CARE EDGE assigns an AA- rating to Svatantra Microfin Pvt. ltd. and Svatantra Micro Housing Finance Corp Ltd. Stable outlook


Bombay, Maharashtra, India:
One of India’s most reputable global rating agencies – has upgraded the rating of Svatantra Microfin Private Limited (SMPL) and Svatantra Micro Housing Finance Corporation Ltd. (SMHFC) to CARE AA- (stable outlook). The rating reflects robust and profitable growth demonstrated during testing periods by both companies with financial prudence and strong governance.

SMPL, an NBFC MFI, has touched over 10 million lives since its inception in 2012. It currently serves over 229 districts, spread across 19 states across the country through its over 720 branches and has a loan portfolio of almost 5,500 cr INR. and currently employs over 6,000 rural youth. SMPL has differentiated itself through mobility-based operations, cashless disbursements, lowest lending rates, and impactful financial services such as cashless mediclaim, ensuring the realization of the vision of its Founder and President, Ms. Ananya Birla, to deepen the accessibility of financial services through technology, innovation, and mobility.

SMHFC, an NBFC-HFC, is the most unique housing finance company that focuses entirely on EWS/LIG clients in the informal segment of the economy serving housing purchase, construction and renovation needs. The company with a loan portfolio of over INR 1200 has a unique technology enabled branchless model, spread across 9 states and has served over 35,000 households in the EWS/LIG segment. With the lowest average note size of INR 7 Lakh, SMHFC works with private builders and state governments to help their beneficiaries purchase homes and provide funds including PMAY Viability Gap Funding to borrowers, to complete homes, creating intergenerational equity.

Both companies are 100% owned by the Promoters who remain committed to creating impact and a profitable growth trajectory for both Svatantra entities.

About Svatantra Microfin Pvt. ltd. (SMPL)

SMPL was incorporated in 2012 by Ms. Ananya Birla. It started its operations on March 13. SMPL is a systemically important NBFC-MFI. In a short time, SMPL has become the most differentiated process- and technology-driven microfinance entity, offering microloans at some of the lowest interest rates in the country. Today, SMPL, with a team of over 6000 staff, serves over 1.7 million rural clients in 19 states with a loan portfolio of nearly INR 5500 cr. The organization provides comprehensive and affordable financial and non-financial solutions to rural women who are entrepreneurs themselves. Svatantra is the first microfinance institution to receive the Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) license from the Reserve Bank of India. With a central objective of financial inclusion, Svatantra is the only MFI with 100% cashless disbursements since its inception, often facilitating the activation of bank accounts for its clients. s. Industry recognition awarded to the company – Skoch Financial Inclusion and Deepening Award in 2014, Skoch order of merit 2017 and BFSI CTO Summit best technology initiative 2017. In 2021 the company was recognized as the microfinance organization of the year by Inclusive Finance India Awards and has been recognized as BFSI’s Top 30 Best Workplaces by Great Places To Work for the second consecutive time.

About Svatantra Micro Housing Finance Corporation Ltd. (SMHFC)

SMHFC was incorporated in 2010 and acquired by Ms. Ananya Birla in 2018. SMHFC is a systemically important NBFC-HFC. The company is one of the most differentiated HFC entities, fully focused on catering to informal economy EWS/LIG customers meeting their housing purchase, construction, renovation and mortgage lending needs. Today, SMHFC, with a team of over 600 staff, serves over 35,000 clients in 9 states with a loan portfolio of over INR 1,200 cr. The HFC, due to its focus on the EWS/LIG segment, has one of the lowest average ticket volumes and the operation of the technology has a single agency-less model. SMHFC clients are mostly self-employed or employed in informal sectors where there is no formal documentation/proof of income. The company has adopted a unique credit underwriting methodology to provide these clients with loans to purchase their first formal homes. All of SMHFC’s clients have been beneficiaries in various PMAY verticals, namely Partnership Affordable Housing, Beneficiary Driven Construction, and Credit Linked Grants. SMHFC works with private builders and state governments to help their grantees purchase homes and provide funds, including PMAY viability gap financing to borrowers, to complete the homes, creating intergenerational equity. SMHFC has also been recognized by the GIIRS “5 Stars Rating” for Impact Operations and “Platinum Rating” for Impact Business Model.

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