Introduction to Capital First Finance Ltd
Capital First Finance Ltd is a leading financial institution in India, specializing in providing debt financing to MSMEs (Micro, Small and Medium Enterprises) and Indian consumers. The company offers a wide range of financial products including personal loans, two-wheeler loans, business loans, home loans, loan against property, consumer durable loans, and many more.
History and Evolution of Capital First Finance Ltd
Capital First was established in 2012, following a buyout of an existing NBFC (Non-Banking Financial Company) by Mr. V. Vaidyanathan, the current Chairman and Managing Director of the company. The company was formed with a vision to address the financing needs of India’s 50 million MSMEs and the Indian consumer, who had limited access to formal banking credit.
Acquisition by IDFC Bank
In December 2018, Capital First merged with IDFC Bank to form IDFC First Bank. The merger was a strategic move to create a diversified and profitable universal bank through a combination of Capital First’s retail lending capabilities and IDFC’s infrastructure financing expertise.
Products and Services Offered by Capital First Finance Ltd
Capital First offers a plethora of financial services to cater to the diverse needs of its customers.
Personal Loans
The company provides personal loans for various purposes such as home renovation, vacation, wedding, or any other personal needs. The loan amounts range from INR 1 lakh to INR 25 lakhs with flexible repayment tenure options.
Business Loans
Capital First also offers unsecured business loans to small businesses to meet their working capital needs, business expansion, or any other requirement. The loan amounts range from INR 3 lakhs to INR 50 lakhs.
Home Loans
The company provides home loans for buying a new home, renovation, or extension of an existing home. The loan amounts range from INR 2 lakhs to INR 5 crores.
Technology and Innovation at Capital First Finance Ltd
Capital First has always been at the forefront of leveraging technology to enhance customer experience. The company has developed a proprietary scoring model for assessing credit risk of customers who have limited credit history.
Digital Initiatives
Capital First has also embraced digital technology to simplify the loan application process. Customers can apply for loans online, upload documents, and track their loan application status.
Conclusion
Capital First Finance Ltd, now IDFC First Bank, has played a significant role in addressing the financial needs of the under-served segments in India. Through its diverse product offerings, customer-centric approach, and innovative use of technology, the company has carved a niche for itself in the Indian financial services industry.
