Microfinance player Satin Creditcare Network Limited (SCNL) has raised its maiden syndicated social term loan of $100 million in the form of external commercial borrowing under the automatic route of the Reserve Bank of India. The transaction was led by Standard Chartered Bank with participation from six banks from Sri Lanka, including Hatton National Bank, National Development Bank, Seylan Bank, Pan Asia Banking Corporation, Commercial Bank of Ceylon, and DFCC Bank.

"Raising $100 million from new lenders, particularly in trying times, reflects our strong governance, sustainable growth and financial strength," said HP Singh, SCNL Chairman-cum-Managing Director. He further stated that the funding will diversify the resource pool of the company and enhance its international presence.

The deal, which was signed in February and paid out on March 12, comes with a three years and three months term, tied to the three-month Term Secured Overnight Financing Rate. It also has a $25-million greenshoe option.

The money will be utilized to improve financial services in India's underbanked areas, including rural women and marginalized groups. SCNL, which has presence in 29 states and 90,000 villages, has diversified beyond microfinance to serve MSMEs and affordable housing through subsidiaries Satin Housing Finance and Satin Finserv. The introduction of Satin Technologies in 2023 also seeks to harness AI-based fintech solutions for wider financial inclusion.

This landmark deal reaffirms Satin Creditcare's vision for empowering communities and enabling sustainable financial inclusion in India.