Equitas Holdings Limited formerly known as Equitas Holdings Pvt. Limited was set up in the year 2007 as a financial organization to cater for the financial needs of individuals as well as micro and small enterprises (MSEs). The organization was set up by Mr. P.N. Vasudevan in order to cater for the needs of micro-finance industry. The organization has its headquarters in Chennai and operates across 7 states and union territories in India.
The organization keenly focuses on the financial needs of the micro and small enterprises owing the fact there is a greater potential in the MSE’s in India if provided the right platform and the right financial aid at the right time. The organization offers its services to economically weaker section of the society to empower them by establishment of small businesses and MSE. The aim of the organization is to provide financial aid to those who do not have a formal access to financial channels.
Equitas came up with housing finance division in the year 2011. The vehicle finance segment observed significant growth with an outstanding portfolio of Rs.526 crore dated September 30, 2013. The housing finance segment of Equitas has comparatively smaller outstanding portfolio of Rs.67 Crores.
Equitas is one of the top 10 companies chosen by Reserve Bank of India that would assist setting up of small finance banks and niche lenders to offer financial aid to farmers and small businesses and get easier access to funding
As per statistics recorded in 2015 the organization operates across 11 states, 1 union territory, and NCT of Delhi. The total number of branches through which the bank offers its services is 520.
Enlisted below are various financial products and services that Equitas offers in India:
1. Microfinance:Equitas provides to its customers micro loans starting from Rs.5000 to Rs.35000. Equitas ranks as the fifth largest micro finance organization in the country in terms of gross loan portfolio.
2. Vehicle Finance Equitas:Vehicle Finance Equitas offers finance for purchase of new as well as used commercial vehicles. The organization is one of the very few Non Banking Financial Companies that offer used commercial vehicle finance in India.
3. Micro and Small Enterprise (MSE) Finance:Equitas offers asset backed finance to its customers who are self-employed individuals for operating micro enterprises and small enterprises.
4. Housing Finance: Equitas offers micro-housing and affordable housing loans for self-employed individuals who have limited access to normal bank loans and major housing finance organizations. Majority of the housing finance is provided to self-employed customers who fall under the category of higher income group.
Enlisted below are the strength of Equitas:
• Equitas offers unmatched corporate governance standards and transparent operational standards that ensure institutional confidence and good will of the customers.
• The organization bears a good understanding and an outstanding track record of dealing with not so deserving customers offering them with significant opportunities for growth.
• The standardisation of operations and procedures at the firm by efficiently making use of the technology has resulted in improvising efficiencies and also minimising risk leading to efficient risk management.
• The firm offers diversified products and creates platform for good cross-selling opportunities in the market.
• The management of Equitas is well experience and the organization provides it employee’s great growth opportunities through strong employee engagement.
• The organization is keen in taking up cause of economically weaker section of the society and for this the organization has come up with divisions such as food security, education initiatives, and corporate social responsibilities.
Through these segments the organization has been able to offer services like skill development, health care services, placements, Equitas Gurukul Matriculation schools, Equitas tuition centres. Apart from offering these services the organization also offers food security to help the lower income group overcome income shocks.