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Bajaj Auto announced on Thursday a tie-up with the country's largest lender, State Bank of India, to offer stock finance to its dealers. Under this agreement, a cash credit facility between Rs 25 lakh and Rs 5 crore will be provided to Bajaj Auto's dealers, many of whom fall in the small and medium enterprise category.
After a strong sales performance of more than 2.4 million motorcycles during 2010-2011 and with ambitious growth plans this year as well, higher stock at the dealer level and secondary network are expected, said the company.
“Timely availability of finance is a crucial component. With new models and variants being launched and increased acceptance of existing models we will need to ensure adequate working capital for dealers. We are glad to partner with SBI who have more than 13,000 branches spread across the country,” said Mr S. Sridhar, President, Motorcycles, Bajaj Auto.
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