Shriram Finance mulls to double loan book in UP within next 3 years

9 Jan 2023 , 02:56 PM

Shriram Finance Limited, India’s largest retail NBFC, announced that it intends to double its loan book in Uttar Pradesh in three years, owing to a focus on MSME loans.

The Assets Under Management (AUM) in UP currently stand at Rs10,770 crore (as of Sep-22), with the company planning to increase it to over Rs20,000 crore in three years.

The growth strategy will be focused on expanding the MSME loan book because UP has the most MSMEs registered under Udyam, and the opportunity to finance MSMEs in the state is significant, said the company on Monday.

The company has also had tremendous success in financing 80,000 two-wheelers in Uttar Pradesh between October and December 2022, with the majority of their customers being self-employed. In 2022, Uttar Pradesh will be the largest market for two-wheeler sales in the country, according to Shriram Finance, which has a strong presence in the state.

The expansion has been fueled by an economic recovery, a revival of rural markets, and an increase in micro and small business activity. This has increased demand for financing for two-wheelers, commercial vehicles, and micro, small, and medium-sized businesses (MSMEs).

Shriram Finance serves the diverse financial needs of over 6,60,000 customers in Uttar Pradesh through 150 branches and over 5,000 employees.

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