RattanIndia Finance, a joint venture by Rajiv Rattan and US-based private equity Loan Star Funds, has launched MSME loans to facilitate easier credit access to small businesses, media reports say.
RattanIndia plans to cater the MSME segment with its retail lending offering, which is powered by a newly developed technology platform, and backed by strong data analytics to provide customers with an easy and seamless experience.
This lending offering will allow MSMEs to avail a range of financial solutions, like access to business loans, working capital, invoicing, and supply chain financing, which will help them accelerate their growth.
In a statement, Rajiv Rattan, Chairman and CEO, RattanIndia Finance, said, “MSMEs play a crucial role in the economic and social development of the country. Our key objective at RattanIndia Finance is to empower MSMEs to realise their full potential by helping them with their credit needs. We are greatly looking forward to filling a vast gap in credit availability and simplify borrowing experience in this sector.”
RattanIndia Finance has already built Rs 1,200 crore loan book across corporate, retail, and SME segments, and aims to build $1 billion loan book in three years. The company had launched its unsecured and secured loan offering for SME customers late last calendar year.
Amit Mande, Head-Retail and SME, RattanIndia Finance, said, “The year 2019-2020 will be our key period of growth when we plan to scale up our business and establish our position amongst the top 10 NBFCs in the products that we operate. The launch of MSME Loans is in line with our business expansion plan and supplements the product suite of SME secured and unsecured loans.”
RattanIndia Finance retail lending business currently offers personal loans, SME secured and unsecured loans, and loan against property to salaried and self-employed customers. It plans to add more products to the consumer and to cater to the SME space during the year.