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Kolkata: India’s largest non-bank microfinance lender CreditAccess Grameen raised $20 million in external commercial borrowing from the Development Bank of Austria (OeEB).
The fund was raised at 10% interest rate, which includes hedging costs, a senior official with CreditAccess Grameen said.
“This marks the third ESG-linked loan in our inclusive finance journey with $80 million raised so far,” managing director Udaya Kumar Hebbar said.
Northern Arc Capital structured and arranged the loan.
The lender had assets under management of ₹21,032 crore at the end of March, reflecting a 27% year-on-year growth. It reached out to 540,000 new customers in the quarter ending March 31, 2023.
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