ICICI Bank announced that it has partnered with IndoStar Capital Finance\nLimited (IndoStar), a systemically important Non-Banking Finance Company\n(NBFC), to finance small and medium fleet owners to purchase used and new\ncommercial vehicles (CV). This is a first-of-its-kind lending programme in the\ncountry between a commercial bank and an NBFC to finance commercial vehicles.<\/p>\n\n\n\n
Under this partnership, IndoStar will originate and service the\ncustomers through the entire loan life-cycle including sourcing, documentation,\ncollection and loan servicing. ICICI Bank will provide funding to these\ncustomers, who have so far limited access to organised credit. IndoStar, which\nhas developed a niche in financing used commercial vehicles, will originate\ncustomers in tier 2, 3, 4 cities where it has branch network. These cities\ninclude centres like Coimbatore, Salem, Tirunelveli, Kurnool, Calicut,\nTrivandrum, Jabalpur, Bhopal, Ahmedabad, Rajkot, Jodhpur, Alwar and Meerut\namong others. The NBFC has a wide branch network of 322 branches.<\/p>\n\n\n\n
Talking about the partnership, Mr. Ravi Narayanan, Head –\nSecured Assets, ICICI Bank<\/strong> said, \u201cICICI Bank has played a key role in\nthe development of transportation infrastructure in India since inception. In\nkeeping with this legacy, we are delighted to partner with IndoStar to bring\nseamless credit to owners of small and medium fleets and contribute to the\ninfrastructure growth story of the country. This partnership will leverage upon\nthe Bank\u2019s efficient lending mechanism and IndoStar\u2019s reach in the smaller\npockets of the country to make credit accessible for a larger set of people.\nWith this, we will have a wider presence across the country to help\nentrepreneurs buy used and new commercial vehicles.\u201d<\/p>\n\n\n\n Talking about the partnership, Mr. R. Sridhar, Executive Vice\nChairman and CEO, IndoStar<\/strong> said, \u201cWe at IndoStar are delighted and\nhumbled to work with an institution like ICICI Bank and being the first NBFC \u2013\nto get into an arrangement of this nature with ICICI Bank. This combines the\nbalance sheet strength of the bank with our ability to reach out to the\nunderserved CV financing customers across the country\u2019s smaller towns. This is\na partnership of domain experience, nimbleness and reach with strength and\nsize.\u201d<\/p>\n\n\n\n About ICICI Bank<\/strong>: ICICI Bank Ltd (BSE: ICICIBANK,\nNSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The\nBank\u2019s consolidated total assets stood at Rs. 1,238,794 crore at March 31,\n2019. ICICI Bank’s subsidiaries include India’s leading private sector\ninsurance, asset management and securities brokerage companies, and among the\ncountry\u2019s largest private equity firms. It is present across 15 countries,\nincluding India.<\/p>\n\n\n\n About IndoStar<\/strong>: IndoStar (NSE: INDOSTAR) is a\nnon-banking finance company registered with the Reserve Bank of India as a\nsystemically important non-deposit taking company. Promoted by Everstone Group,\nIndoStar is a professionally managed and institutionally owned organisation\nengaged in providing Used and New vehicle financing for transporters,\nstructured term financing solutions to corporates, Home Finance through its\nwholly-owned subsidiary IndoStar Home Finance Private Limited and loans to SME\nborrowers in India.<\/p>\n","protected":false},"excerpt":{"rendered":" ICICI Bank announced that it has partnered with IndoStar Capital Finance Limited (IndoStar), a systemically important Non-Banking Finance Company (NBFC), to finance small and medium fleet owners to purchase used and new commercial vehicles (CV). This is a first-of-its-kind lending programme in the country between a commercial bank and an NBFC to finance commercial vehicles. 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