Shriram Transport Finance Co. Ltd. (STFC) has secured a fixed-rate 10-year loan of $250 million from the U.S. International Development Finance Corporation (DFC).
The funds raised from DFC will enable STFC to provide credit for the purchase of new and used vehicles throughout India, the company said in a statement.
Proceeds from DFC can be used for vehicle financing for commercial purposes, financing for alternative fuels – namely CNG, LPG and electric vehicles, or employment generation through MSME loans.
Besides the DFC loan, STFC said it had raised $475 million from the international market during the start of 2022 to diversify its funding profile.
