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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.
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