Shriram Transport Fin asset under management up

Speaking to mediapersons in Chennai on the sidelines of STFC's truck utsav, R Sridhar,managing director, STFC, said asset under management increased to Rs 18,000 crore last year, from Rs 2,000 crore in 2002. Of the total Rs 18,000 crore assets, 70-75 per cent would be old vehicles while 25 per cent are the existing customers who have gone for upgradation of trucks.

Apart from truck financing the company is also into tyre and engine financing. Recently, STFC introduced a credit card for STFC customers in association with AXIS bank to its customers.

R Thyagarajan, chairman, Shriram Group, said around Rs 20,000 crore had been given as credit through STFC by various banks.

He added, interest rates for truck financing dropped to 12 per cent from 26-27 per cent.

STFC is a flagship company of the Shriram group, which has its presence in chit funds, life insurance, consumer durable finance and stock broking finance.

Currently the finance company has 450 branch offices with six regional offices across the country.