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Belstar Investment Launches Pragati Loans for Women

In Business
May 07, 2019

CHENNAI:
Belstar Investment and Finance Limited, an NBFC MFI subsidiary of Muthoot Finance Limited rolled out Pragati (Progress) Loans, a group microcredit lending product for the underserved rural women.

The launch was a gala affair and was presided over by the IPL stars from Chennai Super Kings, Harbhajan Singh, Murali Vijay, Shardul Thakur and Imran Tahir. The cricketers felicitated two Self Help Group (SHG) women, in recognition of their entrepreneurial feat, amidst raucous cheer from the crowd of fans in the presence of Belstar
employees from across 14 states.

Loan cheques were handed over to Surya and Dhanalaxmi, SHG members from Kancheepuram, who have over the time availed various forms of loans from the company. Both of them have earlier taken education loans than microenterprise and small enterprise loans. Currently both of the women are running successful rice retail and textile businesses respectively. The duo stands tall as a model of social and economic independence among the rural women.

On the occasion, Dr. Kalpana Sankar, Managing Director, Belstar Investment and Finance Limited said, “Pragati Loans true to its name aims to augur social growth and financially empower rural women with quick and hassle-free group loans. We are inclined to provide a full range of financial services through Pragati loan that is backed by skill building initiatives and financial training to enable women entrepreneurs to scale up their small enterprises.”

Poised with the commitment to foster financial transformation by meeting the financial products and services needs of unserved and underserved customers, Belstar traditionally has been present in the key unbanked areas of Tamil Nadu and Karnataka. The company with its unique credit plus model is rapidly recording its presence across North and East India. As at March 2019, the company has 400 branches across 14 states of India. The company has made cumulative disbursements of Rs. 4800 crore till March 2019. Belstar aims to emerge as a lender of choice for the rural women across India.