Chief Operating Officer of Satin Creditcare Network Ltd Mr. K Thangaraju stated that the microfinance company aims at strengthening its presence in the southern regions of India with the opening of a few more branches. As part of the expansion plan, the company has already opened four branches at Perundurai, Udumalpet, Kinnathukadavu, and Dharapuram. The company has also established a regional office in Coimbatore on Friday.
Satin Creditcare Network Ltd already has a strong base in southern regions, 84 branches are already established in South India, within which Tamil Nadu has 53 branches and 31 branches are in the state of Karnataka. However, the company is still planning to expand its network in South India. Ever since the lockdown, many financial institutions had taken more efforts to empower women and support them in order to make them financially independent. Satin Creditcare Network Ltd has also taken measures from their part to empower women, for that the company has extended loans amounting to Rs. ₹360 crores to women self-help groups (SHGs). They have been doing this over the last two years.
The microfinance company states that they have witnessed a great demand for small-ticket loans to help first-time borrowers to get loans for day-to-day needs. They have created a build-up credit history and will be eligible for larger loans like home loans. Satin Creditcare Network Ltd provides maximum support of Rs. 30,000 per individual in the group if they are first-time borrowers. These services will be made available for 24 months.
During the post-COVID-19 period, the company has focussed only on solving the requirements of the existing customers, and Satin Creditcare Network Ltd has further added that they are shifting support to new groups without withdrawing. Satin Creditcare Network Ltd is a Non-Banking Finance Company, established in 1990 by Mr. H P Singh. They work as a microfinance institution in the country having a presence in more than 22 states and more than 82,000 villages.
