Arka Fincap Limited, part of the Kirloskar Group, is excited to launch a new loan product called ‘Uday.’ This product is designed to help small and medium-sized enterprises (MSMEs) in India by providing loans against property. The loans will be available for amounts between ₹10 lakh and ₹30 lakh, making it easier for business owners to get the funding they need. This product aims to address the growing credit needs of small businesses across Tier 2, 3, and 4 cities and towns, providing vital financial support for their growth and expansion.
‘Uday’ would be rolled out, initially, in five key locations in Tamil Nadu viz. Salem, Vellore, Tirupur, Porur, and Coimbatore, this launch marks the beginning of a broader, pan-India expansion deeper into Bharat. Arka Fincap Limited has ambitious plans to extend the product’s reach to MSMEs across the country, ensuring that small business owners in various regions can benefit from this accessible and flexible credit solution.
"Our foray into the Small Ticket Loan Against Property product segment with ‘Uday’ is a part of our constant endeavour to empower MSMEs, particularly in underserved regions," said Vimal Bhandari, Executive Vice Chairman and CEO, Arka Fincap. "By providing quick and reliable access to credit, we can help foster the entrepreneurial spirit in smaller cities and towns, driving growth from the grassroots level. We are committed to creating financial inclusion and supporting the backbone of India’s economy—the MSMEs."
Navin Saini, Chief Business Officer – Retail & MSME Lending, Arka Fincap, Said " We are excited to introduce 'Uday', our latest product offering, marking a significant step forward as we expand our presence in the Small Ticket Loan Against Property (STLAP) segment. While this market has traditionally been dominated by Small Finance Banks and large NBFCs, we see a tremendous opportunity to stand out by delivering customer-focused and tailored solutions that cater specifically to the unique needs of MSMEs."
The launch of ‘Uday’ is a key milestone in Arka Fincap’s broader mission to provide customized, accessible financial solutions for MSMEs throughout India. With a focus on helping businesses succeed, ‘Uday’ will serve as a critical tool in addressing the credit gap faced by many MSMEs, enabling their long-term growth and sustainability.
As a non-banking financial company (NBFC), and with a CRISIL rating of AA/ Stable for long term and A1(+) for short term borrowings with a positive outlook, Arka ably offers growth capital to businesses. Arka Fincap’s AUM (as on 30th June, 2024) is at Rs. 5768 Cr. with 53% contributed by the SME business. Arka has currently rolled out this product in the Southern market which will soon be offered in other regions.
