Equitas Micro Finance India to provide loans

Chennai, Aug 21 (UNI) City-based Equitas Micro Finance India, which has completed two rounds of capital infusion of Rs 50 crore, has chalked out plans to play a significant role in providing affordable financial services to large number of families that do not have access to loans from other sources.

Talking to newspersons here, Mr P N Vasudevan, Managing Director, Equitas, said the demand for micro finance in the country was huge and estimated to be around Rs 2,00,000 crore, but the supply was a meagure Rs 20,000 crore.

Equitas would play a significant role in bridging the gap, he said, adding, the company has now Rs 65 crore of net worth, including the first round of capital raised.

Equitas has now become the fouth largest capitalised micro finance company in the country, within eight months of commencing operations.

Aavishakaar Goodwell India Micro Finance Development Company and Small Industries Development Bank participated in the earlier round of capital infusion, he said.

Equitas had a loan outstanding of Rs 65 crore with 100 per cent recovery rate. It currently serves more than 70,000 clients in Tamil Nadu and expects to reach 6,00,000 clients in the south by the end of this year, he added.

UNI WS DS 1710