SHRIRAM Transport Finance Company Limited Ltd (STFC), have inked an MOU with Hindustan Petroleum Cooperation LTD (HPCL) to offer credit based fuel filling services to their customers on the digital platform.
STFC had been offering a host of products to their 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 their 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 per cent of our customer base, with low-cost working capital.”
He 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 will provide:
- 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 days.
- Card/Cashless fleet fuel management system.
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 cardless solution will enable the driver to carry out transactions at all Retail Outlets of HPCL without having to carry cash, which will help in supporting the `Digital India‘ drive.