Shriram City Union Finance Ltd. (Shriram City), recently announced in a press release on September 7 that it launched a new type of loan called the ‘Express Two-Wheeler Loan’ otherwise known as E2L. Shriram City is one of India’s largest two-wheeler financers in terms of how many vehicles it has financed, claimed the company in the press release. The company also said that the platform would allow instant loan approvals of up to 100 per cent of the on-road price of two-wheelers.
With the new express loan system, customers can now avail of a loan in an entirely digital and paperless method the company said. The company also said that it would provide round-the-clock loan facilities that process things in a manner of minutes. This would save the customer plenty of time and effort as they would not have to go to the branch or submit any physical documents.
Speaking at the launch YS Chakravarti, MD and CEO of 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,” added Chakravarti.
Know All about the Instant Two-Wheeler Loan
As mentioned before, the whole premise of the loan is to provide faster and more convenient servicing to the customer. You will need to upload bank statements and provide the company with the basic details as needed. A BRE-supported AI-based tool helps you calculate the eligibility and generates an in-principal sanction letter or voucher. Customers can then use this voucher number at the dealer and the dealer will be able to review all the necessary information in one convenient device.
The perks of this loan is that it gives the customers a maximum eligibility option, this allows people to opt for costlier brands that they might have wanted.
Step-by-Step Process to Availing the Express Two-Wheeler Loan
1) Log in to the Shriram City Union Finance portal and click on the two-wheeler loans section
2) Click on the ‘Apply now’ or ‘download MyShriramCity App’ options
3) The next step needs you to provide basic details
4) Select the type of vehicle that you want to get a loan for
5) Provide the necessary financial details as needed
6) Upload the relevant documents
7) Get an online voucher (in-principal sanction letter)
8) Visit dealer for your bike delivery
Shriram City Union Finance was founded 35 years ago as part of the Shriram Group of companies. It was initially conceived with the idea of focusing on the rural and semi-urban sectors. The company has over 4.15 million customers and has an Asset Under Management of around $ 4 Billion, according to a statement that the company made. The company claims to have 926 branches and around 25,000 employees across India as of June 30, 2021. Shriram City Union Finance has a long-term credit rating that is at AA by CRISIL, ICRA, India Ratings and CARE, the company said.