Mumbai (Maharashtra) [India], August 31 (ANI/BusinessWire India): Jaipur head quartered Housing finance company (NBFC – HFC), Aavas Financiers Limited (“Aavas”) has been awarded the Best Non-Banking Financial Company (NBFC) for the year 2020-21 in Financial Express India’s Best Banks Awards 2022. The glittering ceremony took place at ITC Grand Central, Mumbai, on August 26, 2022, with the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman as the Chief Guest.
This time, the committee recognized winners from NBFC and Fintech space as well. The evaluation process was rigorous and the winners were selected by an eminent jury Chaired by S Ramadorai, Former Vice-Chairman, TATA Consultancy Services. The other members were Amit Chandra, Chairman, Bain Capital, B Mahapatra, Former Executive Director, Reserve Bank of India and Chairman, NPCI, R Shankar Raman, Director and Group CFO, Larsen and Toubro, Amit Tandon, Managing Director, IIAS India and Sharad Sharma, Founder, iSPIRT.
Aavas is primarily engaged in offering home loans with an average ticket size of Rs.10 Lakhs.
Sushil Kumar Aggarwal, Founder, Managing Director and Chief Executive Officer of Aavas said, “When we started our journey in the year 2011, we had chosen unserved and unreached markets. At that time, around 70 per cent of our customers were new to credit and without a bureau score. So, we built domain expertise in customer profiling. This stood us in a good stead during the pandemic. Creating the right product mix and right assessment criteria, going relatively slow but sure, not choosing risky assets, and understanding customer behaviour through different cycles helped us navigate the time well, even though self-employed non professional customers account for 60 per cent of our portfolio.”
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