The Business Bytes
Mumbai, July 3, 2024 (TBB Bureau): Capri Loans, a leading non-banking financial company, is poised for expansion with the opening of 70 Micro-Loan Against Property (LAP) branches across six states in the fiscal year 2025. The strategic growth plan targets regions in southern India such as Andhra Pradesh and Telangana, along with northern states including Madhya Pradesh, Gujarat, Rajasthan, and Uttar Pradesh.
The company aims to onboard approximately 550 skilled professionals to ensure exceptional customer service at these branches. As part of its expansion initiative, Capri Loans recently inaugurated two new micro-LAP branches in the Bhopal region. This move is designed to provide secure, small-ticket loans against property to self-employed individuals and business owners in the area. The average loan size for micro-LAP is 5 lakh rupees, with an average tenure of 60 months.
Capri Loans is committed to offering flexible financial solutions, with loans ranging from Rs 2 lakh to Rs 10 lakh for nano-enterprises. Embracing digitalization will streamline paperwork and simplify credit underwriting processes, resulting in a turnaround time for loan disbursement as low as seven days. The company plans to promote these products primarily through below-the-line marketing strategies to effectively reach a broader audience.
“MSMEs play a crucial role in India’s economic growth by driving employment, manufacturing, exports, and fostering innovation and entrepreneurship. At Capri Loans, we are dedicated to empowering MSMEs and expanding access to credit for underserved segments of society. We understand the challenges faced by businesses in economically weaker sections. Our micro-LAP facility is particularly beneficial for those without documented income who struggle to qualify for traditional loans. We aim to offer flexible, customized credit solutions to support their growth ambitions and contribute to community development,” said Khalil Mohammad, Lead of Micro LAP at Capri Loans.
