Satin Creditcare Network (SCNL) has received external commercial borrowing (ECB) funding of $15 million (around Rs 107.2 crore) from Development Bank of Austria (OeEB), to accelerate its lending portfolio. The investment will support Satin Creditcare Network in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 22 states.
This will be the third round of external commercial borrowing funding by a foreign institution in SCNL. The first ECB investment in SCNL was by World Business Capital and second investment was by responsAbility Investment.
Satin Creditcare Network is one of the largest Microfinance Institutions (MFI) in Northern India, and is the 3rd largest MFI in the country.
