S E Investments announces asset-based loans for rickshaw pullers

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Mumbai, Aug 22 (UNI) S E Investments Limited, a leading financial services company, has announced asset-based loans for rickshaw pullers, full and timely repayment of which will result in ownership of the vehicle to them.

The company is targeting 50,000 rickshaw pullers under the scheme over the next one year, with a cumulative disbursement to the tune of Rs 45 crore, a release issued here said.

The total loan amount of Rs 9,000 will include Rs 1,500 towards a mobile connection (lifetime incoming free) and Rs 500 towards insurance. The scheme also covers membership deposit, accidental insurance, repairs, maintenance, and related financial training.

Mr Sunil Agarwal, Managing Director of S E Investments, said, ''Ours is a unique style of service delivery that addresses underlying causes of poverty through asset-based entrepreneurship development.'' All the loans will be extended to the beneficiaries through trusts. The scheme will be operational through a structure managed by individual manager trustees linking about 200-250 rickshaw pullers to SEIL. The manager trustees shall oversee the functioning of the service centers, envisaged as units for provision of first aid, repairs, refreshments, restrooms and welfare activities for the rickshaw pullers availing loans under the scheme.

SEIL provides the target community with the loan to own an income-generating asset, and allied services, thereby, promoting micro entrepreneurship among urban poor and rural migrants, the release said.

The company has also invested in alternate energy in Karnataka and Rajasthan. It has installed a 2.4 MW Enercon make WEG at Chitradurga, Karnataka. Another 0.8 MW Enercon make WEG is set up near Jaisalmer in Rajasthan, the release added.

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