In last six months, Hero Cycles tied-up with various NBFCs (Non-Banking Financial Company) to help families in rural India to buy a bike. Through this initiative, the company has been able to help around 25,000 families belonging to economically weak section.
This move was made by the company to help ease the day to day life of the economically weak section, according to the company statement. Hero Cycles’ chairman and MD Pankaj Munjal said, “We have tied up with various NBFCs which provide loans to people in rural sector. This segment has shown great potential and we are pleased to be doing our bit to make life easier for people.”
In 1956, the company started manufacturing cycles and since then, it has established itself as a leading cycle manufacturer in the world.
Through this initiative, the company will not only witness an increase in its demand but is also looking at promoting environmental friendly mode of transport. He further said, “Cycles provide a zero cost means of transport and can also help people in cutting cost and increasing income. Acquiring a cycle remains a dream for many low income households especially in rural India. It is extremely satisfying to see them realise their dream.”
