HSBC India launches 'Pragati Finance' to cover untapped segment

Mumbai, Oct 4 (UNI) HSBC India today announced the launch of 'Pragati Finance', a new loans product aimed at a largely untapped segment of customers, localising its product offering in line with its stated position as 'The World's Local Bank'.

Through this new initiative, the bank will be offering finance to a large section of consumers who have hitherto had limited access to organised lend, HSBC India's Group General Manager and Country Head Naina Lal Kidwai today said in a release issued here.

The launch of this new product, she continued, fits in perfectly with the bank's overall strategy of financial inclusion. ''With this product, a large number of consumers, otherwise excluded from organised lending, will be able to get quick access to finance to meet their urgent financial requirements in a transparent manner,'' Ms Kidwai added.

Products such as these from the organised finance sector, Ms Kidwai felt, will be building a credit imprint that will enable them to avail of other loans as well at competitive rates.

The personal loan products - including personal loans ranging from Rs 10,000 to Rs 50,000 without any collateral - will be offered through 46 HSBC branches in 25 cities across India, the release added.

UNI SN MJ SKB1607