Shriram City Records the Highest Ever Two-wheeler Financing of INR 1022 Cr in November 2021

by Suman Gupta

Chennai, December 02, 2021: Shriram City Union Finance, a Chennai-based leading Two-wheeler NBFC and a part of Shriram Group, has disbursed the highest ever loans amounting to Rs. 1022 Cr to 1.6 lakhs two-wheelers in November 2021. This is the second consecutive November when the NBFC has crossed the INR 1,000 Cr. disbursement mark. The attractive financing offers during the festive season have stood out as one of the key drivers, with an additional push by the increase in people movement and recovery in rural demand leading to elevated disbursements. With the increasing demand for Electric Vehicles (EVs), the NBFC foresees a rise in the average loan ticket size which will help in touching new milestones.

Shriram City primarily caters to salaried and non-salaried buyers inclined towards the entry-segment two-wheelers having the highest demand across categories. The growing demand and intuitive use of AI-powered lending interfaces have triggered mass adoption by consumers and channels, thereby creating a network effect in further adding volumes. Followed by their milestone of financing over one crore two-wheelers, Shriram City Union Finance is now the largest two-wheeler financer in the country, offering app-based lending, paperless receipting, and contactless loans.

 About Shriram City Union Finance: Shriram City Union Finance (Shriram City; BSE: SHRMCITY, NSE: SHRIRAMCIT), a 35-year-old company and part of the Shriram Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 4.31 Million customers and has an Asset Under Management of around INR 346.8 Billion. The Company is a leading Two-wheeler financier, provides loans to SMEs, Gold loans and also has a Housing Finance Subsidiary, Shriram Housing Finance Ltd with an AUM of INR 42.5 Billion. Shriram City has 971 branches and employee strength of 25,300 across India as of 30 Sep 2021. The companies Long term credit rating is at AA by CRISIL, ICRA, India Ratings and CARE. Shriram City has been named one of the Best Place to Work in India in 2021 by AmbitionBox, an Info Edge subsidiary. 

About Shriram Group: Shriram Group is India’s leading financial conglomerate with a dominant presence in commercial vehicle (CV) financing, retail financing, chit fund, equipment financing, housing finance, life insurance, general insurance, stockbroking, distribution of financial products, and wealth advisory services. The Group focuses on serving the underserved and is driven by its Financial Inclusion agenda of bringing finance to low-income families and small businesses. Shriram Capital Limited is the holding company for the Financial Services (Shriram City Union Finance Limited & Shriram Transport Finance Limited) and Insurance entities (Shriram General Insurance Company Limited & Shriram Life Insurance Company Limited) of the Shriram Group. Shriram Housing Finance Limited is a subsidiary of Shriram City Union Finance Limited. The lending and insurance companies were created with the primary objective of optimizing the synergies across the Group entities.

Shriram Group together has an overall customer base in excess 21.65 Million, around 67,000 employees across 4,000 branches. It posted a Net profit of INR 49 billion (FY’21) with Assets Under Management (AUM) over INR 2 trillion (Sept’ 2021).