The company today set up its vehicle finance headquarters in Chennai, which is considered home for large auto companies located on the outskirts of city. IndoStar also launched affordable home finance business on the occasion.
The Everstone Group-backed IndoStar's vehicle finance business will be the growth engine for the retail lending expansion across the country, a company statement said.
"Chennai gives us the perfect platform to start our growth journey, especially in vehicle finance. IndoStar aims to open 5-6 branches in Chennai and up to 50 in Tamil Nadu by March 2018," IndoStar Capital Finance Ltd., Executive Vice-Chairman and CEO, R Sridhar said.
Following the entry into the affordable home finance, he said, IndoStar would offer financial products under one roof -- corporate, vehicle, SME and retail home finance.
The company is also planning to open branches in Karnataka, Kerala, Andhra Pradesh, Telangana, Punjab, Uttarakhand, Himachal Pradesh, Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Chhattisgarh and Uttar Pradesh.
IndoStar aims to grow retail loan business "significantly" particularly vehicle and home finance lending, as these two segment witness demand in Tier-II and III cities, he added.
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