Chennai based Equitas Microfinance, is diversifying into businesses like home finance. The target group for these businesses are people whose credit needs are not met by banks or NBFC. The home finance businesses would be separate subsidiary of the group.
The home finance subsidiary, Equitas Home Finance, has disbursed close to Rs. 2 crore worth loans so far, since the inception early this year. (2011)
Mr. P. N. Vasudevan, Founder, Equitas Microfinance said, “There aren’t many NBFCs that provide home loans of small ticket sizes for a long term 10-15 year period. Those are the segments that we target. The average ticket size of our home loans is about Rs. 10 lakh”
About Equitas Home Finance..!
Equitas Home Finance is present only in Tamil Nadu.
The home finance subsidiary, Equitas Home Finance, has disbursed close to Rs. 2 crore worth loans so far, since the inception early this year. (2011)
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| Mr. P. N. Vasudevan |
Mr. P. N. Vasudevan, Founder, Equitas Microfinance said, “There aren’t many NBFCs that provide home loans of small ticket sizes for a long term 10-15 year period. Those are the segments that we target. The average ticket size of our home loans is about Rs. 10 lakh”
About Equitas Home Finance..!
Equitas Home Finance is present only in Tamil Nadu.
The Equitas Microfinance has been formed for the purpose of extending micro credit to people who are otherwise unable to access finance from the mainstream banking channels. The alternate source for such people normally is the private money lenders whose rates of interest ranges anywhere from 30% to upwards of 100%.
The objective of the Equitas Microfinance company is to make available finance at reasonable cost and in a transparent manner to such customers and aim to achieve acceptable returns on investment so that we can continuously attract mainstream capital and human resources to better serve the chosen client segments.
EDIT (Equitas Development Initiatives Trust) is a not for profit organization formed for the purpose of promoting education amongst poor children and also seek to play a positive role in the lives of ultra poor such as pavement dwellers and beggars. TheEquitas Microfinance is committed to contribute 5% of its annual profits to this Trust.
It been floated by Mr. P N Vasudevan jointly with Mr. M Anandan & Mr. V P Nandakumar. Mr. Vasudevan comes with substantial experience in the NBFC business having been Vice President in Cholamandalam Investment & Finance Co, Chennai handling their retail business division comprising of vehicle finance with operations and as head of Retail Banking in Development Credit Bank Limited, Mumbai.
Equitas Micro Finance India P. Ltd. 4th Floor, Temple Tower, 672, Anna Salai, Nandanam, Chennai - 600 035 | |||||||||
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