Ujjivan disbursed its first Individual Business Loan in Tamil Nadu, at Tirupattur. IBL is an individual loan which is available to customers on completion of one year with Ujjivan. IBL caters customers who run small businesses and whose requirements are different from that of the typical group loan customer. Through the IBL, customers can avail loans upto Rs. 75,000/-.
Ujjivan launched the IBL product in Tamilnadu in December, 2009. Earlier, IBL was available only to customers in Karnataka and West Bengal. Muthu Kumari and Paramaeshwari were the first customers to avail the IBL in Tamil Nadu.
Muthu Kumari and her husband are in the pharmaceutical sales business and are involved in the distribution of the “Sidha” brand of medicines. As the family has been in this business for many years, Muthu Kumari’s husband has valuable experience and insights. They had applied for an individual business loan to purchase inventory as there is huge demand for their products which they were unable to meet until now due to the unavailability of capital. Muthu Kumari has availed a Rs. 20,000/- loan and is confident that this will improve the family business.
Parameshwari has been an Ujjivan customer for over a year. Her husband is in the bathing-brush manufacturing business. He manufactures several models of brushes and sells them to distributors. The raw material required for this business is nylon. Parameshwari and her husband are unable to purchase nylon in bulk and this is affecting their margins. Thus, they intend purchasing raw materials in bulk and at better rates with the Rs. 40,000 Individual Business Loan from Ujjivan.
The IBL product would be expanded to 6 branches in Tamil Nadu by March 30, 2010 and all branches in Tamil Nadu in the next financial year (FY’2011) |
