Credit, non-bank financing arm of $8.5-billion TVS Group
, aims at a loan growth of 25 per cent during the current financial year, with the focus on underserved segments of the market. The company, which got NBFC (Non-Banking Finance Company) licence in FY10, started primarily with two-wheeler financing and subsequently forayed into used car, commercial vehicle and tractor loans. It is also present in business and consumer durable loans.
The company closed FY22 with a Rs 13,911 crore balance sheet and expects 25-30 per cent growth in the current fiscal, TVS Credit CEO Venkatraman Gopalakrishnan said.
He said the company is onboarding 1.5-2 lakh customers every month.
“Apart from two-wheeler loans, our focus is going to be on the commercial side because that plays with our long-term definition of saying self-employed mid-market…there is plenty of space to grow,” he said.
There was some slowdown in the business during the lockdown due to COVID-19 but it has started picking up, he said.
The company used the lockdown period to focus on improving its technological capability, he said.
Asked about the resource mobilisation, he said, the NBFC has tied up with 15-16 banks, bonds and NCDs.