The digital and paperless facility for instant loan approval is available round the clock
Shriram City Union Finance has launched an AI-enabled lending platform – Express Two-wheeler Loans (E2L) that will allow instant
loan approval of up to 100% on-road price of two-wheelers. Customers can avail the fully digital and paperless two-wheeler loan facility round the clock in just a few minutes, without the need to visit a branch and submit physical documents.
YS Chakravarti, MD & CEO, SCUF, 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. The platform will allow customers to avail loans through our App or website.”
For instant loan approval, customers will have to upload bank statements and provide basic details. A business rules engine (BRE)-supported AI-based tool calculates eligibility and generates an in-principal sanction letter or voucher. Customers can present the voucher number to the dealer. The dealer can review all the relevant customer details on the handheld device. The customers are given maximum eligibility, thereby allowing them to choose a costlier brand if needed.
