Buying a second hand car became easier, Piramal Retail Finance started retail lending

Second Hand Car Market.

Second Hand Car Market.

Piramal Retail Finance CEO Jairam Sreedharan said that the company has ventured into the business of consumer and used car finance.

New Delhi. Piramal Retail Finance (Piramal Retail Finance), the finance company of Piramal Group, has entered the retail lending market and the company will now give loans to customers to buy old cars i.e. second hand cars.

Finance to buy old cars in partnership with Cars24
Piramal Retail Finance CEO Jairam Sreedharan said that the company has ventured into the business of consumer and used car finance. The company will provide finance to purchase old cars in partnership with Cars24. Apart from this, the company has also tied up with ZestMoney for financing. The company plans to distribute a loan of Rs 3000 crore in the next 1 year.

The company will also give loan to buy two-wheelerPiramal Retail Finance CEO Jairam Sreedharan said that in the next 12 months or 1 year, the company plans to add 4 new loan segments to its portfolio. The company will give a loan to buy an old car and will also give a loan to buy a two-wheeler.

Jairam Sreedharan said that in addition to this, the company plans to offer education loans, unsecured loans for small businesses and loans against securities (LAS) to its customers. To successfully implement its plan, the company will employ 1000 people in the fields of sales, credit underwriting and technology in FY 2021-22.

Company to acquire DHFL after regulatory approval
Jairam Sreedharan said that after winning the bid of DHFL, the Piramal Group has completed all the preparations for the acquisition of the company, some regulatory approval is awaited, after which the company will acquire DHFL. He said that after this acquisition, the loan book of Piramal Group will increase by 40%. Let us know that the total loan book of Piramal Group is worth Rs 45,000 crore, out of which Rs 5000 crore, 11% is from retail business.




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