of synergies in this tie-up. Hero Honda India’s leading brand of two-wheelers targets customers in the same mass market as we do in urban, semi-urban and rural areas,” said G S Sundararajan, managing director & CEO, Fullerton India Credit Company Ltd.
“Our tie-up with Fullerton India is timely as we are expanding our reach to newer markets in smaller towns, besides consolidating our positions in the traditional markets. Fullerton India is a unique financial partner with its focus only on the mass market segments in urban and semi-urban areas. It is primarily engaged in providing loans to the salaried and self-employed. It already enjoys a good equity with the customer base and has an enviable network of 800 branches across 380 centres. We hope their direct presence in each of our dealer locations will greatly enhance customer service, making it easy for our customers to buy our products. This will further strengthen our dealerships and help us garner a greater market share,” said Ravi Sud, chief financial officer, Hero Honda Motors Ltd.
The tie-up will enable Fullerton India to offer Hero Honda customers access to its financial services at Hero Honda’s extensive dealer network. Through this MoU, Fullerton India will set up its counter in each Hero Honda dealership to offer finance to Hero Honda customers. This will be like an extension counter of the local branch of Fullerton India.
Fullerton India is India’s fastest growing retail financial services company, with a network of over 800 branches spread across over 380 locations in the country. Fullerton India offers unsecured loans for personal and business purposes, mortgage and 2-wheeler loans and also distributes third party general, automobile and life insurance products.