SKS microfinance ties up with HDFC
by 31, December, 2009 0 |
Housing finance major HDFC Ltd is looking to enter the rural segment with its tie-up with SKS Microfinance. SKS Microfinance will provide loans for extension and improvement of dwelling units that double up for income-generating activities such as eateries, papad and agarbathi-making etc and HDFC will provide technology support and a first tranche of funding of Rs 10 crore. SKS member clients with at least three years of credit history will be considered for these loans.
The scheme is being launched 10 branches of SKS in Andhra Pradesh with a flat interest rate of 21 per cent and duration of three-five years, said Mr Suresh Gurumani, CEO, SKS Microfinance.
Ms Renu Karnad, Joint Managing Director, HDFC, speaking about the tie up, said, “It is a market we want to enter. But we don’t have as much ‘feet-on-the-street’ like SKS. We are happy to provide technical help.” The rate of interest for the loan charged by HDFC will be floating and will depend on when SKS draws on the loan.
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