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Equitas Microfinance Pvt Ltd

2007

For-profit

Finance

2 following

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Details


Region of operation

Tamil Nadu, Pondicherry, Gujrat, Rajasthan, Karnataka, Maharashtra, Madhya Pradesh

Headquarters address

Equitas Microfinance Pvt Ltd, Phase II, 4th Floor, F39-Spencer Plaza,No. 769 Anna Salai, Chennai Country: India Zip: 600002

Target problem

Equitas Microfinance Pvt Ltd aims to improve the quality of life by increasing the total household asset value of those who are not effectively serviced by the formal financial sector by providing transparent and trustworthy access to financial and other relevant products and services.

Key product / Service

Micro-Finance Loans, Insurance

Team size

10-50

Number of beneficiaries

2000000

Awards and recognition

  • CRISIL Short Term Rating : A1
CARE Long Term Rating : CARE A- First MFI to get CRISIL rating for Corporate Governance

Funding and Operating Model


Funding round

Higher than Series B

Total funding raised

$ 54000000

Business details

Operating Model: We operate under the Grameen model with suitable adaptations. The customers would be formed into groups consisting of 5 members and 3 to 6 groups would be clubbed to form a center. Each group and center would have one leader. The groups would be joint liability groups with each member of the group guaranteeing the loan repayment of the other members of the group.Applicants would be screened from a credit perspective. Some of the criteria to be checked would be longevity in the same place of residence (minimum 5 years to be there), nature of business and activity level to support the borrowing, income to expense ratio and ability to service loan, etc.Collections would be done in centre meetings to be held every fortnight.

Partners and key clients

LIC India, Micro Save

Contributors