Mumbai, Jun 30 (PTI) Aiming to grow its lending to small businesses, Godrej Capital on Thursday said it will allow flexible loan repayments to borrowers in the segment and also introduced a longer tenor 'loan against property' offering.

The non-bank financier, which is among the youngest of the lending companies having entered in late 2020, will let borrowers from the Small and Medium Enterprises (SME) segment 'design' their own earnest monthly installments, as per an official statement.

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Select borrowers can pay only interest for the first three years of a loan, the company said, adding that it is also mulling to allow borrowers to pay quarterly or bi-monthly.

The lender is also introducing a 25-year Loan Against Property (LAP) as against competition which does not go beyond 20 years, the statement said.

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"The product offerings that we bring in are the basis of our learnings from the growing consumer segmentation and micro clusters that we have engaged with," its managing director and chief executive Manish Shah said.

The 25-year LAP will be available in the company's existing markets of Mumbai, Pune, Delhi National Capital Region, Ahmedabad, Bengaluru, and plans are afoot to sell the product in newer markets like Chennai, Indore, Jaipur, Chandigarh, Surat and Hyderabad, it said.

Earlier, the company had said that it is aiming to grow its balance sheet size to Rs 6,000 crore by end of FY23 and take the same to Rs 30,000 crore by 2026.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)