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Entity-Specific Rating Rationales

03 Oct 2025

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA+(SO) assigned to SN Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche issued by Camion 03 2025, backed by a pool of vehicle loans receivable

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA+(SO) assigned to SN Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche issued by Camion 03 2025, backed by a pool of vehicle loans receivable

29 Sep 2025

Suryoday Small Finance Bank Limited: Ratings withdrawn for instruments issued under a vehicle loans securitisation transaction

Suryoday Small Finance Bank Limited: Ratings withdrawn for instruments issued under a vehicle loans securitisation transaction

07 May 2025

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA+(SO) assigned to SN Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche issued by Camion 03 2025, backed by a pool of vehicle loans receivables

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA+(SO) assigned to SN Series A1 and Provisional [ICRA]A(SO) assigned to Equity Tranche issued by Camion 03 2025, backed by a pool of vehicle loans receivables

29 Apr 2025

Suryoday Small Finance Bank Limited: Ratings upgraded for PTCs issued under an unsecured loans securitisation transaction

Suryoday Small Finance Bank Limited: Ratings upgraded for PTCs issued under an unsecured loans securitisation transaction

18 Mar 2025

Suryoday Small Finance Bank Limited: Ratings reaffirmed

Suryoday Small Finance Bank Limited: Ratings reaffirmed

16 Jul 2024

Suryoday Small Finance Bank Limited: Ratings confirmed as final for PTCs backed by unsecured loan receivables issued by Saryu 03 2024

Suryoday Small Finance Bank Limited: Ratings confirmed as final for PTCs backed by unsecured loan receivables issued by Saryu 03 2024

08 Apr 2024

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA-(SO) assigned to Series A1 PTC and Provisional [ICRA]A+(SO) assigned to Series A2 PTC backed by unsecured loan receivables issued by Saryu 03 2024

Suryoday Small Finance Bank Limited: Provisional [ICRA]AA-(SO) assigned to Series A1 PTC and Provisional [ICRA]A+(SO) assigned to Series A2 PTC backed by unsecured loan receivables issued by Saryu 03 2024

19 Mar 2024

Suryoday Small Finance Bank Limited: Ratings reaffirmed and withdrawn for Rs. 200 crore Certificate of deposit programme

Suryoday Small Finance Bank Limited: Ratings reaffirmed and withdrawn for Rs. 200 crore Certificate of deposit programme

21 Mar 2023

Suryoday Small Finance Bank Limited: Ratings reaffirmed

Suryoday Small Finance Bank Limited: Ratings reaffirmed

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Entity-Specific Credit Perspective Reports

07 Oct 2025

Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank Limited (SF)

07 May 2025

Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank Limited (SF)

21 Apr 2025

Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank Limited (Non-SF)

19 Apr 2024

Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank Limited (Non-SF)

10 Apr 2024

Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank Limited (SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
SN Series A1 -- -- Provisional [ICRA]AA+ (SO) --
Equity tranche -- -- Provisional [ICRA]A (SO) --
SN Series A1 -- -- Withdrawn --
Equity tranche -- -- Withdrawn --
Series A1 PTC -- -- [ICRA]AA(SO) --
Series A2 PTC -- -- [ICRA]AA-(SO) --
Certificates of Deposit [ICRA]A1+ -- -- --
Subordinated Debt -- -- [ICRA]A(Stable) --
Non-Convertible Debenture -- -- * --
Fixed Deposit Programme -- -- Withdrawn --

Our Analysts

Analyst 1

Vishal Oza

Analyst 2

Gaurav Mashalkar

Sector Head

Manushree Sagar
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