Shriram Transport Finance
Company Limited Ltd (STFC), has inked an MOU with Hindustan Petroleum
Corporation LTD (HPCL) to offer credit based fuel filling services to its
customers on digital platform.
STFC had been offering a host
of products to its customers ranging from commercial vehicle finance to tyre
loans. Credit based fuel financing will enable customers to have an efficient
way of purchasing auto fuels like diesel, petrol and lubricants at credit. It
is an affordable low cost working capital solution to monitor and control fuel
expenses. Fuel Finance service will be a cash/card free transaction.
On the occasion, Umesh
Revankar, MD & CEO, STFC commented, “STFC envision in filling the gap in
providing end to end finance solutions to its customers. Hence, this pact with
HPCL is hopeful to serve the Small road transport owner (SRTO’s) and First time
owner (FTU’s), which forms more than 70% of our customer base, with low cost
He further added, “STFC in
turn also hopes to contribute to the national goal of a cashless economy and
Digital India mission by linking this credit facility with a mobile number integrated web enabled OTP based platform
installed across HPCL retail outlets.”
The credit based fuel services
• Fuel credit limit to
customers as per the capacity of the customers.
• OTP based platform for
availing the benefits.
• Credit period of 15 to 30
• Card/Cash less fleet fuel
G S V Prasad, Executive
Director- Retail, HPCL mentioned that the tie up will provide fuel to the
customers with complete cashless convenience on pan India basis, along with
loyalty rewards and insurance. The card less solution will enable the driver to
carryout transactions at all Retail Outlets of HPCL without having to carry
cash, which will help in supporting the `Digital India‘ drive.
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