RattanIndia Finance forays into small biz loan and plans presence in 12 cities including Hyderabad
Hyderabad, May 14 (KNN) RattanIndia Finance, a joint venture between Rajiv Rattan and US based Private Equity Loan Star Funds, has expanded into small biz finance with the launch of Micro, Small and Medium Enterprises (MSME) loans to facilitate easier credit access to small businesses in the country.
The company having presence in Mumbai, Delhi, Bangalore and Pune plans to increase presence in 12 other cities including Hyderabad, Chennai, Jaipur, Ahmedabad, Surat, and Chandigarh .
Chairman & CEO, RattanIndia Finance Rajiv Rattan, said "Keeping In line with the Government of India's endeavor to bolster the growth and performance of micro, small and medium enterprises (MSMEs) in India ,the company plans to cater the MSME segment with its retail lending offering which is powered by a newly developed technology platform and backed by strong data analytics to provide customers with an easy and seamless experience..”
He said that MSMEs will be able to avail a range of financial solutions vis-à-vis access to business loans, working capital, invoicing and supply chain financing which will help them accelerate their growth. MSMEs play a crucial role in the economic and social development of the country.
“Our key objective at RattanIndia Finance is to empower MSMEs to realize their full potential by helping them with their credit needs. We are greatly looking forward to filling a vast gap in credit availability and simplify borrowing experience in this sector”, he added.
He asserted that RattanIndia Finance aims to build USD 1 billion loan book in next five years and has already built Rs. 1200 crore loan book across Corporate, Retail & SME segment. The company had launched its unsecured and secured loan offering for SME customers late last calendar year.
Head Retail & SME, RattanIndia Finance Amit Mande said, "The Financial year 2019-2020 will be our key period of growth, when we plan to scale-up our business and establish our position amongst the top 10 NBFCs in the products that we operate. Launch of MSME Loans is in line with our business expansion plan and supplements the product suite of SME secured and unsecured loans."
RattanIndia Finance retail lending business currently offers Personal Loans, SME Secured and Unsecured Loans and Loan against Property to salaried and self-employed customers. It plans to add more products in the consumer and SME space during the year.