Shriram Transport Finance Company Ltd has set itself the target of disbursing Rs 21,000 crore towards vehicle finance in the current financial year against Rs 19,000 crore in 2011-12, according to Mr Umesh Revenkar, Managing Director.
After inaugurating Shriram Automall in the vicinity of Bheemunipatnam in Visakhapatnam district on Saturday, he said the company was the leading financier for used (second-hand) commercial vehicles in the country.
“The big transport companies get finance from the banks, but the small and single-vehicle operators come to us. They buy mostly used vehicles. We provide them vehicles in good condition in our automalls. They also get finance at reasonable rates,” he said.
He said in 2011-12 the company had financed 6 lakh vehicles (old and new) and in the current financial year, the number may rise to 6.5 lakh. “The market is steady at present. It is likely to improve in future,” he added.
Mr Revenkar said by 2014 the company would have 50 automalls.
The company was holding vehicle auctions periodically in different towns and cities and the response was very good.