Money & Banking

Shriram City crosses milestone of 1-crore customers in two wheeler financing

Our Bureau Mumbai | Updated on November 22, 2021

YS Chakravarti, MD & CEO, Shriram City Union Finance

Two-wheeler loans currently account for about 22 per cent of the NBFC’s assets under management

Shriram City Union Finance Ltd (SCUF) on Monday announced that it has crossed the milestone of one crore customers in two-wheeler financing, coinciding with the 2021 festive season.

Two-wheeler loans currently account for about 22 per cent of the NBFC’s ₹30,425 crore assets under management (standalone).

Shriram City Union Finance posts 10% growth in Q2 net profit

YS Chakravarti, MD & CEO, SCUF, said, “The festive cheer, pent-up demand and a good monsoon have aided the rural demand. At Shriram City, our goal is to help consumers earn a livelihood, with 65 per cent of our borrowers being self-employed and using the two-wheeler as part of their business.”

Impact of pandemic

The company, in a statement, noted that it financed the first 50 lakh two-wheelers over 15 years, beginning in 2002, whereas the next 50 lakh customers were added in under four years.

No festive cheer for two-wheeler industry

The statement underscored that 2021 saw two-wheelers gain momentum as a mode of transport, with the need for mobility gaining importance amid the Covid pandemic. The demand for two-wheelers has been the highest when compared to other motorised modes, it added.

Published on November 22, 2021

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