CreditAccess Grameen Limited is a public limited company and a non-banking financial company - micro finance institution (NBFC-MFI) registered with the RBI.
Debenture trustee
Catalyst Trusteeship Limited
Issuance date
01 Oct 2026
Key terms
Secured by a 1.10x exclusive charge on hypothecated book debts and receivables.
Step-up coupon of 25 bps for each notch of rating downgrade below AA-/Stable.
Strong issuer financials with a loan book of over INR 28,894 Cr and Tier I CAR of 24.23%.
Returns & Cashflow
Units
1
Quarterly Interest PayoutPrincipal Paid at Maturity
₹1,00,946.96Principal Invested
₹18,281.29Interest earned
₹1,18,281.29Final Payout
Interest Payout Schedule
Interest payout schedule for selected units, with payout date, interest amount, and principal amount.
Payout Date
Interest (₹)
Principal (₹)
01 Jan 2027
₹2,306.3
--
01 Apr 2027
₹2,256.16
--
01 Jul 2027
₹2,281.23
--
01 Oct 2027
₹2,306.3
--
01 Jan 2028
₹2,306.3
--
01 Apr 2028
₹2,275
--
01 Jul 2028
₹2,275
--
30 Sep 2028
₹2,275
₹1,00,000
Total
₹18,281.29
₹1,00,000
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24.88%Capital adequacy
2,276 branches across 16 states & 1 union territoryGeographic
2.18%GNPA
₹8,346.6 CrNet worth
0.75%NNPA
₹493.41 CrPAT
66.21%Promoter holding
Financial Trend
YoY +6.4% ↑
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Issuer and structure highlights
Strong Capital Adequacy
Tier I CAR stands at a robust 24.23%, well above the RBI mandated minimum of 16%.
Secured Issuance
Backed by a 1.10x security cover on identified receivables and book debts.
Robust Scale
Loan book exceeds INR 28,894 Cr as of June 2026, demonstrating strong market presence.
Key Risks
Asset Quality Risks
Inherent vulnerability of microfinance borrowers to localized socio-economic disruptions.
Regulatory Oversight
Subject to stringent RBI norms and NBFC-MFI guidelines which may affect operational flexibility.
Geographic Concentration
While diversified across 16 states, regional events can still significantly impact portfolio health.
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Summarised from the issuer's disclosures and the rating rationale. Read the full offer document and rating rationale before investing.
Step Up Rate: 25 bps1.10x Security Cover
AA-May 2026
Rating rationale summary
Rated ICRA AA- by ICRA Limited. The issue features a 1.10x security cover on hypothecated assets (receivables/book debts). CAR is mandated to be at least 16%. Any downgrade triggers a step-up.
Summary points
Rating: ICRA AA-
Security Cover: 1.10x
Coupon: 9.15% p.a.
Outlook implications
Not found in the supplied documents. The detailed rating rationale report from ICRA Limited was not provided in the attachments, hence detailed outlook implications cannot be verified.
Implications for investors
Downgrade below AA-/Stable triggers a Step Up Rate of 25 bps per notch.
Investors benefit from a 1.10x security cover on receivables.
Watch for: Any rating downgrade below AA-/Stable which triggers a 25 bps step-up coupon.
Rating Drivers
Security Cover
Supportive
1.10x cover on receivables
Capitalization
Positive
Robust Tier 1 CAR of 24.23%
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Invest
Selected investment units: 1
Trade & Settlement
Settlement date
15 Oct 2026
Orders placed after 4 PM will be executed on the next business day. Weekends and exchange holidays are skipped.
Totals (For Selected Units)
Price per Unit
₹1,00,946.96
Investment amount
₹1,00,946.96
Total Interest
₹18,281.29
Total Receivable
₹1,18,281.29
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