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August, 2007
Registration received from NHB on 13th August, 2007 to operate as a Housing Finance Company.
Housing is a basic human need. We started Mahindra Rural Housing Finance Limited (MRHFL) back in 2007 to provide convenient and low-cost housing loans for Indians living in rural areas.
Mahindra is many companies united by a common purpose to enable people to Rise.
what does 'rise' mean?
Today, as India’s largest rural non-banking financial company, Mahindra Finance has impacted the lives of over 3.6 million customers.
read morePresent in more than 100 countries and employing over 200,000 people across 20 key industries that form the foundation of every modern economy.
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Over 70% of customers have had an annual income of less than ₹ 2 lakh
Credit in rural India has been highly unorganized
Local moneylenders have had exorbitant interest rates
Rural customers have had income profiles that are not steady
Ticket size for loan requirements have been extremely small
Customers live far from each other, having made them difficult to reach & serve
Over 65% of the nation's population still lives in rural areas and we decided to serve them
Our parent, Mahindra Finance has developed a strong and trusted brand name through years of financing vehicles and tractors
The Mahindra brand-name was trusted across the country, especially rural markets and we decided to not just leverage it but also live up to it
We decided to always maintain sound financial health and in line with the Mahindra philosophy this also enabled us to build a sound reputation in the eyes of regulators and governments alike
With access to over 1100 locations and millions of customers, we now had to build a product that was not just path-breaking but also one which was easy to understand.
We provide personalized service where agents meet customers at their doorstep, any time of the day
We enable all customers to maintain proper documentation
We hire locally to adapt to local complexities and evaluate every customer's application in detail
We conduct due diligence and credit evaluation based on our understanding of local nuances.
We serve the 'Affordable Housing' customer too
We partner with Central and State governmentsand work with the Pradhan Mantri Awas Yojana (Housing for All by 2022)
We service individuals and segments of society that are underserved by banks and other financial institutions
We aspire to set the highest standard for housing finance in rural India in terms of profitability, growth, employee engagement, trust, and awareness. We aim to increase home ownership and resources in the housing finance sector of rural India. As we have shown, by our initial success in this market as well as our constant growth and profits, we have laid the foundations for our future.
How do we transform lives?
We will challenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the world, to enable them to Rise.
We will foster local entrepreneurship within the organization which means that our employees will be trusted and hence empowered. At each level/location, our employees will be encouraged to take decisions in the best interest of the company and the business. Each one of us must agree to be held responsible for our decisions and take each and every decision as if we are taking it for our personal business involving our own money and resources.
We will ensure the highest level of integrity which entails:
Financial Integrity: Pertaining to financial/accounting matters.
Intellectual Integrity: We will always voice our concerns about what we feel is right or wrong.
Transactional Integrity: Integrity in dealings with others whether they are a customer, a colleague or any stakeholder.
We will operate as a team. We have a common vision, a common goal. We will ensure that we achieve that goal while working as a team to achieve it in the fastest possible way. However good an individual may be, the collective wisdom and efforts of a team will always be superior to his wisdom of efforts.
We believe in having a high risk taking ability through appropriate risk mitigation. As an organization, we are willing to assist customers who are not being serviced adequately by other players. Our focus will be on the customer, his needs and the best possible way to service him without compromising the organization’s interests.
We will be customer centric as well as fair and transparent in our dealings. We will reach out to identify our customers, understand their requirements, be empathetic in our dealings and design and deliver our products and services keeping them in mind at all times. We will accord them the highest possible respect, in the process earning their respect for our efforts.
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We will foster local entrepreneurship within the organization which means that our employees will be trusted and hence empowered. At each level/location, our employees will be encouraged to take decisions in the best interest of the company and the business. Each one of us must agree to be held responsible for our decisions and take each and every decision as if we are taking it for our personal business involving our own money and resources.
We will ensure the highest level of integrity which entails:
Financial Integrity: Pertaining to financial/accounting matters.
Intellectual Integrity: We will always voice our concerns about what we feel is right or wrong.
Transactional Integrity: Integrity in dealings with others whether they are a customer, a colleague or any stakeholder.
We will operate as a team. We have a common vision, a common goal. We will ensure that we achieve that goal while working as a team to achieve it in the fastest possible way. However good an individual may be, the collective wisdom and efforts of a team will always be superior to his wisdom of efforts.
