Religare Finvest Ltd. (RFL), a 100 per cent subsidiary of Religare Enterprises Ltd. (REL), has announced its first commercial vehicle financing partnership by entering into a strategic tie-up with Kumar Motors. The partnership will be on an ‘exclusive’ basis for both in the category of light commercial vehicles (three-wheeler category). It is a contract for one year, subject to renewal.
Mr. Shachindra Nath, Group COO, Religare Enterprises, said three-wheeler transportation accounts for over 70 per cent of all cargo movement within the country. The sheer size of the industry offers significant opportunities for any organized player. The strategic tie-up is another step in actualizing Religare’s vision of providing a comprehensive suite of products and services under its NBFC umbrella.
Mr. Rajeev K. Nair, Managing Director, Kumar Motors, observed that the tie-up is the result of consistent efforts to realize a long-held urge to innovate and provide one-stop accessibility to customers and easy reach of finance at the dealer base itself.
The commercial vehicle finance provided by RFL will help small operators to acquire vehicles with minimum hassle and documentation, and provide customized financing options to suit customer needs. It will provide funding to the customers of Kumar Motors in the southern States of Tamil Nadu, Karnataka and Andhra Pradesh through its existing dealer network and will later extend it to other parts of India.
Religare Finvest is presently engaged in providing loans against shares, corporate financing, IPO financing and personal financing schemes through a pan-India network.
Kumar Motors Pvt. Ltd. was founded in 1971 on the principles of innovation and excellence. The core values of integrity, service and quality have served as the key to success. The company focus is on R&D and designing and development of products for the common man.
Mr. Shachindra Nath, Group COO, Religare Enterprises, said three-wheeler transportation accounts for over 70 per cent of all cargo movement within the country. The sheer size of the industry offers significant opportunities for any organized player. The strategic tie-up is another step in actualizing Religare’s vision of providing a comprehensive suite of products and services under its NBFC umbrella.
Mr. Rajeev K. Nair, Managing Director, Kumar Motors, observed that the tie-up is the result of consistent efforts to realize a long-held urge to innovate and provide one-stop accessibility to customers and easy reach of finance at the dealer base itself.
The commercial vehicle finance provided by RFL will help small operators to acquire vehicles with minimum hassle and documentation, and provide customized financing options to suit customer needs. It will provide funding to the customers of Kumar Motors in the southern States of Tamil Nadu, Karnataka and Andhra Pradesh through its existing dealer network and will later extend it to other parts of India.
Religare Finvest is presently engaged in providing loans against shares, corporate financing, IPO financing and personal financing schemes through a pan-India network.
Kumar Motors Pvt. Ltd. was founded in 1971 on the principles of innovation and excellence. The core values of integrity, service and quality have served as the key to success. The company focus is on R&D and designing and development of products for the common man.
