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Srei to launch new version of `Money Bag 2005'

Our Bureau

Plans to unveil four novel financing schemes at global mining expo

Kolkata , Nov. 22

Srei Infrastructure Finance, buoyed by the success of its earlier `Money Bag 2005' equipment-financing scheme, has now developed a new and improvised version of the same, labelled `Money Bag Power'.

Mr Sunil Kanoria, Director, Srei, told Business Line that the new version offers the added convenience of Web-based transactions, enabling a borrower to transact over the Internet his personalised pre-signed delivery order.

The existing scheme, according to him, already enjoys a large customer base, and being a 100 per cent financing option for borrowers, the coupon rate is low at 8.88 per cent.

The new scheme, which has a three-year tenure, has come about after considerable research on customer requirement pattern, and is available on most equipment of manufacturers participating in the CII-sponsored International Mining and Machinery Exhibition (IMME) 2006 here .

Mr Kanoria said the company also plans to launch four other uniquely structured products such as Easy Lease Scheme, Exchange Lease Scheme, Srei Lotto and Srei Jump Start. The Easy Lease Scheme, being offered over a period of seven years, was expected to reduce the incidence of quantum of lease rentals on the borrower by almost half.

He said the Exchange Lease Scheme allows borrowers to exit from old and outdated equipment, while re-entering the agreement for the lease of a new one at the same seven-year tenure.

According to him, the EMI under this works out to a mere 1.75 per cent of the equipment cost with no residual payment required at the end of the lease period.

Describing it as the beginning of a new chapter in the country's leasing business, Mr Kanoria said that financing will be to the tune of 100 per cent without any margin requirement.

Srei Lotto is priced lower at 5.5 per cent with the lease term being three years. Srei Jump Start, aimed at the SME customers, is a 100 per cent financing scheme with a tenure of two to five years.

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