Fullerton India offers Garima loan to promote sanitation in rural India
Bangalore, 02 August 2018 - Fullerton India Credit Company Limited (Fullerton India), a leading non-banking financial company with a strong pan-India presence, has successfully booked more than 150 Garima Loans – a toilet construction loan, in the pilot phase, benefitting over 1000 lives across 35 locations in rural India. Garima Loan offered under Fullerton India’s rural business arm, Gramshakti, aims to encourage inhabitants of rural areas to lead a hygienic lifestyle and elevate their standard of living by constructing toilets.
Garima loan can be availed by a homeowner across 35 branches of Gramshakti in the states of Madhya Pradesh, Rajasthan, Tamil Nadu, Chhattisgarh, Karnataka, Gujarat, and Maharashtra. The ticket size of the loan ranges from Rs. 10,000 to Rs. 50,000, which can be repaid in easy instalments within the tenure of 6 to 24 months, depending on loan amount. Borrowers can also avail the subsidies offered under Swachh Bharat Mission while applying for the loan.
Commenting on the launch, Mr. Vishal Wadhwa, Head- Rural Business, Fullerton India Credit Company Limited, said, “A number of households in rural areas are deprived of clean and hygienic toilets, which leads to infections and other health issues. Identifying this gap, Fullerton India launched Garima Loan to enable a dignified standard of living in India’s rural hinterlands. We have witnessed a high demand for the loan pan-India with as many as 25 loans disbursed in Godhra, Gujarat in a single day. This highlights the need for such products in rural and semi-urban areas. The launch of Garima further reinstates Gramshakti’s commitment to be the one-stop player for rural credit needs.
To accelerate the efforts to achieve rural sanitation coverage and to put focus on sanitation, Garima loan can be availed by borrowers either to construct new toilets or to reconstruct their existing toilets. Gramshkati will soon offer this product across all its branches by engaging with rural communities in improvement of their sanitation status through an intensive awareness campaign.”