NE BUSINESS BUREAU
MUMBAI, MARCH 6
Shriram Transport Finance Company (STFC) on Friday announced that it has signed an MOU with the public sector major Indian Oil Corporation Limited (IOCL), a Government of India-owned Maharatna company. Under this agreement, the STFC customers will be offered credit limit to purchase fuel from the pan India outlets of IOCL, a company release said.
This will enable STFC customers to have an efficient way of purchasing auto fuels like diesel, petrol and lubricants at credit through wide network of IOCL. Fuel finance service will be a cash/card-free transaction, the company said.
STFC which offers various loan products, including commercial vehicle finance and tyre loans, said this credit facility is an affordable low-cost working capital solution to monitor and control fuel expenses.
Umesh Revankar, MD and CEO, Shriram Transport Finance said, “STFC envisions filling the gap in providing end-to-end finance solutions to its customers. Hence, through this tie-up with IOCL, we are serving the small road transport owner (SRTO’s) and first time owner (FTU’s), which forms more than 70 per cent of our customer base, with low-cost working capital. ”
He further added “With IOCL being on-boarded into STFC’s Fuel Partners list, our customers will have an option to utilize the largest network of fuel partners including HPCL and BPCL.”
Vigyan Kumar, Executive Director (Retail Sales), Indian Oil said, “The additional feature of credit facility through partnership with STFC will go a long way towards meeting the aspirations and requirements for small truck operators. This is the Year of Digitalization at Indian Oil and this partnership would enable the customers to have card-less and cashless transactions.”
Speaking about Indian Oil’s loyalty programme for fleet customers, he further said, “Indian Oil has provided convenient, secure and rewarding fuel solutions through the XTRAPOWER loyalty programme for fleet customers. The patronage of our customers has made XTRAPOWER the largest loyalty programme in the country.”
