About the Pool

The PTCs issued under this securitisation transaction are backed by a pool of receivables from commercial vehicle loans originated by SFL. As of the pool cut-off date (20-Nov-2023), the pool loans had a weighted average seasoning of 8.8 months, a weighted average interest rate of 20.3%, a weighted average LTV ratio of 79.1%, a weighted average original tenure of 42.0 months, and an average original loan amount of Rs 3.1 lakh. The top 3 states (Andhra Pradesh, Telangana and Uttar Pradesh) contributed 38.7% of the initial pool principal as of the cut-off date. All the underlying pool loans were current on repayment as on the cut-off date.

Counterparty details

About the Originator

Following the consummation of the merger of Shriram City Union Finance (SCUF) and demerged undertaking of Shriram Capital Limited with STFCL, the company has been renamed to Shriram Finance Ltd (SFL). Shriram Housing Finance Ltd (SHFL) continues to operate as a subsidiary of SFL which holds around 85.02% stake in the same. Pursuant to the consummation of the transaction, Shriram Capital and SCUF cease to exist.

STFCL, incorporated in 1979, was registered with RBI as a deposit-taking, asset-financing non-banking financial company. STFCL provides financing for vehicles such as CVs (both pre-owned and new), tractors, and passenger vehicles.

SCUF, was incorporated in 1986 and predominantly operates in the retail financing segment with a focus on small enterprise loans, two-wheeler financing, gold loans, housing loans and others (auto and personal loans).

Any other information: Not Applicable

Annexure - Details of Instrument(s)

#Indicates legal final maturity date for the instruments. Actual maturity will depend on the level of collection shortfalls in the pool, the level of prepayments in the pool, and exercise of the clean-up call option.

@The rating on Series A2 PTCs only addresses the likelihood of principal repayment by the legal final maturity date, and not the payment of residual EIS amounts.

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