Jun 26: Satin Creditcare Network Ltd (SCNL), the second largest microfinance company in the country, on Tuesday said that it has received a fresh disbursement of Rs 500 crore from NABARD in the form of refinance facility for a tenure of 5 years. The funds raised will be used for further growth in AUM of SCNL, according to the company.
Commenting on the transaction, H P Singh, Chairman and Managing Director – SCNL, 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.”
SCNL has been raising funds through various instruments, such as Term Loans, Non-Convertible Debentures (NCD), Preference shares, Commercial Paper and Securitization/assignment, etc., in keeping with its strategy to diversify its resource profile. Last financial year, SCNL has raised over Rs 3,888 crore.