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Fullerton India Credit Company Ltd

J

Fullerton India Credit Company Ltd

Rural financial services

Pune



A Quality Product from
Fullerton India Credit Company Ltd [View Profile]
Pune - India

Description :
Enhancing livelihoods. Enriching lives.

The availability of quality financial services in rural areas is extremely important for the growth of the economy as this will enable the large number of rural households to fund the growth of their livelihoods. The growth of the economy is dependent on the growth of the rural market in the country. Therefore greater financial inclusion in these segments is imperative.

Lack of financial help stunts the growth of many rural micro-enterprises and force people to migrate to urban areas in search of jobs. Timely and affordable financial support helps people sustain and grow their livelihoods. It helps them adopt and start new livelihoods where opportunities exist.

We, at Fullerton India, have a long term vision of improving financial inclusion and help enhance livelihoods of people by providing them access to quality financial services. In the long term we intend to be able to facilitate market linkages that will help people in these segments access wider markets enabling them to enhance their trade and livelihoods and improve their quality of lives overall.

Our rural business called 'Gramshakti' has a presence in the 8 states, Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Gujrat and Chattisgarh. Through our over 200 branches and around 4000 employees, we service over 35,000 villages.
Last mile reach – our core strength

Fullerton India Gramshakti's mission is to cover the 'last mile' between its branch where financial services are available and the home or place of business of the customer. Making quality financial services available at the doorstep of the customer is financial inclusion in the truest sense. Our Gramshakti network has an enviable reach that covers the last mile between the branch and the end customer in each village in the catchment, enabling financial inclusion of the under-served and un-served segments of the rural markets.

Our Relationship Officers are trained to create awareness and promote our financial services among each customer segment. Each of our branches cover about a radius of 25 km area in and around the branch and service households in over 100 villages and small towns. The Relationship Officers service customers at their doorstep, and in addition to constant engagement to improve the understanding of customers about the company's financial services, they also create awareness about the need for good credit behaviour for long term good of the customers resulting in a strong and much needed financial literacy.
Leveraging technology to service the rural customer

We have invested in unique technology systems to serve the customer better and faster. The use of bio-metric authentication processes and transaction devices, have enabled speedier servicing of collections and also built a great level of transparency, trust and customer confidence. Our branches are linked with central systems and all operations are online providing access to customer information and transactions on a real time basis.
Gramshakti - Innovating products for customer needs

Customer needs are varied across rural and urban, from region to region and are peculiar in each different trade, with varying revenue and business cycles and earning seasons. We, at Fullerton India Gramshakti, constantly strive to identify these needs and create products that meet the needs of different vocations in the rural catchments.
Our key Rural Financial services are:

Rural Housing Finance

Rural households aspiring for a better quality home or wanting to construct a new home are often short of financial resources to fulfill their aspiration. We offer financing to rural households, for self-construction of homes, home extensions, construction of productive-housing like shops, workshops, small manufacturing units. These loans are offered to Salaried & Self-employed individuals, Farmers & Wage-earners.
We offer Housing Loans to rural customers ranging from ` 50,000 to ` 10 Lakhs for tenor extending up to 7 years. The unique aspects of Fullerton India's rural housing loans are higher loans against value of property mortgaged, simplified processes, minimal documentation, door-step service and flexible assessment process.
Loans Against Property:

We also offer Loans against Property to micro enterprises and small businesses in rural areas, to help fund their working capital and business expansion needs.
Livelihood Advancement Loans for Women's Groups

Women in villages form small solidarity groups of 10-30 women. We give Livelihood Advancement Loans ranging from ` 10,000 to ` 40,000 to individual women within the group. These loans are used to finance traditional and new rural livelihoods ranging from dairy farming, handloom weaving, handicrafts, small retail trade, food services, etc.
Growing Enterprise Loans

The Rural Indian market comprises largely of self-employed individuals besides those engaged directly in farming. Most of these self-employed are engaged in retail or wholesale trading, dairy farming, small manufacturing, handloom and power loom textile trade and services. We offer loans to such small enterprises to invest in their businesses. Termed as Growing Enterprise Loans, these loans range from ` 30,000 to ` 2 Lakhs.
Two-wheeler Loans

While the rural road network has improved vastly, public transportation in interior rural areas is still not adequate. Two-wheelers have become the most popular mode of transportation. Since a majority of population is self-employed, a motorcycle or scooter has become a necessity for conducting their trade.
Fullerton India Gramshakti offers unique financing options for men and women, who wish to buy their own two-wheeler and offers loans up to ` 60,000.
Commercial Vehicle Loans

Most of the rural produce is consumed in surrounding towns and cities. Transportation of goods from villages to the urban markets and other finished goods and hardware from urban centers to rural areas is a normal phenomenon. The expansion of the rural road network has facilitated movement of goods between rural production centers and urban markets.
Fullerton India Gramshakti finances purchase of Small Commercial Vehicles & Light Commercial vehicles for small & big traders, dairies and those engaged in services and offers loans up to ` 10 Lakhs.
Life Insurance

As responsible corporate citizens, our Gramshakti employees explain the importance and benefits of a Life cover to each customer and help them with a relevant life cover product under a group administration.


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