SMFG India Credit

SMFG India Credit Co. Ltd., operating as a Non-Banking Financial Company (NBFC-ICC) registered with the Reserve Bank of India, functions as a key component of the Sumitomo Mitsui Financial Group (SMFG), a major Japanese banking and financial services group. The company's journey in India began in 2007 under the name Fullerton India Credit Company Limited, initially as a subsidiary of Singapore's Temasek-owned Fullerton Financial Holdings. A significant milestone occurred in November 2021, when SMFG acquired a 74.9% stake in the company, a move that marked one of the largest inbound control acquisitions by a Japanese enterprise in the Indian financial services market. Following this acquisition, the company officially rebranded to SMFG India Credit Company Limited on May 11, 2023. The leadership transitioned to Shantanu Mitra, who was appointed as CEO & MD in April 2021, bringing over four decades of experience in financial services from his time at Standard Chartered and Citibank.

The firm's business model is centered on providing financial access to underserved and unserved segments of the Indian market, thereby promoting financial inclusion. It caters to a diverse client base that includes retail customers, small and medium enterprises (SMEs), the self-employed, and salaried individuals across both urban and rural areas. Revenue is generated through interest income and fees from its extensive lending portfolio. With a pan-India footprint, the company operates through a vast network of over 832 branches, reaching customers in more than 670 towns and approximately 70,000 villages.

SMFG India Credit offers a comprehensive suite of lending products. For individuals, this includes personal loans, two-wheeler loans, and home improvement loans. For businesses, it provides SME financing for working capital and growth, as well as loans for commercial vehicles. The company also offers secured products like loans against property. A significant portion of its operations is dedicated to rural finance, offering products for rural livelihood advancement and housing. The company has a wholly-owned subsidiary, SMFG India Home Finance Co. Ltd. (formerly Fullerton Grihashakti), which focuses on affordable housing finance. This strategic focus allows the company to penetrate deep into niche markets, introducing many individuals and small businesses to formal credit for the first time.

Keywords: NBFC, financial inclusion, retail lending, SME financing, rural finance, personal loans, business loans, loan against property, commercial vehicle loans, two-wheeler loans, home finance, micro-enterprise loans, Indian financial services, Sumitomo Mitsui Financial Group, working capital loans, secured loans, unsecured loans, Fullerton India, emerging market finance, digital lending