We believe in having a high risk taking ability through appropriate risk mitigation. As an organization, we are willing to assist customers who are not being serviced adequately by other players. Our focus will be on the customer, his needs and the best possible way to service him without compromising the organization’s interests.
We will be customer centric as well as fair and transparent in our dealings. We will reach out to identify our customers, understand their requirements, be empathetic in our dealings and design and deliver our products and services keeping them in mind at all times. We will accord them the highest possible respect, in the process earning their respect for our efforts.
Previous
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Registration received from NHB on 13th August, 2007 to operate as a Housing Finance Company.
First loan was disbursed in October 2007.
Commercial operations started across 36 locations of Gujarat and Maharashtra in 2007/08.
On 12th August 2008, the Company executed a Subscription Agreement with NHB and NHB took a 12.5% stake in the company.
Received a credit rating of CARE BBB-(Issuer) from CARE IN F-2008- 09, which indicates moderate safety for timely servicing of debt obligations.
In 2009-10 Company availed sanction of Refinance Assistance from National Housing Bank (NHB) of Rs. 75 cr.
CARE upgraded the Issuer rating to “CARE BBB+(Issuer) in 2009-10,which indicates moderate safety for timely servicing of debt obligations.
CRISIL assigned A+/Stable to the long-term bank facilities on January, 10, 2011.
The number of locations in which loans have been disbursed crossed 150+ in the second half of 2010-11.
MRHFL won the ‘Golden Peacock Innovation Management Award’ in 2012.
MRHFL was selected by Harvard Business School for F.I.E.L.D Project in Aug-2012.
Crossed cumulative number of cases of 100,000 by December-12.
MRHFL was awarded Bronze for ‘Product Excellence’ in the ‘Global CSR Summit & Awards 2013’ held in Davao, Philippines.
MRHFL was awarded the “Gold” in the Housing category at the Skoch Awards for Corporate Leadership 2013.
The Company’s consortium of lenders was formed in FY 13.
In 2013, MRHFL became member of the UNDP’s ‘Business Call-to- Action’, a confirmation of MRHFL’s leadership in, and commitment to, inclusive and sustainable business initiatives at the Bottom of the Pyramid (BoP).
MRHFL was awarded the “Gold” in the Housing category at the Skoch Awards for Corporate Leadership 2013.
MRHFL won the Skoch ‘Order of Merit’ for qualifying amongst ‘India’s best – 2013’ for corporate contribution to India’s growth post liberalization in November 2013.
In FY-13, MRHFL declared a dividend of 10%.
By March 31st, 2013, MRHFL’s staff strength crossed 1000 members.
During the twelve months period ended 31st March 2013, the Profit after Tax (PAT) registered a growth of 71% at Rs. 20.3 Crores as against Rs. 11.9 Crores registered for the same period previous year.
Rights issue of Rs. 50 Crores opened at premium of Rs. 15. NHB has confirmed their willingness to participate.
MRHFL was awarded the ‘Most Admired Service Provider in Financial Sector’ at the Banking, Financial Services & Insurance Awards presented by ABP News on 14th February, 2014.
In FY 15-16, Company won the prestigious Porter Prize Award for ‘Industry Architectural Shift’ which recognized the Company’s outstanding performance in the industry and its contribution in re-defining
the industry structure by challenging the very basis of competition.
In Feb, 2017 MRHFL’s CARE AA+ rating is reaffirmed by CARE which represents stability and asset quality.
Registration received from NHB on 13th August, 2007 to operate as a Housing Finance Company.
First loan was disbursed in October 2007.
Registration received from NHB on 13th August, 2007 to operate as a Housing Finance Company.
First loan was disbursed in October 2007.
Commercial operations started across 36 locations of Gujarat and Maharashtra in 2007/08.
On 12th August 2008, the Company executed a Subscription Agreement with NHB and NHB took a 12.5% stake in the company.
Received a credit rating of CARE BBB-(Issuer) from CARE IN F-2008- 09, which indicates moderate safety for timely servicing of debt obligations.
In 2009-10 Company availed sanction of Refinance Assistance from National Housing Bank (NHB) of Rs. 75 cr.
CARE upgraded the Issuer rating to “CARE BBB+(Issuer) in 2009-10,which indicates moderate safety for timely servicing of debt obligations.
CRISIL assigned A+/Stable to the long-term bank facilities on January, 10, 2011.
