Mumbai (Maharashtra) [India] Feb 26 (ANI/NewsVoir): Capri Global Capital Ltd (CGCL), the fast-growing NBFC focused on MSME and housing finance, has announced an SME lending product "UDAAN" for women borrower.
The company through UDAAN aims to help women across the country gain access to the credit system and encourage the entrepreneurial spirit among them.
In order to benefit the scheme, the women borrower has to be the primary applicant within the age group of 18-45 years and must not be more than 60 years of age at the end of their loan repayment period.
The newly launched product will be offering secured loans up to Rs 40 lakh for business purpose only followed by due diligence. The repayment period will be as short as ten years or long 15 years at a competitive interest rate.
The women borrower applying for the loan need to be the owner or co-owner of the business/enterprises along with engagement in the business activity for more than 12 months respectively. CGCL will assess the borrower eligibility basis the documented as well as non-documented income as per the laid down policies.
To encourage the women borrowers, CGCL has introduced a special offer of EMI waivers at various stages of the loan who maintains an excellent track record (ETR) for the entire tenure with pre-defined criteria:
- 3 EMIs waived off at the end of the third year of the regular payment of EMIs.
- 5 EMIs waived off at the end of the fifth year of the regular payment of EMIs. (3+2)
- 10 EMIs waived off at the end of the tenth year of the regular payment of EMIs. (5+5)
"We have found that there is a significant gap between the demand for financial support to women-owned enterprises and the supply in providing a line of credit to this sector. While the estimated annual requirement for financial support to women-owned enterprises in India is USD 29.16 billion, the annual supply of credit to these MSMEs, from all formal sources, is estimated to be the only USD 9 billion", explained Rajesh Sharma, Managing Director, Capri Global Capital Ltd.
"We have developed many innovative products to compete in lending space for thousands of mid-sized players, and our newly launched dedicated women credit product under SME lending portfolio was the missing piece of the credit business jigsaw. This product will act as a game-changer for women entrepreneur seeking credit for their business expansion. The concept is at the heart of a broader innovation plan that CGCL has at the forefront to empower small businesses", he added further.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)