<?xml version="1.0" encoding="UTF-8"?>
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2021-03-31/in-capmkt" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Interest_Payment/2021-03-31/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink">
<link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2021-03-31.xsd"/>
<xbrli:context id="Interestpayment001D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/ScripCode">511218</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-01</xbrli:startDate><xbrli:endDate>2026-08-01</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:InterestPaymentsAxis"><in-capmkt:InterestPaymentsDomain>InterestPaymentsDomain1</in-capmkt:InterestPaymentsDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context>
<xbrli:context id="Interestpayment001I"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/ScripCode">511218</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-01</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:InterestPaymentsAxis"><in-capmkt:InterestPaymentsDomain>InterestPaymentsDomain1</in-capmkt:InterestPaymentsDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context>
<xbrli:context id="Interestpayment002D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/ScripCode">511218</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-01</xbrli:startDate><xbrli:endDate>2026-08-01</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:InterestPaymentsAxis"><in-capmkt:InterestPaymentsDomain>InterestPaymentsDomain2</in-capmkt:InterestPaymentsDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context>
<xbrli:context id="Interestpayment002I"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/ScripCode">511218</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-01</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:InterestPaymentsAxis"><in-capmkt:InterestPaymentsDomain>InterestPaymentsDomain2</in-capmkt:InterestPaymentsDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context>
<xbrli:context id="Interestpayment003D"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/ScripCode">511218</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-01</xbrli:startDate><xbrli:endDate>2026-08-01</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:InterestPaymentsAxis"><in-capmkt:InterestPaymentsDomain>InterestPaymentsDomain3</in-capmkt:InterestPaymentsDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context>
<xbrli:context id="Interestpayment003I"><xbrli:entity><xbrli:identifier scheme="http://www.nseindia.com/ScripCode">511218</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-01</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:InterestPaymentsAxis"><in-capmkt:InterestPaymentsDomain>InterestPaymentsDomain3</in-capmkt:InterestPaymentsDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context>
<xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><xbrli:unit id="INRPerShare"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit>
<in-capmkt:NameOfTheCompany contextRef="OneI">Shriram Finance Limited</in-capmkt:NameOfTheCompany>
<in-capmkt:ScripCode contextRef="OneI">511218</in-capmkt:ScripCode>
<in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol>
<in-capmkt:DateOfReport contextRef="OneI">2026-08-01</in-capmkt:DateOfReport>
<in-capmkt:ISIN contextRef="Interestpayment001I">INE721A07ON4</in-capmkt:ISIN>
<in-capmkt:Series contextRef="Interestpayment001I">II</in-capmkt:Series>
<in-capmkt:SecuritiesDescription contextRef="Interestpayment001I">NCD 2018 Tranche - 3</in-capmkt:SecuritiesDescription>
<in-capmkt:DateOfProspectusOrDisclosureDocument contextRef="Interestpayment001D">2018-12-27</in-capmkt:DateOfProspectusOrDisclosureDocument>
<in-capmkt:IssueSize contextRef="Interestpayment001D" unitRef="INR" decimals="-3">263800000</in-capmkt:IssueSize>
<in-capmkt:NumberOfInstrument contextRef="Interestpayment001I" unitRef="shares" decimals="INF">263803</in-capmkt:NumberOfInstrument>
<in-capmkt:FaceValue contextRef="Interestpayment001D" unitRef="INRPerShare" decimals="INF">1000</in-capmkt:FaceValue>
<in-capmkt:RateOfInterest contextRef="Interestpayment001D" unitRef="pure" decimals="INF">0.093</in-capmkt:RateOfInterest>
<in-capmkt:InterestAmountToBePaidOnDueDate contextRef="Interestpayment001D" unitRef="INR" decimals="-3">1900000</in-capmkt:InterestAmountToBePaidOnDueDate>
<in-capmkt:FrequencyOfInterestPayments contextRef="Interestpayment001I">Monthly</in-capmkt:FrequencyOfInterestPayments>
<in-capmkt:ChangeInFrequencyOfPayment contextRef="Interestpayment001D">false</in-capmkt:ChangeInFrequencyOfPayment>
<in-capmkt:RecordDateOfInterestPayment contextRef="Interestpayment001D">2026-07-16</in-capmkt:RecordDateOfInterestPayment>
