New Delhi: Maharatna petroleum PSU Hindustan Petroleum Corporation Limited (HPCL) has entered into a strategic tie-up with Tata Motors Finance Limited (TMFL), oldest commercial and personal vehicle loan provider, for the sale of diesel to customers through HPCL's flagship – 'Drive Track Plus' program. The agreement has been signed virtually due to Corona Pandamic.
TMFL's Chief Operating Officer (Sales & Marketing) Anand Bang and HPCL's Executive Director (Retail) SK Suri signed the MoU in the presence of other senior officials. "This MoU will help expand HPCL's Drive Track Plus customer base to new fleet owners and give good penetration to TATA Commercial Vehicle Fleet Owners with credit offering by TMFL," the PSU said in an official release on Friday.
TMFL, as part of their concept of lifecycle financing, have introduced fuel finance as a payment solution. The journey developed for the customers is digital and will provide instant loans for fuel using artificial intelligence (AI) based algorithms. HPCL is the first oil marketing company to sign MoU with TMFL.
The current solution by TMFL provides an effective fuel management tool to the fleet customers for efficiently purchasing auto fuels and lubricants thru Card less mode. TMFL offers the customers an unsecured credit line, within which one can pre-set daily usage limits for each vehicle and derive maximum benefit by frequently rotating the loan. "This tie-up is expected to bring in an additional monthly volume of 5,000 KL HSD (high speed diesel) in the coming three to four months through our Retail Outlet network," the release concluded.
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