Aavas Financiers

Aavas Financiers is a financial services company

#5623

Rank

$1.25B

Marketcap

India

Country

Leadership team

Mr. Sushil Kumar Agarwal (MD, CEO & Director)

Mr. Ghanshyam Rawat (Co-Founder & CFO)

Mr. Rajeev Sinha (Exec. VP of Operations)

Products/ Services

Finance, Financial Services

Number of Employees

1,000 - 20,000

Headquarters

Jaipur, Rajasthan, India

Established

2011

Net Income

20M - 100M

Revenue

100M - 500M

Traded as

AAVAS.NS

Social Media

URL

https://www.aavas.in

Overview

Location

Recognition and Award

Products and Services

References

Summary

Aavas Financiers Limited provides housing loans to customers belonging to low- and middle-income self-employed customers in semi-urban and rural areas in India. It offers home loans for flats, houses, and bungalows, as well as resale properties; land purchase and construction loans, including finance for self-construction of residential houses; and home improvement loans, which include loans for tiling or flooring, plaster, painting, etc. The company also provides home equity loans; and micro, small, and medium enterprise loans for business expansion, purchase of equipment, working capital, etc., as well as home loan balance transfer and emergency credit line guarantee scheme products.

As of March 31, 2022, it operated through 314 branches covering 13 states, including Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Delhi, Punjab, Uttarakhand, Himachal Pradesh, Karnataka, and Odisha.

Aavas Financiers Limited was incorporated in 2011 and is based in Jaipur, India. The company was formerly known as AU Housing Finance Limited and changed its name to Aavas Financiers Limited in February 2017.

History

AAVAS FINANCIERS LIMITED (Formerly known as Au HOUSING FINANCE LIMITED) was incorporated as a private limited company in Jaipur, Rajasthan, under the name of “Au Housing Finance Private Limited” under the Companies Act, 1956 on February 23, 2011.

It formally started its operations in March 2012.

Subsequently, the name of the Company was changed to “Au Housing Finance Limited” due to conversion from a private company to a public company on January 10, 2013.

In March 2017, the name of the company was changed from "Au HOUSING FINANCE LIMITED” to “AAVAS FINANCIERS LIMITED" (AAVAS) vide a fresh Certificate of Incorporation (COI) dated 29th March 2017.

AAVAS is engaged in the business of providing housing loans, primarily, in the un-served and un-reached markets which include the States of Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Haryana, Uttar Pradesh, Chhattisgarh, Uttarakhand, Punjab, Himachal Pradesh, Delhi, Odisha and Karnataka.

Mission

According to the website, the company's mission is “to empower and upgrade lives of low and middle-income customers by providing them accessible home loans and setting pioneering benchmarks in unserved and underserved markets.”

Thus, the company is working towards the financial inclusion of the reserved and unbanked segments of the society, providing them access to credit through its hassle-free, easy, and secure loan process.

Vision

According to its website, the vision of Aavas Financiers is “Enriching lives of people by enabling them to achieve their dream of owning a home.”

The company strives to be the leading player in the rural and semi-urban regions of India, offering innovative, customised, and timely financial solutions to its customers, and thus, creating value for all its stakeholders.

Key Team

Mr. Mukesh Agarwal (Sr. VP of Accounts)

Mr. Ripudaman Bandral (Chief Credit Officer)

Ms. Jijy Oommen (Chief Technology Officer)

Mr. Himanshu Agrawal (Investor Relations Exec.)

Mr. Sharad Pathak (Company Sec. & Compliance Officer)

Mr. Ashutosh Atre (Chief Risk Officer)

Mr. Surendra Kumar Sihag (Exec. VP of Collections)

Recognition and Awards

Aavas Financiers Ltd. has been conferred the BEST NBFC for the year 2020-21 in FE India’s Best Banks Awards. It also received the ASSOCHAM Excellence Award for being the best housing finance company in affordable housing in 2016. Mr. Sushil Kumar Agarwal, Managing Director & Chief Executive Officer, Aavas Financiers Limited was conferred with the EY Entrepreneur Of the Year India Awards 2020 in the Financial Services category. Mr. Ghanshyam Rawat, Co-Founder & CFO, Aavas Financiers Limited conferred with Best CA CFO - Emerging Corporate Award in BFSI Category at 13th ICAI Awards. The “Great Place to Work ® Institute” has also certified Aavas Financiers Limited as a “Great Place to Work” based on the rigorous assessment and in-depth analysis of employees’ experience and people practices.

Products and Services

Home Loan: Besides providing an affordable housing loan, the company offers a number of other benefits like speedy approval, easy process, flexible long tenure, competitive interest rates, easy EMI along with minimum paperwork, and fast online services.

Home Construction Loan: Aavas Financiers offers home construction loans for the purpose of self-construction of a residential house property.

MSME Business Loan: Aavas Financiers offers working capital for MSME businesses to purchase new machinery and equipment, or expansion of business.

Loan against property: Home Equity Loan from Aavas is Loan Against Residential property (LAP) that offers funds for higher education, marriage in the family, or any medical expenses.

Home Improvement Loan: This is used to improve the existing homes like adding a new room, adding a new balcony, or making some improvement in the existing home structure. It is also popularly known as repair and renovation loans.

Small ticket-size loan: An STS loan is extended for small amounts with short tenure which is secured against self-occupied residential or commercial property and is categorised as per the end use of the loan availed.