New Delhi, Muthoot Microfin on Thursday said it has entered into a strategic co-lending partnership with State Bank of India (SBI).
Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups (JLGs) who are engaged in agriculture and allied activities as well as other income-generating ventures. The loan amount will be from minimum Rs 10,000 to maximum Rs 3 lakh.
With this collaboration, Muthoot Microfin Ltd aims to expand its financial services to women entrepreneurs in rural and semi-urban areas across India, the Kochi-headquartered microfinance firm said in a statement.
Sadaf Saeed, CEO, Muthoot Microfin, said, “With this partnership, we will be able to offer our customers a wide range of products and services, most importantly, meeting the growing demand of our women entrepreneur customers in a cost-effective manner. " Said.
Under the co-lending model, banks are permitted to co-lend with all registered NBFCs (including HFCs) on a prior agreement basis.
Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups (JLGs) who are engaged in agriculture and allied activities as well as other income-generating ventures. The loan amount will be from minimum Rs 10,000 to maximum Rs 3 lakh.
With this collaboration, Muthoot Microfin Ltd aims to expand its financial services to women entrepreneurs in rural and semi-urban areas across India, the Kochi-headquartered microfinance firm said in a statement.
Sadaf Saeed, CEO, Muthoot Microfin, said, “With this partnership, we will be able to offer our customers a wide range of products and services, most importantly, meeting the growing demand of our women entrepreneur customers in a cost-effective manner. " Said.
Under the co-lending model, banks are permitted to co-lend with all registered NBFCs (including HFCs) on a prior agreement basis.
