Shriram Finance, a leading NBFC in India, is diversifying its offerings to include education loans for upskilling courses. Recognizing the growing demand for short-term upskilling programs, the company aims to tap into this nascent market and provide financial assistance to students and professionals seeking to enhance their skills. By venturing into education loans, Shriram Finance aims to become a comprehensive financial solution provider, catering to diverse needs such as two-wheeler financing, MSME funding, and now, education loans.
While many NBFCs have been partnering with edtech startups to offer student loans, Shriram Finance’s focus on upskilling loans sets it apart. This move comes at a time when upskilling has gained significant popularity, particularly during the pandemic when professionals sought to acquire new skills to stay relevant in the job market. By capitalizing on this trend, Shriram Finance aims to capture a share of the growing upskilling market.
Additionally, the company plans to introduce an employee stock option plan (ESOP) to retain talent and motivate its workforce. This strategic decision reflects Shriram Finance’s commitment to valuing and rewarding its employees. By extending the ESOP program to a wider pool of employees, including branch managers, the company aims to strengthen employee engagement and align their interests with the company’s growth.
Overall, Shriram Finance’s diversification into education loans and the introduction of an ESOP program highlight its proactive approach to adapt to evolving market trends and prioritize employee satisfaction. These initiatives position the company to cater to a wider range of financial needs and foster a motivated and dedicated workforce.