SKS microfinance ties up with HDFC

By | December 31, 2009

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 technical support and the 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.

Get the best deals on bank loan offers

  • Home loans
  • Personal loans
  • Car loans
  • Credit card

Some useful personal finance calculators

  • EMI calculator
  • Loan repayment tenure calculator
All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: News

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *