Shriram Finance offers recession proof products to Streamline Finances for 2023

It is understandable that recession can be a worrying time for both consumers and business. “Our company is expanding rapidly. We are growing in numbers. While we recruited more than 3,500 during the third quarter, largely for cross-selling and upselling of products, we intend to hire another 1,000 in the current quarter with regards to the recent merger,” states S Sunder, Joint Managing Director of Shriram Finance.

Financial Inclusion of SMEs

SMEs have a key role in driving employment, especially in developing economies. SMEs contribute to employment generation and growth of economy.

According to Mr. Umesh Govind Revankar, Executive Vice Chairman of Shriram Finance, Micro, Small and Medium-Sized enterprises account for 29% of the nation’s GDP, 49% of exports, and more than 63 million businesses nationwide, but this sector still faces a significant funding shortfall. Shriram Finance is a leading provider of financing solutions for small and medium-sized firms (SMEs) in India, in addition to its FD product. The company offers a range of loan products to help SMEs grow and succeed. The products include working capital loans, term loans and business loans.

According to YS Chakravarti, the Managing Director and CEO, Shriram Finance anticipates increasing the proportion of non-motor vehicle loans in its portfolio to 40% over the next 3 years, which will cause the percentage of car loans to shrink to 60%. “At the moment, our MSME loan book is worth ₹17,000 crores, 90% of which are dedicated to trading and services. As we have some experience in this field, we intend to focus mostly on it. We also intend to offer gold loans at all of our branches, with the goal of eventually increasing the share of our loan book from 10% to 12%, says Mr. Chakravarti.

Shriram Finance is committed to making a positive impact on the communities it serves. It constantly partners with organisations and initiatives that aim to improve financial literacy and bring economic growth. The company’s team of experienced and knowledgeable financial advisors helps customers make informed decisions about their investment options.

Why Invest in Shriram Unnati Fixed Deposit?