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Swarna Pragati elevates Debt Funding from SBI

State Bank of India endows Rs 50 crore by debt financing in Swarna Pragati Housing Microfinance Pvt. Ltd.
BY BEx Bureau
BusinessEx
Aug 18, 2017

Microfinance Institution plans to use the raised funds to enhance its loan portfolio and build up its existence of affordable housing market in rural areas, the company said in press statement.

The affordable housing market presents an unprecedented opportunity in India right now for the rural housing credit market, said Ramesh Kumar, chairman and managing director, Swarna Pragati.

The company aims to provide the finance facility to historically underserved Indian population, women, low-income, and rural communities. The financial institution does not insist on land titles to grant loan and is ready to deal in alternative methods as well.

Till date, the company has successfully provided over Rs 170 crore loan to more than 17,000 borrowers majorly in Maharashtra, Odisha, Karnataka, Tamil Nadu and West Bengal. With 40 branches all over India and partnership with NGOs and other microfinance institutions has helped the company to provide this financial services achievable.

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