Ngern Tid Lor offers fast cash in car refinancing
NGERN TID LOR CO, a microfinance and auto-refinancing subsidiary of Bank of Ayudhya, is spending Bt150 million to rebrand itself in a bid to be the Kingdom’s leading auto-refinancing firm.
Piyasak Ukritnukun, managing director of Ngern Tid Lor, said the new strategy would focus on reaching grass-roots or low-income people.
Under its new campaign, the company will provide cash to borrowers immediately after they come in to refinance their car or pickup truck. “We will become the first creditor in the market that provides cash for clients,” he said.
Customers can get up to Bt100,000 in cash immediately after bringing their vehicle registration into a branch. If they need more, it can be transferred into their account within an hour, a procedure that normally takes up to a day.
“Clients will also get free insurance after they use our service. The new service should be able to respond to our clients who want to use the money as soon as possible,” he said.
Piyasak said the innovation was a big move for the company, which wants to promote the growth of the auto-finance business by providing a transparent source of funds for low-income people.
“This new strategy is aimed at solving the problem of underground loans or loan sharks. If clients have a problem with financial liquidity, they will have a choice on how to solve their problem and continue living,” he said.
Last year, Ngern Tid Lor had a total loan portfolio of Bt17 billion, an increase of Bt3.3 billion or 25 per cent from 2014. In 2015, the firm’s total income from its insurance business was more than Bt260 million, up by Bt46 million or 22 per cent year on year.
For this year, the company targets a loan portfolio of Bt20 billion, an increase of 18 per cent from 2015.
