Shriram Finance aims to increase market share in gold loan business

Shriram Finance Ltd, the flagship company of the diversified conglomerate Shriram Group is looking to consolidate its gold loan business and increase the market share in the coming quarters.

On the back of organised gold loan market expected to double in the next five years, the company has drawn up plans to introduce gold loan business in more branch networks.

The demand for gold has surged as individuals and small businesses seek quick access to funds, aligning with the national trend of rapid expansion in the organised gold loan industry, the company said in a statement here on Tuesday.

The primary customer base in the gold loan segment for Shriram Finance Ltd comprises middle-class households including salaried individuals, small businesses, traders in rural areas.

Shriram Finance Ltd offers single lump sum payment schemes, quarterly interest payment schemes and monthly EMI payments.

It has streamlined documentation formalities and has automated the loan processing system towards ensuring quick and hassle-free loan disbursements.