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Shriram Finance Limited offers affordable financial services to underbanked consumers in India — including truck drivers who dream of owning their own vehicles — and has worked with “trusted advisor” JPMorganChase for two decades.
August 14, 2025
India’s financial inclusion story has made encouraging progress over the years, but it is yet to realize its full potential. As of 2021, a mere 22% of Indian adults — around 179 million people — had access to mainstream credit services.
For the underserved population, the absence of credit history can make it challenging to obtain loans from traditional financial institutions like banks for home, vehicle, or other asset purchases, which further exacerbates the credit gap.
However, shadow banks - known in India as non-banking financial companies (NBFCs) - play a crucial role in bridging this gap. They lend to customers without or with limited credit histories, basing the loan on their earning capacity or the end use of funds, thus helping them access credit for their purchases.
JPMorganChase is proud to support Shriram Finance Limited (SFL), which ranks among the country’s largest NBFCs and manages assets worth over $29 billion. SFL is best-known for being India’s largest commercial vehicle lender and financing purchases of pre-owned vehicles by truck drivers who are otherwise unable to obtain organized forms of credit.
The firm recognizes SFL’s efforts to provide affordable financial services to underbanked customer segments — including drivers-turned-owners, first-time borrowers, small road transport operators, and micro, small and medium enterprises (MSMEs) — as a tool for equipping India’s next generation and spurring economic growth in the market.
SFL’s socially-conscious approach to business is aligned with JPMorganChase’s commitment to promoting financial health to build more inclusive and resilient economies across the markets it serves.
SFL offers a wide range of financial services, including consumer finance, insurance, and stockbroking. Still, commercial vehicle lending accounted for 46% of its assets under management in September 2024.
“SFL arrived as a saviour in my life”, says an entrepreneur from Prayagraj in Uttar Pradesh state who turned around his cash-strapped transport business with the company’s help.
While other lenders were put off by his low credit score, SFL went the extra mile to get him back on his feet, he said.
His experience illustrates the customer service approach at the heart of SFL’s “relationship-based” business model, which prioritises trust-building. This, combined with a sizeable corps of field officers, a vast network of branches, and internally developed valuation methods, creates a strong foundation for success.
JPMorganChase views SFL’s work in commercial vehicle lending as transformative for underserved customers. Drivers-turned-owners whose vehicles were financed by SFL tend to save twice as much as they previous earned, according to a 2023 company report.
The bank’s relationship with SFL goes back two decades and is seen by the company as “a trusted advisor”, says Vedansh Chandak, President - Corporate Finance and Treasury, at SFL.
JPMorganChase’s support for SFL is wide-ranging, including direct exposure across various products, support for fundraising, and strategic counsel for the establishment of a Social Finance Framework (SFF).
The framework governs the allocation of funds raised through a variety of financing instruments to rigorously vetted projects that promote socioeconomic empowerment and advance the United Nations Sustainable Development Goals (SDGs).
JPMorganChase advised SFL following their decision to adopt the framework in 2019 to formalize its lending to underbanked segments and appeal to global investors.
Since 2020, SFL has raised USD around 4 billion in foreign currency borrowings under the framework with JPMorganChase’s support, Chandak said.
The SFF is only a part of the company’s sustainability agenda, which also includes helping clients to achieve their energy transition objectives and working towards an energy-secure, low-carbon future that is good for businesses, clients and communities.
JPMorganChase is excited for the future of its collaboration with SFL and looks forward to supporting their work as they shape India’s economic growth through socially responsible business.
Learn more about JPMorganChase’s commitment to India here.
