New Delhi, 11 July 2018: IIFL Home Finance Limited’s ‘Samman LAP’ has created notable difference in the lives of small businessman and women entrepreneurs by offering small loans in the form of loan against property (LAP) for personal/business needs in a more organized manner. With its efforts towards enabling seamless funding in this segment of the market, IIFL Home Finance is contributing significantly in the economic growth as medium small micro enterprises (MSMEs) which contribute 70% of the employment generation in the country are mainly driven by small businessman and the budding women entrepreneurs, who largely remain devoid of access to formal credit facility.
Focused on creating access to a formal banking system, IIFL Samman LAP has been successful in building confidence among small business groups which include kirana item stores, garment shops, confectionary stores, take away restaurants, just to name a few among others. The product ‘Sammaan LAP’ maintains absolute transparency with the customers on Rate of interest, Processing charges, EMI payment etc, and there is no hidden cost involved in it.
Mr. Paramveer Singh, Product Manager, Samman LAP (Loan Against Property) at IIFL Home Finance Limited said, “IIFL Samman LAP is exactly in line with our sincere commitment towards promoting Make in India and Start up India. Through this product we have targeted to provide relief to lower segment group who usually depend on unorganised sectors such as zamindars, private financiers etc for their financial requirements and finally end up paying higher interest rates in comparison to the organised sector. ”
He added, “Especially the product Samman is here to promote the woman entrepreneurship as they are the key to socio economic development of the society. Entrepreneurship has traditionally been defined as the process of designing, launching a new business and women are doing pretty well in this.”
Through this product IIFL Home Finance has emphasized on offering financial assistance to the women engaged in trade work like Boutiques, Beauty Parlours, Day Cares, Hand Embroideries and Small Handloom Units etc. IIFL LAP team has already ascertained the set of customers of ‘lower income segment’ for this product. For any personal/business needs, the individuals from this target group can now easily avail loan against their residential/commercial/industrial properties and gratify their needs. Moreover, the product is designed in such a manner that a woman is mandatory to be a part of the loan application either as applicant or co-applicant.