Shriram Transport Finance Company (STFC), inks MoU with Hindustan Petroleum Cooperation (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.

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 working capital.''

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.”

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.

Shares of the company declined Rs 20.9, or 1.45%, to trade at Rs 1,416.65. The total volume of shares traded was 17,848 at the BSE (12.37 p.m., Friday).