Shriram City Union Finance Ltd. (Shriram City), India's largest two-wheeler lender and a member of the Shriram Group, has introduced Express Two-wheeler Loans, an AI-enabled lending platform (E2L). The portal will enable instant loan acceptance of up to 100% of the two-wheeler's on-road pricing. Two-wheeler borrowers can apply for a totally online and paperless two-wheeler loan 24 hours a day, seven days a week, without having to visit a branch.
YS Chakravarti, MD & CEO, Shriram City Union Finance, commented during the introduction, "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."
Benefits of 'Express Two-wheeler Loans - E2L
According to the announcement of Shriram City Union Finance Ltd., following are the benefits of the new platform:
• 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.
Steps to avail of the loan
Following the steps below you can avail of the loan online:
- Download MyShriramCity App and sign in to Shriram City Union Finance, tap on two-wheeler loans.
- Specify your personal details and select your vehicle.
- Now specify your financial details and upload the required documents.
- You will now get an online voucher (in-principal sanction letter).
- Visit your nearest dealer to get the delivery of your vehicle.
Shriram City Union Finance, a subsidiary of the Shriram Group, is a major non-banking finance firm in India. The company, which focuses on the rural and semi-urban region, has approximately 4.15 million active customers and roughly USD 4 billion in assets under management (AUM).