Capri Global Capital Ltd announces its product ‘UDAAN’ for women borrowers with attractive EMI options
Mumbai, Feb 28 (KNN) Capri Global Capital Ltd (CGCL) has announced an SME lending product “UDAAN” for women borrower. CGCL is a fast-growing NBFC focused on MSME and housing finance.
According to media reports, the company through its product ‘UDAAN’ aims to help women across the country gain access to the credit system and encourage the entrepreneurial spirit among them.
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 10 years or long 15 years at a competitive interest rate.
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 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.
Reportedly, 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-defied criteria: 3 EMIs waived off at the end of 3rd year of regular payment of EMIs; 5* EMIs waived off at the end of 5th year of regular payment of EMIs (3+2).; 10* EMIs waived off at the end of 10th year of regular payment of EMIs (5+5).
Rajesh Sharma, Managing Director, CGCL said, “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.”
He further added that we have developed many innovative products to compete in the 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 said. (KNN/SS)