Kamal & Company Group started Micro Finance operations under Kamal Auto Finance Limited in 2009 with the help of MicroSave. The Directors were greatly impressed with Mr. Vijay Mahajan and work done by Basix, during their exposure visit and decided to start the venture. The portfolio grew to the size of Rs. 85.57 million by March 2010- 11. KAFL faced problem in scaling up the microfinance business because of its legal structure. To overcome this hurdle, Saarthi Credit-co-operative society was incorporated under societies act in January 2012. In August, 2012 Saarthi got into a BC partnership with Yes Bank . The AUM grew to INR million 612.88 in March, 2014. In November 2013, there was an opportunity to start microfinance business with Yes Bank in MP. Since, Saarthi had permission only to operate in Rajasthan. So, KFC (a group company) was used as vehicle and an agreement with Yes Bank was entered into. In Jan, 2015, the group decided to have a single vehicle for its BC business under KFC. The transition started in March 2015, which resulted in minor slip in Disbursement figures during the period.
Till now Group has cumulatively disbursed more than INR. 240 crores with Loan loss of less than 0.1 %
|Interest Rate: 24% p.a.|
|Processing Fee: 1.18%|
|Insurance Premium: 1.51%|
|Repayment Frequency: Monthly|