Satin Creditcare Network Limited
Status: Approved investmentWhy disclosure?
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In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Satin Creditcare Network Ltd. ("SCNL") is an established NBFC-MFI with a pan-Indian presence and a long-standing track record. The company was established in 1990, mainly offering the traditional Joint Liability Group (“JLG”) lending to women entrepreneurs. To date the company operates asset under management of >USD 1bn, reaching ~3.5m microentrepreneurs through a network of ~1400 branches.
What is our funding objective?
FMO has provided a USD 40m in INR equivalent facility with a tenor of 5 years, with the purpose to further grow SCNL's Water, Sanitation & Hygiene ("WASH"), Solar panel and induction cooker loan portfolio.
Why do we fund this investment?
The investment fits well into FMO's strategic goals of reducing inequalities as the investment channels funds to microentrepreneurs in India. Further, as the investment is earmarked for WASH, Solar panels and induction cookers, it contributions to FMO's strategic goals of climate action and is eligible for a Green Label.
What is the Environmental and Social categorization rationale?
E&S categorization is C due to SCNL’s microloan activities. The company does not have exposure to the Exclusion List categories or IFC PS triggered transactions. SCNL screens all transactions against the ADB Prohibited Investment Activities List and the Harmonized EDFI Exclusion List.
More investments
| Date | Total FMO financing |
|---|---|
| 2/29/2024 | INR 96.83 MLN |
| 3/14/2024 | INR 2130.00 MLN |
- Region
- Asia
- Country
- India
- Sector
- Financial Institutions
- Publication date
- 6/3/2024
- Effective date
- 5/21/2024
- Total FMO financing
- INR 3320.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C