Aavas Financiers Limited Wins the Non-Banking Financial Company 2020-21 Title at FE India's Best Banks Awards 2022

31 Aug 2022 , 01:10 PM

Business Wire India

Mr. Sushil Kumar Agarwal, Founder, CEO and MD, Aavas Financiers Ltd receiving the FE — India’s Best Banks Awards from Hon’ble Finance Minister Smt. Nirmala Sitharaman

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 26 August 2022 with the hon’ble Union Minister of Finance and Corporate Affairs, Smt. 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 Mr. S Ramadorai, Former Vice-Chairman, TATA Consultancy Services. The other members were Mr. Amit Chandra, Chairman, Bain Capital, Mr. B Mahapatra, Former Executive Director, Reserve Bank of India and Chairman, NPCI, Mr. R Shankar Raman, Director & Group CFO, Larsen & Toubro, Mr. Amit Tandon, Managing Director, IIAS India and Mr. Sharad Sharma, Founder, iSPIRT.
 
Aavas is primarily engaged in offering home loans with an average ticket size of Rs.10 Lakhs.

Mr. Sushil Kumar Aggarwal, Founder, Managing Director & 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% 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% of our portfolio.”

About Aavas Financiers Limited (“Aavas”)
 
Aavas is engaged in providing home loans primarily to customers belonging to the low and middle-income segments in semi-urban and rural areas. It was incorporated as a private limited company in Jaipur, Rajasthan, on February 23, 2011. The Company understood its customer’s needs and therefore, uses a unique appraisal methodology to assess these customers individually and delivers tailor-made financing solutions. It has a team of dedicated staff members including highly qualified professionals like Chartered Accountants, Lawyers, Civil Engineers, Company Secretaries, MBAs etc. who have been contributing to the progress and growth of the Company. Presently Aavas is operating in 13 states, 318 branches with Assets Under Management above Rs. 11,894 Crores as of June 2022.

Ever since its inception and all through its growth, the Company has kept a clear sight of its values. The basic tenet of these values is to create customer delight with a focus on ease and speed and to create an environment of trust and transparency. Aavas is here to enrich the lives of people by enabling them to achieve their dream of owning a home, as the tagline says: Sapne Aapke, Saath Hamaara.