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Banking

Shriram Group eager to come in banking space

The Chennai-based Shriram Group, which is keen to enter the banking space once the RBI issues the final guidelines on the entry of new players, believes it can leverage its 50-lakh customer base across companies for a successful business.

“Many of our chit fund customers do not have access to banking facilities and we feel they would require banking services like small cash transaction services or remittances. Hence, we are keen to get into the banking space though we’re awaiting the final guidelines,” said Arun Duggal, chairman, Shriram Capital Trust.

India Infoline in its report on SCUF sources over 90% of its business through the group’s large chit fund infrastructure. SCUF benefits from low competitive intensity in its core geographic areas (Tamil Nadu and Andhra Pradesh) and product niches (two wheelers, used auto/CV, gold, small business and personal loans).

According to sources, “Shriram Group is considered to be a strong contender for the banking licence. There are over half a dozen corporate houses keen to enter the banking space but the RBI is expected to cap number of new bank licences at four.” At present, Shriram Group is present in the financial services space through its various subsidiaries that offer commercial vehicle financing, life insurance, consumer and small businesses financing, retail broking and chit fund business. Shriram Capital Trust is the holding company of Shriram Group. The beneficiaries of the Trust are the employees of Shriram Group. “It is a unique ownership structure with an employee stock option and partnership,” said Duggal.

Shriram Chits has a turn over Rs 2,500 crore, 465 branches and 5,000 employees. Shriram Chits operates in four states Tamil Nadu, Andhra Pradesh, Karnataka and Maharashtra.

The Group is also looking to grow its consumer and small businesses financing subsidiary, Shriram City Union Finance (SCUF), to enter the home loan business. “We will roll out the Shriram City Union branches in other states like Maharashtra and Gujarat. We will be entering the housing finance business once we receive the National Housing Bank approval,” added Duggal.

Gippy Grewal Desi Rockstar

Working with a WRS Info India Pvt Ltd.

Finance

Funds That Help Your Dream Come True With Bike finance

Are you arranging funds to purchase the bike you wish? Is that the cost of bike is high and arranging funds is taking much time. Bike finance is the best option you can opt for.  Any person can opt for this fiscal service, as they offer the amount without any hassle and also any person can avail it as per their requirements.

The applicant can aim the amount as per their requirements. The borrowed amount must be paid back on time in the settlement time duration. The amount that is sanctioned to the applicant depends upon the repaying capability and financial condition. Once the money is transferred in your account the applicant can purchase the bike and model of his choice. The applicant has the leeway to avail a new or used bike, as per their need and choice.

bike finance is categorized as secured and in unsecured forms. The applicant will have to pledge some assets as security against the loan sum where the unsecured advances are from such risk, they are collateral free finances. Due to absence of collateral the lenders charge high interest rate in unsecured form.

Motorbike finance can be applied through simple way with no obligation and free of cost. Online is the most convenient means as it is given on the website of the money lender. The applicant is required to fill application form with authentic personal details that can be done from home or office comfortably. The candidate gets an endorsement, after lender verifies the form and amount gets transferred into your bank version directly in just 24 hours.

Moreover the lender also does not waste time checking the credit condition of the applicant. They are applicable to all types of creditors; therefore imperfect credit situations such as insolvency, arrears, foreclosures, bankruptcy and so on will not compose any hindrance in the process of loan.

Michael Haywood is the author of this article. He works as a financial advisor with Bike Finance. Michael publishes useful articles about bike finance,bad credit motorbike finance,motorbike finance and guaranteed motorbike finance

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