The Hindu Business Line : SREI Infrastructure launches two financial products

Corporate - Announcements
Money & Banking - Financial Services
Marketing - New Products & Services

SREI Infrastructure launches two financial products

Our Bureau

INTERESTING DRAW: Visitors at the SREI Infrastructure Finance stall at Excon 2005 in Bangalore on Friday.— G.R.N. Somashekar

Kolkata , Dec. 2

SREI Infrastructure Finance Ltd on Friday launched two new financial products - `Moneybag' and `Srei Lotto' - at Excon 2005, the third construction equipment and construction technology trade fair, in Bangalore.

Talking to Business Line, Mr Hemant Kanoria, Managing Director of SREI Infrastructure, said the two products have been conceptualised, taking advantage of the booming infrastructure equipment market in the country.

He said both the products provided greater value to customers as well as vendor partners.

While the `Moneybag" offers substantial purchasing power, Srei Lotto is intended to make equipment purchase possible at the lowest rates of interest.

The interest rate for both the schemes, according to Mr Kanoria, would range between zero per cent and 6.66 per cent.

He said the company had already tied up with its top-end vendor partners to make the schemes successful.

He informed that SREI had taken part in all the earlier Excon meets.

He said some of the features of the Moneybag scheme were zero down payment, easy repayment schedule, finalisation of equipment price with manufacturers/ vendors and swiping of SREI Moneybag to settle payment.

In the case of Lotto, there will be a 10 per cent down payment, and the scheme would be available for a select pool of top-class infrastructure equipment.

Mr Kanoria said the repayment was over a period of three years. There would, however, be an upfront non-refundable registration fee of Rs 25,000. Spot registration (at the Excon venue) is also made available, subject to credit evaluation.

In short, the Lotto scheme provides customers an opportunity to ride their luck for deciding on interest rates for their equipment purchases.

He said the company was eagerly looking forward to the customers' response to the two new products. SREI is also partnering CII, organiser of Excon, in conducting Fincon, a day-long seminar on "Financing of Construction Equipment" at the exhibition venue.

The idea, according to Mr Kanoria, was to bring together the various stakeholders in the construction industry and "collectively brainstorm so that private sector can work in tandem with government to expedite infrastructure creation".

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

More Stories on : Announcements | Financial Services | New Products & Services