TVS Credit is targeting 25% loan growth this fiscal year, Auto News, ET Auto
TVS Credit, the non-bank financing arm of the $8.5 billion TVS Group, is targeting 25% loan growth in the current fiscal year, focusing on underserved segments of the market.
The company, which obtained the NBFC (Non-Banking Finance Company) license in fiscal year 2010, started mainly by financing two-wheelers, then branched out into loans for used cars, utility vehicles and tractors. It is also present in sustainable business and consumer loans.
The company closed FY22 with a balance sheet of Rs 13,911 crore and expects 25-30% growth for the current financial year, TVS Credit CEO Venkatraman Gopalakrishnan said.
He said the company onboards 1.5 to 2,000 customers every month.
“Apart from two-wheeled loans, we will be focusing on the business side because it plays with our long-term definition of saying that the self-employed middle market … there is plenty of room to grow,” he said. he declares.
There was some slowdown in activity during the lockdown due to COVID-19, but it has started to pick up, he said.
The company used the lockdown period to focus on improving its technology capabilities, he said.
Asked about resource mobilization, he said, NBFC has partnered with 15-16 banks, bonds and MNTs.