Swadhaar FinServe Pvt. Ltd.
CEO: Ms. Veena Mankar
Active Borrowers: 30,539
Active Portfolio: $4,829,000
Average Loan Balance: $158
Portfolio at Risk > 30 Days: 1.26%
Savers: n/a
Savings Balance: n/a
Statistics as of May2010
Mission: To make available regular, reliable and efficient financial services to the economically vulnerable urban poor, enabling them to become self reliant and meet their aspirations for a better and more secure future.
History: Swadhaar FinServe Private Limited (SFPL) is a Non Banking Financial Company (NBFC) that was set up with the objective of providing the urban poor increased access to financial services within the formal sector. It received approval from the Reserve Bank of India to operate as an NBFC in May 2008 and started operations on July 1, 2008.
Swadhaar’s microcredit activity began with the inception of the non-profit entity, Swadhaar FinAccess (SFA), incorporated in 2005. With the Reserve Bank of India’s approval for SFPL to operate as an NBFC, the Company took over all of SFA’s micro-credit activity and its existing micro-credit portfolio of about Rs. 6 million in September 2008. SFPL’s client outreach over the past 8 months has increased to 10,000 clients (as at May 20, 2009), with an active outstanding portfolio of about Rs. 63 million.
ACCION's Role: ACCION provides technical assistance to SFPL under a designated Project Manager and also participates in the line management through the secondment of a Chief Operations Officer and a Credit and Risk Manager. ACCION holds a 20% stake in the Company and has a seat on the Board.
Borrower Profile: SFPL offers clients two loan products: a Group Loan (GL) and an Individual Loan (IL). The GL client base comprises of women between the ages of 18 and 55 who either have their own business, are salaried or piece-workers. The loan ranges from Rs. 3,000 to Rs. 20,000 and is used for consumption smoothening and income generation. SFPL’s IL client base comprises of both male and female microentrepreneurs between the ages of 18 and 55. The IL is used for business expansion and income generation.
What's New: After receiving its NBFC license in May 2008, SFPL raised its capital to a total of Rs. 120 million in September 2008, from 2.6 million in February 2008. It subsequently went in for a CRISIL Grading, and received a grade of mfR5, on a grading scale of 1–8 (1 being the highest). Since then, the Swadhaar has standardized all its processes, products, training, and policies, and has just completed centralizing all its back office processes. Having reached a client base of about 10,000 in May 2009 in Mumbai, it is now expanding its operations to districts in Gujarat.
Where They Work: SFPL operates out of the following locations in Mumbai: Kherwadi, Malad, Ghatkopar, Bhandup, Borivali, Meghwadi, Wadala, Thane, Chembur as well as out of Vadodara, Gujarat.
Program Growth:
| Year |
Active Portfolio
|
Amount Loaned
|
Active Borrowers
|
Average Loan Balance
|
| 2006 |
$92,911 |
n/a
|
964 |
n/a |
| 2007 |
$200,000 |
n/a |
1,976 |
n/a |
| 2008 |
$698,000 |
$1,287,000 |
5,272 |
$132 |
| 2009 |
$1,430,000 |
$4,386,000 |
21,964 |
$141 |
| 2010 | $4,829,000
| $3,821,000 | 30,539 | $158 |
Contact Information:
Swadhaar FinServe Private Limited
5/39, Shree OM Co-operative Housing Society
Anand Nagar, Guru Narayan Road
Off Nehru Road
Santacruz (East)
Mumbai - 400 055
Tel.: +91 22 2613 8700
Email: rvora@swadhaar.com
Website: http://www.swadhaar.com
|