Shriram City Union Finance Launches Express Two-Wheeler Loans

·         Shriram City is the largest two wheeler financer in the country

·         Empower users with on-the-go digital financing option 24x7

·         Offers loan approval of up to 100% on-road price of two-wheelers

Shriram City Union Finance Ltd. (Shriram City), India’s largest two-wheeler financer (number of 2W financed) and part of the Shriram Group, has launched an AI-enabled lending platform - Express Two-wheeler Loans (E2L). The platform will allow instant loan approval of up to 100 percent on-road price of the two-wheelers.

Customers can avail a fully digital and paperless two-wheeler loan facility round the clock in just a few minutes, without visiting a branch and submitting physical documents.

Speaking at the launch YS Chakravarti, MD & CEO, Shriram City Union Finance said, “India’s growing digital loan market is set to touch $1 trillion by 2024, and Shriram City being a leader in two-wheeler financing aims to further expand its market share through the newly launched E2L facility. This will enable customers to meet their financial requirements from the comfort of their homes. The platform will allow both existing and non-Shriram City customers to avail instant two-wheeler loans through our App or website in a completely paperless and digital manner. Technology is the backbone of all innovation at Shriram Group, and we are constantly working towards providing a superior customer experience.”

Salient Features of ‘Express Two-wheeler Loans – E2L’:

·         An Online Platform giving customers an In-principal approval for a loan in just a few minutes

·         Customers will have to upload bank statements and provide basic details

·         BRE supported AI-based tool calculates eligibility and generates an in-principal sanction letter/voucher

·         Customers can present the voucher number to the dealer 

·         Dealer can review all the relevant customer details on the handheld device 

·         The customer is given maximum eligibility, thereby allowing them to choose a costlier brand if needed

Here are the steps to avail of the loan in a few simple steps:

Log in to Shriram City Union Finance, click on two-wheeler loans - Apply now or download MyShriramCity App.

Step 1: Provide basic details

Step 2: Select Vehicle

Step 3: Provide financial details

Step 4: Upload documents

Step 5: Get an online voucher (in-principal sanction letter)

Step 6: Visit dealer for your bike delivery

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 4.15 Million customers and has an Asset Under Management of around USD 4 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 USD 525 Million. Shriram City has 926 branches and employee strength of 25,000 across India as of 30 June 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, Shriram Housing Finance Ltd. & Shriram Transport Finance Limited) and Insurance entities (Shriram General Insurance & Shriram Life Insurance) of the Shriram Group, created with the primary objective of optimizing the synergies across the Group’s entities.

Shriram Group together has an overall customer base in excess of 21.5 Million, around 74,500 employees across 3,950 branches. Net profit of INR 49 billion with Assets Under Management (AUM) of over INR 1.75 trillion (FY21).