Shriram Transport has signed a MOU with Indian Oil Corporation Ltd to offer fuel credit to its customers digitally.

Shriram Transport Finance Company (STFC) signed a MOU with IOCL(A GOI owned Maharatna company) through which the STFC customers will be offered credit limit to purchase fuel from the pan India outlets of IOCL.

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 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.

Mr. 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 onboarded into STFC's Fuel Partners list, our customers will have an option to utilize the largest network of fuel partners including HPCL and BPCL."

Mr. Vigyan Kumar, Executive Director (Retail Sales), IndianOil 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 IndianOil and this partnership would enable the customers to have card-less and cashless transactions."

Speaking about IndianOil's loyalty programme for fleet customers, he further said, "IndianOil 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 program in the country."

EQUITYBLLS