Microfinance lender Satin Creditcare today said it has raised Rs 500 crore from Nabard which will be utilised to grow the company's loan book and boost business.
Satin Creditcare Network Limited (SCNL) has received a fresh disbursement of Rs 500 crore from Nabard in the form of refinance facility for tenure of 5 years, the company said in a statement.
The funds raised will be used for further growth in asset under management (AUM) of SCNL.
SCNL Chairman and Managing Director H P Singh said: "Association with Nabard is helping SCNL to reduce the cost of borrowings and lending rates to the ultimate borrowers. Lower lending rates will accelerate the pace of our mission of financial inclusion."
The company said it has been raising funds through various means including term loans, non-convertible debentures (NCDs) and preference shares in keeping with its strategy to diversify its resource profile.
In 2017-18, the company raised over Rs 3,888 crore from various lenders.
The company's gross loan portfolio stood at Rs 5,756.80 crore as on March 31, 2018.
Satin Creditcare said it expects its gross loan portfolio to grow by about 40 per cent going further.
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