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February 23, 2006 |
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SKS rolls out first individual loan product
Hyderabad � In response to a
strong demand from its clients, SKS Microfinance has recently
launched an individual loan product, Sanjeevini, targeted at
microentreprenuers across India. This is the first time SKS has
offered a product outside of their group, joint-liability program.
During the pilot phase, SKS will be giving loans to existing clients
that have been in the group system for at least one year, have
demonstrated good credit discipline and require additional working
capital for their businesses. Loan amounts range from Rs. 20,000 to
Rs. 50,000, compared to the first term group loan amount of Rs.
10,000 and repayments are made monthly as opposed to weekly. After
the successful completion of the pilot phase, SKS will roll out the
product corporate wide and also invite non-clients to apply.
At present, loans have been disbursed to over 500 clients across 16
branches, corresponding to a total loan outstanding amount of Rs.
15,382,000 ($346,636). �In addition to geographic expansion
throughout India, we are also looking to enhance our product
portfolio and meet the total household credit demand of our
clients,� said Rashmi Singh, SKS Manager in charge of Sanjeevini.
�Sanjeevini is our first attempt at achieving this goal and we are
extremely happy with the response so far.�
You can find more details about Sanjeevini here,
http://www.sksindia.com/products.htm. |
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