Satin Creditcare Network partners with IndusInd Bank for secured lending

New Delhi: Microfinance company Satin Creditcare Network Limited (SCNL ) has entered into a strategic Business Correspondent (BC) partnership with IndusInd Bank for secured lending.

Till date, SCNL has disbursed more than Rs 200 crore across Bihar, West Bengal, Uttar Pradesh, and Rajasthan under this partnership, and is looking forward to the opportunity to scale up in the short term, the company said in a statement.

SCNL has also diversified into housing finance and BC partnerships with other banks/NBFC through its subsidiaries Satin Housing Finance Limited and Taraashna Services Limited respectively. Lending for micro, small, and medium enterprises (MSME) is currently managed by the parent company SCNL.   

It has recently commenced operations in South India, with the first loan disbursement in Chennai, Tamil Nadu. With this, SCNL is now operationally present in 21states and union territories.

The company said that it also plans to enter Karnataka market later this year. With a total asset under management (AUM) of Rs 6,025.70 crore at Q1FY19, and over 30 lakh financially active women as its clients, SCNL already has a strong foothold in North –East, Uttar Pradesh, Bihar, Madhya Pradesh and Punjab. Last year, it started microfinance operations in North Eastern states, i.e., Assam, Meghalaya and Tripura, the company said.

SCNL also extends solar, water, and sanitation loans.

The company has partnered with global firms such as TWP, Greenlight Planet and d.light to disburse solar loans in Uttar Pradesh, Bihar, Haryana, Punjab, Rajasthan, Orissa, Assam, and Jharkhand.