Money & Banking

Satin Creditcare Network to expand in South India

LN Revathy Coimbatore | Updated on December 05, 2020

Post-Covid-19, it has catered to existing customers; ‘we are deferring support to new groups, not withdrawing’

Microfinance company Satin Creditcare Network Ltd plans to strengthen its presence in the South with the opening of a few more branches, said the company’s Chief Operating Officer K Thangaraju.

As part of its expansion plan, the company opened four branches at Perundurai, Udumalpet, Kinnathukadavu and Dharapuram in this region about 10 days back, and a regional office in Coimbatore on Friday.

With 84 branches in the South (of which 53 and 31 are in the states of Tamil Nadu and Karnataka respectively), the company is looking to further strengthen its network in the South.

Also read: Micro-credit collections in East, N-E lagging national average

Thangaraju said that the company has extended loans amounting to ₹360 crore to women self-help groups (SHGs) over the last two years.

“There is demand for small-ticket loans and we focus on group lending. For first-time borrowers, we extend maximum support of ₹30,000 per individual in the group. The tenure is for 24 months.”

The company has, in the post-Covid-19 period, focused only on catering to the requirements of existing customers, he said, and clarified “we are deferring support to new groups, not withdrawing.”

Also read: Wisteria Holdings increases shareholding in Satin Creditcare Network

With 1,255 branches across India, 40 lakh customers in 84,000 villages across 23 States and Union territories, Satin Creditcare is quite upbeat about its growth prospects.

“The recovery rate has been good (97 per cent) and we grew 27 per cent last quarter,” Thangaraju told BusinessLine.

Published on December 05, 2020

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