HSBC India launches Pragati Finance

05 October 2006

Through this new initiative, the bank will be offering finance to a large section of consumers who have hitherto had limited access to organised lending.

Speaking at the launch, Naina Lal Kidwai, Group general manager and country head, HSBC India said, "The launch of HSBC Pragati Finance fits in perfectly with our overall strategy of financial inclusion. With this product, a larger number of consumers, otherwise excluded from organised lending, will be able to get quick access to finance to meet their urgent financial requirements in a transparent manner.

"When more customers avail of products such as these from the organised finance sector, they will be building a credit imprint that will enable them to avail of other loans as well, at competitive rates."

The personal loan products will be offered through 46 HSBC branches in 25 cities. The product offering comprises personal loans ranging from Rs10,000 to Rs50,000 with no collateral or guarantee required and the added benefit of easy documentation, fast processing.