MUMBAI, Mar 13: Microlender Satin Creditcare Network Ltd (SCNL) on Thursday announced that it has raised USD 100 million loan from an arm of Standard Chartered Bank and six Sri Lankan lenders.
The company has raised the USD 100 million (around Rs 870 crore) in external commercial borrowing as part of its maiden syndicated social loan outing, a statement said.
It can be noted that the funding comes at a time when microfinance sector has been facing several headwinds, including elevated non-performing assets, higher leverage among borrowers etc.
SCNL’s chairman and managing director H P Singh said the deal highlights its strong governance, sustainable growth, and financial resilience.
First tranche of the loan was disbursed on Wednesday, it said, adding that the agreement for the loan was signed last month.
SCB Gift City branch, and Sri Lanka-based Hatton National Bank, National Development Bank, Seylan Bank, Pan Asia Banking Corporation, Commercial Bank of Ceylonand DFCC Bank are the entities which participated in the transaction, it said.
The loan tenor is three years and the pricing is linked to the 3-month Term SOFR (Secured Overnight Financing Rate), the statement said.
This social funding is intended to expand access to financial services, promote economic participation, and drive development in underbanked regions, as per the statement. (PTI)
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