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Methodology

	The genesis of SWAWS Credit Corporation is SWAWS, a non-governmental organization (NGO) and micro finance institution (MFI), was established in 1998 with the aim of promoting education among girls who belong to the economically weaker section of society. SWAWS’s programme got immense response, which motivated the organization’s promoter to mobilize resources for the
educational benefit of this section of society. During 1998-99, the promator started forming self help groups (SHGs) to Promote Savings. During 1999, the institution mobilized Rs.1 lakh as an Educational Loan from Asmitha Resource Center for Women (ARCW), which was disbursed to 10 groups Consisting of 100 Members and each Rs 1000/-... * We are hiring * click here for details

This is the Beginning of Micro Finance Activity in SWAWS and also the first ever Microfinance initiative in an Urban center (Hyderabad) in India. In other words SWAWS is the Pioneer in URBAN (Metro) MICRO FINANCE IN INDIA. SWAWS was registered in 1999 as a society under the Andhra Pradesh (Telangana Area) Public societies Registration societies Act, 1350 Fasli.

SWAWS started its micro finance activity by way of Income Generation Loan in March 2000 with the help of funds of Rs.1 lakh mobilized from ARCW; these funds were disbursed as loans for income generation activities. The organization received its first external funding for micro finance operations during 2001 from Friends of Women’s World Banking (FWWB), which provided the momentum to the micro finance programme. The Institution follows the Grameen Bank (Bangladesh) model with a focus on urban micro finance for its lending activities; the model calls for the formation of five member groups, with each group guaranteeing the borrowed amount. The Institution also started individual lending, to those clients who completed the loan cycle provided under group lending, during 2006-07.

SWAWS offers three products with different loan tenures and charges a flat rate of 13.5-15% p.a. as interest. The Institution has also started offering housing loans to its members from December 2007. As on 31 December2008 SWAWS had a loan outstanding of Rs.66.15 Cr with 102851 borrowers and 45 branches spread across 12 districts of four states (Andhra Pradesh, Tamil Nadu, Orissa and Maharashtra).

Subsequently the promoters of SWAWS have, on 6th February - 2008, acquired a Karimnagar based Non-Banking Financial Company (NBFC) called Sai Swarup Auto Finance Ltd (SSAFL), a public limited company incorporated on 15th December 1995. And on 8th March 2008 the status of the company was changed from ‘Limited company’ to ‘Private Limited Company’ and the name of the NBFC was changed to:

“SWAWS Credit Corporation India Private Ltd (SCCIPL).”