PAISALO signs up with SBI to disburse 2 lakh MSME loans in FY20
PAISALO Digital, a leading non-deposit-taking NBFC registered with the Reserve Bank of India (RBI), signed a co-origination MSME loan agreement with State Bank of India (SBI), the company said in a release.
The goal of this partnership is empowering the agriculture and MSME segment.
The release added that through this alliance, a platform will be introduced where the MSME loan ticket is designed at Rs 10,000 to Rs 2 lakh. The company expects to disburse 200,000 MSME loan applications in FY20.
Officials from PAISALO and SBI
It said it has over Rs 2,000 crore worth assets under management (AUM), with a net worth of Rs 671.9 crore and a CAR of 31.73 percent, as on Q3FY19. It has serviced nearly 10,00,000 borrowers and has over 2,50,000 live borrowers.
PAISALO operates in Uttar Pradesh, Maharashtra, Himachal Pradesh, Gujarat, Rajasthan, Delhi, Haryana, Punjab, Uttarakhand, and Bihar.
"We are delighted to associate with SBI as their first co-lending partner, and are thankful for their trust. SBI and PAISALO intend to enable the customers to reach us with ease and use it for smooth MSME loan disbursal and repayment easily," said Sunil Agarwal, Managing Director, PAISALO. He added,
"We aim at partnering with people in the growth journey of their MSMEs and help them contribute to job creation. Our MSME loan ticket and tenure is designed to cater to this special segment for their working capital and other requirements.”
Santanu Agarwal, Chief Innovation Officer, PAISALO, said, “We acknowledge the constructive disruption technology has brought in the lending space. We are committed to leveraging it to reach the maximum end-users at a minimum cost -- a benefit that we can pass it on to them."
PAISALO has been in operation since 1992. Started by Sunil Agarwal, the company’s main thrust is on small finance to ensure rural development, self-employment, and women-empowerment. The small credit division offers MSME loans from Rs 10,000 to Rs 1,00,000 through the individual and community lending model, thereby providing unsecured MSME loans to entrepreneurs under Priority Sector Lending.
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