Hero FinCorp (associate company of MotoCorp Hero), is an Indian Non-Banking Financial Company (NBFC). The company is currently involved in the business of consumer financing and commercial loans. Consumer Finance includes the financing of Hero MotoCorp Two Wheelers and provides property loans. On the commercial lending side, Indian firms provide a broad portfolio of financing products, including working capital loans, machine loans, and others.
Video Hero FinCorp
Journey
The company was launched in 1992 as Hero Honda Finlease Ltd by expanding its medium-term working capital and financing loans to component suppliers and dealers of Hero MotoCorp's parent company, later called Hero Honda Motors Ltd.
In 2011, when Hero Honda Motors was restructured, the company changed its name to the FinCorp Hero and gained its present form. In April 2013, the company began to provide two-wheeled vehicles to customers. In 2014, the company makes loans to property, loans to small and medium businesses and commercial loans.
Maps Hero FinCorp
Products/Services
Two Wheel Loans
FinCorp Hero provides financing for the purchase of two-wheeled MotoCorp Hero. The company claims to have more than 350,000 customers active two-wheeled vehicle loans in June 2015. The plan will be present at more than 730 MotoCorp Hero dealers by the end of March 2016.
Used Car Financing
The company has recently started refinancing used cars for salaried and self-employed individuals. The Company offers customized ownership and payment options.
Leading the car portal, CarDekho.com partnered with Hero FinCorp, the leading non-banking financial company, to bring comprehensive financing options to its used car buyers
Property Loans
The company provides property loans to companies, partnerships and individual entrepreneurs up to 15 years with adjustable interest rates.
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Quality Certification - ISO 9001: 2015
On April 18, 2017, Hero FinCorp was awarded the ISO 9001: 2015 Certificate for implementing and maintaining a Quality Management System in Corporate and Retail Operations for Financial Activities and Related Customer Support.
Company Performance
The FinCorp Hero records a turnover of Rs.298.62 crore in 2014-15.
The Company has been rated as AA/Stable by rating agencies such as CRISIL and ICRA.
External Funds Generated:
In September 2016, Hero FinCorp announced that it has collected approximately INR 1002 crore from internal and external sources.
Around INR 702 is raised from ChrysCapital, a private equity firm, and Credit Suisse, a Swiss financial services company. The remaining INR 300 Crore, raised from the Hero Group.
ChrysCapital will take an 11% stake in the FinCorp Hero while Credit Suisse will have around 2.5%. This transaction has valued the company around INR 5,200 crore.
The funds will be used to help the company achieve its growth strategy over the next 12 to 18 months. This strategy involves entering new product segments, such as home loans and using a two-wheeled vehicle loan and by adding to existing businesses, with a particular focus on used car financing, consumer loans and SMEs.
Growth Plan
Hero FinCorp has achieved Rs.6,400 crore loan book on March 16th.
See also
- MotoCorp Hero
References
External links
- The FinCorp Hero's official website
- Hero of FinCorp at Reuters
- Hero of FinCorp in Bloomberg
- News about the Hero of FinCorp in Mint
Source of the article : Wikipedia
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