TAB Capital raises 80 crores in debt from Bank of India, Vijaya Bank, and others

ANI | Updated: Oct 31, 2017 16:09 IST

New Delhi [India], Oct. 31 (ANI): One of the fastest growing and award-winning Non-Banking Financial Company (NBFC), TAB Capital has successfully raised Rs. 80 crores in debt from Vijaya Bank, Bank of India, South Indian Bank, and MAS Financial.

Registered with the Reserve Bank of India (RBI) as a non-deposit taking NBFC, TAB Capital is set to utilize the debt funding to propel on its targeted growth to reach loan books of Rs. 200 crores by March 2018 and subsequently, of Rs. 500 crores by March 2019.

"At TAB Capital, the entire process is digital and automated with extensive use of big data and analytics that has helped the company maintain its unique digital banking model with nil pre-payment penalty, minimum documentation, and flexible repayment options. We are further targeting a loan book of Rs. 200 crores by March 2018 and Rs. 500 crore by March 2019," said chairperson and MD TAB Capital, Abhay Bhutada.

TAB Capital has already reached the AUM of Rs. 125 crores, as of October 31.

The digital lending NBFC has disrupted the status quo with its focus on technology, completing the entire disbursement process within two working days. Providing loans between Rs. two lakhs and Rs. one crore, the company further plans to launch innovative products in two-wheeler loans, later this year. (ANI)