Mumbai: Shriram Transport Finance Firm (STFC) on Thursday stated it has secured long-term funding of USD 250 million from the US Worldwide Growth Finance Company (DFC). The exterior business borrowing (ECB) is a fixed-rate 10-year mortgage below STFC’s social finance framework, as per a launch.The funds raised from DFC, the event finance establishment of the US authorities, will allow STFC to supply credit score for the acquisition of latest and used automobiles all through India.
STFC’s Vice Chairman and Managing Director Umesh Revankar stated the corporate will assist fund extra particular person operators to purchase automobiles, present funding in direction of employment era in rural areas, and empower extra communities to optimise their earnings.
The corporate stated the proceeds can be utilized for financing of automobiles for business functions, alternate gas financing via CNG, LPG and electrical automobiles and employment era via MSME loans, particularly for ladies entrepreneurs, amongst others.
Moreover the DFC mortgage, STFC has additionally efficiently raised USD 475 million via a 144A Bond from the worldwide market through the begin of 2022, thereby persevering with to diversify its funding profile, it added.
