It’s a seven-year loan with a two-year moratorium, said UCIC’s co-founder and managing director Abhijit Ray.
UCIC is promoted by Unitus Capital, which arranges funds for firms working towards achieving financial inclusion. Former RBL Bank chairman Narayan Ramachandran is its founding investor.
The non-bank lender, started in 2019, has disbursed about Rs 350 crore so far while its outstanding portfolio stands at Rs 190 crore.
UCIC also looks to use the DFC fund to lend to sectors beyond financial inclusion such as agriculture, renewable energy and education. The transaction falls under DFC’s portfolio for impact and innovation initiative, which aims to bridge the financing gap for early-stage social enterprises.
The non-bank lender has an outstanding borrowing of Rs 158 crore, of which Rs 84 crore was borrowed this fiscal, Ray said.
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Lenders of UCIC include IndusInd Bank, Bandhan Bank and a host of small finance banks such as AU, ESAF, Fincare, Jana, Suryoday and Ujjivan, he said.
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