Godrej Capital plans to capture 10% of the MSME financing market in Surat

Surat (Gujarat): Godrej Capital, the financial services arm of Godrej Industries Group, announced that it has set a goal of capturing 10% of the finance market in Surat for Micro, Small, and Medium Enterprise (MSME) financing.

Manish Shah, managing director and CEO of Godrej Capital, said, “We set-up an office in Surat to capture the MSMEs in Surat, Valsad, Valsad, Bharuch, etc. “In the next eighteen months, we plan to focus on Loan Against Property (LAP) to capture a 10% market share in MSME financing in Surat and south Gujarat.”

According to Shah, Surat is an important market for Godrej Capital. Private lenders are financing about Rs 800 crore per month to the MSME sector. Godrej Capital’s target customers are in the textile and service sector industries in Surat.

Asked about financing in the diamond industry, Shah said, “We entered the field of financing two years ago. We are still analysing the diamond industry in Surat. “It will take time, we are very keen to work with the diamantaires and jewellery manufacturers, especially the MSMEs”

Godrej Capital currently has a balance sheet of Rs 4000 crores and aims to grow to Rs 6,000 in FY23 and is targeting Rs. 30,000 crores by 2026. With an expansive network of 1300+ channel partners and over 270 developers, Godrej Capital serves close to 7,300 customers across Home Loans and Loan Against Property.

According to Shah, Godrej Capital is the first financial services firm in the country to offer customers interest rate and loan repayment flexibility.”We have introduced the interest payment for three years, excluding the principal payment, and offered ‘Design Your EMI’ option to the customers for ease of repayment. “The schemes have been introduced after the coronavirus pandemic to provide sustainability to the businesses in India,” said Shah.

In a year, Godrej Capital plans to start offering home loans in Surat and Gujarat.