Satin Creditcare commences operation in South India

Chennai

SCNL’s foray into South India comes in a time when the region has shown growth for microfinance industry. It was reported that Tamil Nadu and Karnataka registered microfinance gross lending portfolio (GLP) of Rs 4,917 cr and Rs 6,259 cr respectively as on June 30, 2018.

The company also plans to enter Karnataka market later this year. With a total asset under management (AUM) of INR 6,025.70 cr at Q1FY19, and over 30 lakh financially active women as its clients, SCNL already has a foothold in North –East, Uttar Pradesh, Bihar, Madhya Pradesh and Punjab. Last year, it started microfinance operations in North Eastern states, i.e., Assam, Meghalaya and Tripura.

Dev Verma, COO, SCNL said, “South India is a high potential market for microfinance and accounts for about 26 percent of the total NBFC-MFI gross lending. Therefore, our presence in Tamil Nadu will help us target a larger client base and grow exponentially in the coming months.”

HP Singh, CMD, SCNL said, “We are also focussing on increasing the quality of our portfolio by diversifying into other business verticals such as MSME lending, housing finance and Business Correspondent.”

SCNL also extends solar, water, and sanitation loans. The company has partnered with global firms such as TWP, Greenlight Planet and d.light to disburse solar loans in Uttar Pradesh, Bihar, Haryana, Punjab, Rajasthan, Orissa, Assam, and Jharkhand. Through its partnership with Water.org, SCNL has disbursed water and sanitation loans in Bihar.