Ahmedabad (Gujarat) [India], Feb 27 (ANI/Digpu): Satya MicroCapital, one of India's fastest growing MFI, opened its first branch in the country's exuberant state of Gujarat, taking the total number of branches to 135 across 21 states and union territories.
The branch situated at Chandkheda in the city of Ahmedabad, was inaugurated by Satya MicroCapital's VP, Individual Micro Loan, Ravi Kumar on January 30, 2020.
With presence across the states of Assam, Bihar, Chandigarh, Chhattisgarh, Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Karnataka, Madhya Pradesh, Meghalaya, Odisha, Punjab, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand and West Bengal, Satya is now actively operating in the westernmost state of Gujarat as well.
An NBFC-MFI that offers collateral-free credit to micro-enterprises based on strong credit assessment and a centralised approval system; the company has adopted a unique Limited Liability Group (LLG) Model for extending loans and ensuring repayment which in turn allows group of borrowers to share the liability and responsibility to repay loans and instils trust in financial institutions and group members.
Currently, Satya is also catering to a diverse range of unique loan products to its wide client base, primarily married women who own businesses and are looking for means of expansion, income growth or income generation.
It aims to add a social touch to lending by integrating modern technology into the Micro Finance Industry. Satya recently reached the milestone of catering to 3.5 lakh plus active entrepreneurs within three short years of its operational journey.
The organization aims to be a catalyst for augmentation of five million households in both rural and semi-urban markets by the year 2025, and this can only be attained via steady expansion and marking a wide presence across the country.
It also works towards being a financial service powerhouse with a range of financial products, tailor-made and suited for the financially excluded community. Satya provides financial assistance to many households which are excluded from the ambit of mainstream financial service providers to enhance their livelihood and promote a productive environment.
"We are elated to launch our operations in Gujarat. Our first new branch in Ahmedabad is part of a strategic initiative to deliver wide range of microfinance services to a cross-section of people at the bottom of the pyramid in this historically and culturally important city. We are confident that the people of Gujarat will welcome our presence in the city and avail an array of our products and services," said Vivek Tiwari, MD and CEO, Satya MicroCapital Ltd, on the inauguration of the new branch.
Adding to this, he also stated that the launch of our new branches in various locations, will help in establishing Satya MicroCapital as the preferred credit enabler for underserved entrepreneurs and communities within these geographies.
This is a step in the right direction in order to further enhance our customer-centric and relationship-based approach. Our branches play a crucial role in amplifying our customer base and intensifying our business franchise.
Satya has always remained committed and focussed towards socio-economic upliftment of its customer bank by providing diverse loan services through a robust branch network.
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