Hero Honda, Fullerton India sign MoU

Fullerton India Credit Co. Ltd. has signed an MoU with Hero Honda Motors Ltd., to offer finance to consumers for buying Hero Honda scooters and motorcycles.

‘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. Hero Honda targets customers in the same mass market as we do, in urban, semi-urban and rural areas,’ said G S Sundararajan, MD and CEO, Fullerton India.

‘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,’ said Ravi Sud, CFO, Hero Honda.

‘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,’ added Sud.

Under this tie-up, Fullerton India will set up its counter in each Hero Honda dealership to offer finance to Hero Honda customers. Fullerton is one of 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, two-wheeler loans, and distributes third party general, automobile and life insurance products.