Satin Creditcare raises Rs 300 cr from NABARD

Satin Creditcare raises Rs 300 cr from NABARD

Satin Creditcare Network (SCNL), one of the largest microfinance institutions in North India, has received a fresh disbursement of Rs 300 crore from National Bank for Agriculture and Rural Development (NABARD), in the form of refinance facility at an interest rate of 10.75% per annum for a tenure of five years.

With this transaction, NABARD is now SCNL’s largest lender. The funds raised will be used for further growth in assets under management of SCNL, the company said.

SCNL has been raising funds through various instruments, such as term loans, non-convertible debentures (NCD), preference shares, commercial paper and securitisation/assignment in keeping with its strategy to diversify its resource profile. Post demonetisation, SCNL has raised over Rs 900 crore, which reflects its strong association and comfort with various lenders.

 “Association with NABARD is helping SCNL to reduce the cost of borrowings and lending rates to the ultimate borrowers. Lower lending rates will add to competitive edge of SCNL and accelerate the pace of our mission of financial inclusion,” SCNL chairman and managing director H P Singh said.

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