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MUMBAI, India, March 15, 2023 /PRNewswire/ — According to the IMF, global GDP will decelerate to 2.9% in 2023, down from 3.4% in 2022. The International Monetary Fund (IMF) expects India to grow at a rate of 6.0-6.5%, down from a predicted rate of 7%.
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?
Shriram Finance Limited is a market leader in India’s financial services industry. With more than 6 million customers and asset under management of ₹1.77 lakh crore, the company offers a range of products and services designed to help customers achieve financial stability and success. The company’s popular Fixed Deposit (FD) product is a low-risk investment option. Shriram Unnati FD has competitive interest rates, flexible tenure options, and guaranteed returns.
Shriram Finance offers Fixed Deposits with one of the highest interest rates ranging up to 9.10%*p.a. inclusive of a special interest benefit of 0.50%*p.a. for senior citizens and 0.10%*p.a. for women investors. Shriram Finance also offers an interest benefit of 0.25%*p.a. upon renewal of the fixed deposits on maturity.
About Shriram Group
Mr. R. Thyagarajan founded Shriram Group in 1974 with the motive of making people financially empowered. Since its inception, the company has been a leading player in the Indian financial services sector. The core strength of the Group lies in its financial services in vehicle financing and chit business. Over the years, Shriram Group has evolved into a prominent financial services conglomerate.
About Shriram Finance
Shriram Finance Limited, (BSE: SHRIRAMFIN (511218), NSE: SHRIRAMFIN) a 43-year-old company and part of the Shriram Group, is one of the largest NBFCs in India. The company is a leader in the organized financing of pre-owned trucks with a strategic presence in 5 to 10-year-old truck lending. The company has a Pan-India presence with a network of 2901 branches, and employs 57,382 employees. The company has built a strong customer base of around 6.7 million customers. The company has developed strong competencies in the areas of loan origination, valuation of pre-owned trucks and collection. It offers several products which include: Pre-owned CV financing, New CV financing, Two Wheeler Loans, Passenger Vehicle Loans, SME Financing, Personal Loan, Gold Loan and other loans like accidental repair loans, tyre loans and working capital finance, etc.