Hero Cycles partners with Muthoot Microfin to help low-income households buy bicycles
CHENNAI Hero cycles has entered into a strategic camaraderie with Muthoot Microfin provide bicycles to low-income households and microentrepreneurs, especially women, in southern India.
Through this arrangement, Muthoot Microfin’s 6.00,000+ clients in more than 150 branches in Tamil Nadu will have access to affordable mobility through Hero cycles .
“Bicycles are often an underestimated but powerful empowerment tool for the marginalized. Making bicycles easily accessible to a large number of people can generate a significant improvement in the state of their livelihoods and profits. Unfortunately, raising enough money to spend on buying a bike remains a challenge for a large number of households despite it being the most affordable mode of transport. Providing microfinance is one of the most viable ways to increase penetration of bike s among the rural and urban poor. For micro entrepreneurs, owning a bike can boost their earnings by expanding their catchment areas for work. We have had similar arrangements with microfinance providers in the past. We are happy to be part of another such initiative that will empower the rural and urban poor,” said Pankaj Munjal, CMD, Hero Motor Corporation.
Sadaf Sayeed, CEO, Muthoot Microfin , said, “We are extremely delighted to tie up with world’s largest manufacturer of bike s. Together we aim to empower our clients with access to mobility. Muthoot Microfin has been fostering a spirit of entrepreneurship by providing timely credit to more than 1.8 million women across India. With this camaraderie , we are further enabling clients to earn their livelihood. Bicycle still remains the predominant means of transport in rural India and yet, affording one remains a challenge for many. Our aim here is to empower micro-entrepreneurs, especially women with the power of mobility, which can help them earn a higher income from their enterprise.”