Shriram Finance Ltd. (Shriram Finance) has drawn up plans to double its loan book in Uttar Pradesh in three years by focusing on self employed and MSME loans.
As of September 2022, the assets under management (AUM) stand at ₹10,770 crore and plans are on now to expand it to over ₹20,000 crore in three years in UP, the company said in a regulatory filing.
The growth strategy will be focused on growing the MSME loan book since U.P. has the largest number of MSMEs registered under Udyam and the opportunity to provide finance to MSMEs in the State is significant. It also plans to launch gold loans in UP.
“The largest retail NBFC financed 80,000 two-wheelers in Q3 of 2022 in U.P., which is a great milestone. There is a large potential for U.P. with the number of companies rising and the state turning into an industrial hub,” said Y.S. Chakravarti, MD & CEO.
“We have a leadership position in two-wheelers and commercial vehicle financing and will now focus on growing the MSME lending business which will drive overall growth in U.P.,” said G.M. Jilani, Joint MD.
In U.P., Shriram Finance caters to the diversified financial needs of more than 6,60,000 customers through its 150 branches and over 5,000 employees. The company has a fixed deposit franchise totalling over ₹2,400 crore with over 38,000 depositors.