Piramal Retail Finance, a business of Piramal Capital and Housing Finance Ltd, a subsidiary of Piramal Enterprises Ltd., has announced the expansion of its multi-product retail financing platform by foraying into consumer and used-car finance.
It will focus on small and mid-towns in India and with DHFL under Piramal’s kitty, it aims to be among to among the top five non-banking financial companies in five years, its CEO Jairam Sridharan said.
With the latest product introductions, Piramal Retail now offers seven products in its target markets – affordable housing loans, mass affluent housing loans, loans against property, secured small business loans, purchase finance, unsecured loans and used-car loans.
“Our core target market is the budget customer of Bharat [from the 20th largest town to 1000th town in India]. For this customer, housing finance remains a very important financial need,” Mr. Sridharan said.
“However, they have a wide variety of other needs as well – to expand their business, to buy a second-hand car. Availability of credit for these highly under-served segments has been limited. Piramal Retail Finance’s expanded multi-product platform aims to serve these diverse needs and contribute to the growth story of Bharat,” he added.
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