Mumbai, May 24, 2014: Fullerton India Credit Company Limited, one of India’s leading Non-Banking Finance Companies (NBFC), has been conferred with the coveted Golden Peacock Innovative Product Award 2014 for its unique merchandise loan product. The award was presented by Smt. Sheila Dikshit Governor of Kerala in Trivandrum.
In an effort to improve the quality of life and standard of living of rural towns and villages, Fullerton India has partnered with several manufacturers to promote the adoption of eco-friendly products, through a unique financing model for the end-user. Despite a high need for alternative energy and health access products and a huge untapped market, most of rural India is inaccessible and distribution is financially unviable, making it a challenge for companies to enter the market.
Fullerton India developed the Merchandise loan product under its rural finance business, Gramshakti. With a strong foothold in seven states of rural India, Fullerton India Gramshakti has an impressive reach that covers the last mile between the branch and the end customer in over 600 towns and 30,000 villages. Through its extensive reach in rural towns and villages, coupled with its 3200-strong team of field officers, Fullerton India promotes products such as solar lamps, water filters and eco-stoves and encourages interested households to adopt these eco-friendly products, by providing them easy financing with a unique merchandise loan to purchase them. Most recently, Fullerton India also introduced easy financing for bicycles under its merchandise loan model and has witnessed a surge in demand.
Commenting on the award win, Ravi Shankar, Executive Vice President & Head – Business & Marketing at Fullerton India Credit Company Ltd said, “ Fullerton India has made a significant impact on livelihoods of rural households in the catchments it serves and remains steadfast in its commitment to the overall development of rural India. We believe that making quality financial services available at the doorstep of the customer is financial inclusion in the truest sense. ”
He added, “We are privileged to receive the Golden Peacock award for our unique Merchandise Loan product that has been recognized nationally and internationally as the best end-user financing model for low value products that will also have a significant positive environmental impact as well.”
Up till March 31st, 2014 Fullerton India has financed over 150,000 solar lanterns, water filters and Eco-cook stoves. Thus, helping to improve the quality of life more than 120,000 rural households.
CCI Newswire
