Shriram City Union Finance Ltd. (Shriram City), India’s largest two-wheeler financer (number of 2W financed) and part of the Shriram Group, has launched an AI-enabled lending platform – Express Two-wheeler Loans (E2L). The platform will allow instant loan approval of up to 100 percent on-road price of the two-wheelers.
Customers can avail a fully digital and paperless two-wheeler loan facility round the clock in just a few minutes, without visiting a branch and submitting physical documents.
Speaking at the launch YS Chakravarti, MD & CEO, 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.”
Salient Features of ‘Express Two-wheeler Loans – E2L’:
- 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
Here are the steps to avail of the loan in a few simple steps:
Log in to Shriram City Union Finance, click on two-wheeler loans – Apply now or download MyShriramCity App.
Step 1: Provide basic details
Step 2: Select Vehicle
Step 3: Provide financial details
Step 4: Upload documents
Step 5: Get an online voucher (in-principal sanction letter)
Step 6: Visit dealer for your bike delivery