INDIA- Satin Credit Care is a leading microfinance institution investing in Northern India’s businesses. It was formed in 1990 as a Non-Banking Finance Company (NBFC). Mr. H.P Singh, head of Satin Credit Care, initially realized a need for support one day when he witnessed a shopkeeper buying a small television. The man was partaking in a rent-to-own format, which entailed renting the item for a given period of time, and eventually taking ownership of the given item. Mr. Singh watched several people participating in the system. Curious, he supposed he might use a similar concept to provide generators for business use for these people.
He would provide loans to individuals who could not afford to make lump sum payments. From the start, Satin’s motives have been to provide for poor people in India. Since the institution’s start, the financial lending has spread to providing monetary assistance to deprived families to improve their quality of life. Additionally, Satin provides financial lending to both the urban and rural poor to start businesses and also provides for the growth of existing companies.
Providing growth in Northern India, Satin serves clients throughout Bijar, Chandigarh, Delhi, Haryana, Jamma, Madhya Pradesh, Punjab, Raasthan, Uttar Pradesh, and Uttrakhand.
With a mission “to provide monetary access to financially excluded families to improve their economic and social capacity,” the company continues to do great things for the people in Northern India.
Company accolades include Satin’s presence as a top 5 finalist for the Srijan Award in 2010, upgrading the grading from MFI 2 to MFI 2+ in July of 2013, upgrading the Credit Rating to BBB for long term bank facilities on June 28, 2013, and receiving a score of 83 percent in Microfinance Code of Conduct Compliance Assessment in 2012. Also noteworthy is Singh’s potential nomination for the ITDA Award at the Silver level.
Satin Credit Care has already assisted many people in Northern Indian and their businesses. The company aims at providing easy, “doorstep” service to India’s poor. As the company looks toward the future, they want to maintain a dynamic operation, as well as expand the institution internationally.
– Laura Reinacher