The number of locations in which loans have been disbursed crossed 150+ in the second half of 2010-11.
MRHFL won the ‘Golden Peacock Innovation Management Award’ in 2012.
MRHFL was selected by Harvard Business School for F.I.E.L.D Project in Aug-2012.
Crossed cumulative number of cases of 100,000 by December-12.
MRHFL was awarded Bronze for ‘Product Excellence’ in the ‘Global CSR Summit & Awards 2013’ held in Davao, Philippines.
MRHFL was awarded the “Gold” in the Housing category at the Skoch Awards for Corporate Leadership 2013.
The Company’s consortium of lenders was formed in FY 13.
In 2013, MRHFL became member of the UNDP’s ‘Business Call-to- Action’, a confirmation of MRHFL’s leadership in, and commitment to, inclusive and sustainable business initiatives at the Bottom of the Pyramid (BoP).
MRHFL was awarded the “Gold” in the Housing category at the Skoch Awards for Corporate Leadership 2013.
MRHFL won the Skoch ‘Order of Merit’ for qualifying amongst ‘India’s best – 2013’ for corporate contribution to India’s growth post liberalization in November 2013.
In FY-13, MRHFL declared a dividend of 10%.
By March 31st, 2013, MRHFL’s staff strength crossed 1000 members.
During the twelve months period ended 31st March 2013, the Profit after Tax (PAT) registered a growth of 71% at Rs. 20.3 Crores as against Rs. 11.9 Crores registered for the same period previous year.
Rights issue of Rs. 50 Crores opened at premium of Rs. 15. NHB has confirmed their willingness to participate.
MRHFL was awarded the ‘Most Admired Service Provider in Financial Sector’ at the Banking, Financial Services & Insurance Awards presented by ABP News on 14th February, 2014.
In FY 15-16, Company won the prestigious Porter Prize Award for ‘Industry Architectural Shift’ which recognized the Company’s outstanding performance in the industry and its contribution in re-defining
the industry structure by challenging the very basis of competition.
In Feb, 2017 MRHFL’s CARE AA+ rating is reaffirmed by CARE which represents stability and asset quality.
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Dharmesh Vakharia
Chief Financial Officer
Aniruddha Shende
National Business Head – Affordable Housing
Employees
18000
Branches
1100
Customers
30 lakh
Over 2 decades ago Mahindra and Mahindra Financial Services Limited (MMFSL) commenced its journey in the rural non-banking finance industry. Providing individuals with personalized finance for a wide range of vehicles, small-scale business requirements, and many other diverse endeavours – all to help people live their dreams and Rise in life.
Mahindra Finance noticed the rural market in India was extremely underserved, especially when compared to a highly competitive, reasonably well-developed urban market. This wide gap provided an opportunity. In 2007, as an Industry leader with a healthy financial condition and a good reputation with the Reserve Bank of India, Mahindra Finance (MMFSL), setup Mahindra Rural Housing Finance Limited (MRHFL) to offer home loans – for new home purchase, construction, and home improvement in rural parts of India.
Mahindra & Mahindra Financial Services Limited (MMFSL) currently holds an 89% stake in Mahindra Rural Housing Finance Limited (MRHFL).
KEY INDUSTRIES
20
COUNTRIES
100+
EMPLOYEES
2 Lakh
The Mahindra Group operates in over 20 key industries, providing insightful and ingenious solutions that are global in their ramifications. All the companies act as a federation, with an optimum balance of entrepreneurial independence and synergy. From Mobility to Rural Prosperity and IT, from Financial Services to Clean Energy and Business Productivity, The Mahindra Group is empowering enterprise everywhere. Headquartered in Mumbai, India, they have an operational presence in over 100 countries and employ more than 200,000 people. And although they operate across vast geographies, thier governing spirit of “Rise” binds all the companies as one Mahindra, dictating that we empower people everywhere to not only chart new frontiers, but to conquer them too.
The world’s largest tractor brand by volume, and India’s largest utility vehicle manufacturer. The Mahindra Group remains committed to investing in technology, growing India’s global presence while maintaining leadership positions. They are the largest NBFC in rural and semi-urban India. They are one of the top 5 IT service providers in India. They are India’s leading vacation ownership company. And are India’s largest multi-brand, pre-owned car company. This is The Mahindra Group.
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