Capri Loans-Giving India The Chance To Grow

India’s growth rate could accelerate to a remarkable 9% in the 2022-23 financial year, according to global professional services firm Deloitte, which noted the broad-based nature of the country’s strong bounce back from the global recession. The firm cited a number of reasons for its bullish outlook”. High rates of vaccination have secured India from further surges in covid-19 infections; upper-middle and higher-income households are spending keenly; businesses are ramping up spending to meet rising demand; and digitisation has accelerated, boosting productivity. Deloitte’s best-case scenario sees a strong capital spending cycle with large-scale asset creation, more investment in infrastructure, and strong exports.

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As World Bank President David Malpass has noted, a strong financial sector of achieving a $5trn economy. Malpass has praised the country's progress in developing a financial industry fitting "its unique development needs". He also highlighted the role that non-bank financial companies (NBFCs) have played in "channeling credit to under-served markets....helping to meet the nation's financing needs in infrastructure, and among entrepreneurs and consumers".

Capri Loan is one of India's leading NBFCs, offering MSME (micro, small, and medium enterprise) loans, and affordable housing finance to deserving and enterprising Indians who are otherwise underserved by the banking industry. Many are paid in cash and thus do not have a formalised record of earnings, lacking the documentation to prove their income. Capri is relentlessly focused on helping such people, making a social impact, and improving lives. In the first quarter of the 2022-2023 fiscal year, Capri extended more than 21,000 MSME loans and upwards of 18,200 home loans to borrowers.

"In India, there are about 51m people who don't get access to banking credit; we are addressing the problem of all those customers that cannot get loans due to lack of proof of income," says Capri Loans managing director Rajesh Sharma.

"Our endeavor is to fill that credit gap and find a solution for these customers, make credit available to them. All the products are aligned to give money to those who otherwise are not getting access to credit from the banking system.