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Satin Creditcare Secures EUR 15 Mn Debt Funding from OeEB to Empower Rural Women Entrepreneurs This marks the company's third transaction with OeEB, following the successful collaboration in 2019 and 2021, which raised a total of USD 20 million.

By Entrepreneur Staff

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HP Singh, Chairman and Managing Director, Satin Creditcare Network Limited

Satin Creditcare Network Limited (SCNL), a microfinance institution in India, has raised 15 million euros in external commercial borrowing (ECB) from OeEB (Oesterreichische Entwicklungsbank AG), the Development Bank of Austria.

This five-year funding will support SCNL's expansion and enhance micro-credit access through its Income Generating Loan (IGL) and WASH Loan programs, focusing on empowering rural women entrepreneurs and fostering economic growth in underserved communities.

HP Singh, Chairman and Managing Director of Satin Creditcare Network Limited, said, "Given our strong focus on deep penetration across Indian villages, these additional funds will significantly enhance our expansion efforts and broaden micro-credit access to underserved communities. We are determined to level up and empower women with our outreach programs and continue to fuel avenues that can make our country self-reliant. With Nagaland being added to our portfolio recently, we see new opportunities amongst far Eastern states too."

This marks the company's third transaction with OeEB, following the successful collaboration in 2019 and 2021, which raised a total of USD 20 million.

According to the company, for the year ended March 31, 2024, SCNL reported a net profit of INR 436 crore compared with a net profit of INR 5 crore in the previous year. Net interest income grew 43% in 2023–24 to INR 1,340 crore (INR 934 crore). The marginal cost of borrowing stood at 10.99%.

SCNL claims to operate in 27 states and union territories, covering around 89,000 villages and serving 34.7 lakh clients through 1,393 branches and a workforce of 12,896.

The company also provides loans to MSMEs and affordable housing through its subsidiaries, Satin Housing Finance Limited and Satin Finserv Limited.

Entrepreneur Staff

Entrepreneur Staff

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