<in-capmkt:DueDateOfInterestPayment contextRef="Interestpayment001D">2026-08-01</in-capmkt:DueDateOfInterestPayment>
<in-capmkt:ActualDateOfInterestPayment contextRef="Interestpayment001D">2026-08-01</in-capmkt:ActualDateOfInterestPayment>
<in-capmkt:AmountOfInterestPaid contextRef="Interestpayment001D" unitRef="INR" decimals="-3">1900000</in-capmkt:AmountOfInterestPaid>
<in-capmkt:DateOfLastInterestPayment contextRef="Interestpayment001D">2026-07-01</in-capmkt:DateOfLastInterestPayment>
<in-capmkt:ISIN contextRef="Interestpayment002I">INE721A07PA8</in-capmkt:ISIN>
<in-capmkt:Series contextRef="Interestpayment002I">III</in-capmkt:Series>
<in-capmkt:SecuritiesDescription contextRef="Interestpayment002I">NCD 2019 Tranche - 1</in-capmkt:SecuritiesDescription>
<in-capmkt:DateOfProspectusOrDisclosureDocument contextRef="Interestpayment002D">2019-07-12</in-capmkt:DateOfProspectusOrDisclosureDocument>
<in-capmkt:IssueSize contextRef="Interestpayment002D" unitRef="INR" decimals="-3">210400000</in-capmkt:IssueSize>
<in-capmkt:NumberOfInstrument contextRef="Interestpayment002I" unitRef="shares" decimals="INF">210360</in-capmkt:NumberOfInstrument>
<in-capmkt:FaceValue contextRef="Interestpayment002D" unitRef="INRPerShare" decimals="INF">1000</in-capmkt:FaceValue>
<in-capmkt:RateOfInterest contextRef="Interestpayment002D" unitRef="pure" decimals="INF">0.0931</in-capmkt:RateOfInterest>
<in-capmkt:InterestAmountToBePaidOnDueDate contextRef="Interestpayment002D" unitRef="INR" decimals="-3">1500000</in-capmkt:InterestAmountToBePaidOnDueDate>
<in-capmkt:FrequencyOfInterestPayments contextRef="Interestpayment002I">Monthly</in-capmkt:FrequencyOfInterestPayments>
<in-capmkt:ChangeInFrequencyOfPayment contextRef="Interestpayment002D">false</in-capmkt:ChangeInFrequencyOfPayment>
<in-capmkt:RecordDateOfInterestPayment contextRef="Interestpayment002D">2026-07-16</in-capmkt:RecordDateOfInterestPayment>
<in-capmkt:DueDateOfInterestPayment contextRef="Interestpayment002D">2026-08-01</in-capmkt:DueDateOfInterestPayment>
<in-capmkt:ActualDateOfInterestPayment contextRef="Interestpayment002D">2026-08-01</in-capmkt:ActualDateOfInterestPayment>
<in-capmkt:AmountOfInterestPaid contextRef="Interestpayment002D" unitRef="INR" decimals="-3">1500000</in-capmkt:AmountOfInterestPaid>
<in-capmkt:DateOfLastInterestPayment contextRef="Interestpayment002D">2026-07-01</in-capmkt:DateOfLastInterestPayment>
<in-capmkt:ISIN contextRef="Interestpayment003I">INE721A07PK7</in-capmkt:ISIN>
<in-capmkt:Series contextRef="Interestpayment003I">III</in-capmkt:Series>
<in-capmkt:SecuritiesDescription contextRef="Interestpayment003I">NCD 2019 Tranche - 2</in-capmkt:SecuritiesDescription>
<in-capmkt:DateOfProspectusOrDisclosureDocument contextRef="Interestpayment003D">2019-12-26</in-capmkt:DateOfProspectusOrDisclosureDocument>
<in-capmkt:IssueSize contextRef="Interestpayment003D" unitRef="INR" decimals="-3">138300000</in-capmkt:IssueSize>
<in-capmkt:NumberOfInstrument contextRef="Interestpayment003I" unitRef="shares" decimals="INF">138306</in-capmkt:NumberOfInstrument>
<in-capmkt:FaceValue contextRef="Interestpayment003D" unitRef="INRPerShare" decimals="INF">1000</in-capmkt:FaceValue>
<in-capmkt:RateOfInterest contextRef="Interestpayment003D" unitRef="pure" decimals="INF">0.0875</in-capmkt:RateOfInterest>
<in-capmkt:InterestAmountToBePaidOnDueDate contextRef="Interestpayment003D" unitRef="INR" decimals="-3">900000</in-capmkt:InterestAmountToBePaidOnDueDate>
<in-capmkt:FrequencyOfInterestPayments contextRef="Interestpayment003I">Monthly</in-capmkt:FrequencyOfInterestPayments>
<in-capmkt:ChangeInFrequencyOfPayment contextRef="Interestpayment003D">false</in-capmkt:ChangeInFrequencyOfPayment>
<in-capmkt:RecordDateOfInterestPayment contextRef="Interestpayment003D">2026-07-16</in-capmkt:RecordDateOfInterestPayment>
<in-capmkt:DueDateOfInterestPayment contextRef="Interestpayment003D">2026-08-01</in-capmkt:DueDateOfInterestPayment>
<in-capmkt:ActualDateOfInterestPayment contextRef="Interestpayment003D">2026-08-01</in-capmkt:ActualDateOfInterestPayment>
<in-capmkt:AmountOfInterestPaid contextRef="Interestpayment003D" unitRef="INR" decimals="-3">900000</in-capmkt:AmountOfInterestPaid>
<in-capmkt:DateOfLastInterestPayment contextRef="Interestpayment003D">2026-07-01</in-capmkt:DateOfLastInterestPayment>
<in-capmkt:NameOfSignatory contextRef="OneI">U Balasundararao</in-capmkt:NameOfSignatory>
<in-capmkt:DesignationOfSignatoryPerson contextRef="OneI">Company Secretary and Chief Compliance Officer</in-capmkt:DesignationOfSignatoryPerson>
<in-capmkt:PlaceOfSignatory contextRef="OneI">Mumbai</in-capmkt:PlaceOfSignatory>
<in-capmkt:DateOfSignatory contextRef="OneD">2026-08-01</in-capmkt:DateOfSignatory>
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