te ADB grants $ 100 million to Shriram Finance for vehicle loans to women entrepreneurs | Zee Business

ADB grants $ 100 million to Shriram Finance for vehicle loans to women entrepreneurs

The USD 100 million External Commercial Borrowing (ECB) is a five-year loan and is under SFL's Social Finance framework to provide credit towards the purchase of new and used vehicles throughout India, Shriram Finance said in a statement.

ADB grants $ 100 million to Shriram Finance for vehicle loans to women entrepreneurs
Multilateral funding agency Asian Development Bank (ADB) has sanctioned USD 100 million (about Rs 830 crore) to Shriram Finance Limited (SFL). Pic: Official Website

Multilateral funding agency Asian Development Bank (ADB) has sanctioned USD 100 million (about Rs 830 crore) to Shriram Finance Limited (SFL) to provide vehicle loans to women entrepreneurs.

The USD 100 million External Commercial Borrowing (ECB) is a five-year loan and is under SFL's Social Finance framework to provide credit towards the purchase of new and used vehicles throughout India, Shriram Finance said in a statement.

Proceeds from ADB can be used for vehicle finance for commercial purposes for BS VI compliant vehicles and electric vehicles, specifically, finance women entrepreneurs, cater to under-developed states of the country and empower and promote the social and economic status of the underserved communities, it added.

TRENDING NOW

Besides the ADB loan, SFL has also successfully raised USD 250 million from US Development Finance Corporation and USD 475 million through a 144A Bond from the international market in 2022, thereby continuing to diversify its funding profile and continue its objectives for financial inclusion.

Also, read- Lumpsum Investment: What it is and how it works - Key things to know

Commenting on the fundraise, SFL executive vice chairman Umesh Revankar said the company will finance for buying of vehicles and equipment in new and untapped markets to provide business opportunities and generate employment.

This would empower more communities in semi-urban and rural areas to optimise their income and to have a better quality of life, he said.

Click Here For Latest Updates On Stock Market | Zee Business Live

Written By: PTI
Updated: Fri, Dec 30, 2022
03:54 pm
New Delhi, PTI
RELATED NEWS
Macquarie considering $775 million possible offer for UK's Renewi Macquarie considering $775 million possible offer for UK's Renewi
Old Bridge Capital Management gets SEBI approval for Mutual Fund business Old Bridge Capital Management gets SEBI approval for Mutual Fund business
Paytm Card Soundbox: 5 things to know about card payment enabled device Paytm Card Soundbox: 5 things to know about card payment enabled device
China's industrial profits extend slump into seventh month China's industrial profits extend slump into seventh month
Property consultant Colliers India appoints Badal Yagnik as new CEO Property consultant Colliers India appoints Badal Yagnik as new CEO

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x