Aye Finance Allocates Rs 100 Cr for Shakti Loans
- ByStartupStory | July 15, 2023
Aye Finance, in partnership with CGAP, a global partnership of development organizations, including the World Bank and UNDP, has launched Shakti Loan, a specialized lending product designed to address the credit challenges faced by women in India.
With a commitment to supporting women-led businesses, Aye Finance has allocated Rs 100 crore in the current financial year for the Shakti Loan initiative. The goal is to reach 10,000 women entrepreneurs by providing them with affordable credit tailored to their specific requirements.
Niraj Kaushik, Deputy CEO of Aye Finance, expressed the company’s dedication to becoming the preferred lender for women-led businesses. He stated, “We are very optimistic about Shakti Loan being the game changer for women micro-enterprises and have allocated INR 100 crores to this product in the current financial year. We are grateful to the CGAP team for their support in developing Shakti Loan.”
Xavier Faz, CGAP’s Lead for Financial Services for Equality and Growth, highlighted the significance of affordable credit in unlocking the growth potential of women micro-entrepreneurs and advancing women’s economic empowerment in India. He stated, “We are delighted to have collaborated with Aye Finance in launching this product, as their approach to MSME finance and their use of AI/ML models to reach underserved segments holds a lot of potential to improve financial inclusion.”
The Shakti Loan is expected to provide a tailored and supportive financial solution to women entrepreneurs, enabling them to overcome barriers and unleash their business growth. This initiative represents a significant step towards promoting gender equality and fostering economic empowerment for women in India.
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