Muthoot Microfin on Thursday announced a strategic co-lending partnership with the State Bank of India to extend its financial services to women in the economically weaker segment in rural and semi-urban regions across India.Muthoot Microfin and SBI will co-lend to members of joint liability groups who are engaged in agricultural and allied activities as well as other income-generating enterprises.
The loan amounts will range from Rs 10,000 to Rs 3 lakh, Muthoot said.
“To take financial inclusion to the next level, we have collaborated with the largest bank, i.e. SBI. I am convinced that, with this partnership we will be able to offer a wide range of products and services to our clients, most importantly it will help us in meeting the growing demand of our women entrepreneur clients in a cost-effective manner,” Muthoot Microfin chief executive Sadaf Sayeed said.
The Kochi-headquartered micro lender has about 3.35 million active customers served through 1,508 branches spread across the country. Its gross loan portfolio stood at Rs 12,193.50 crore at the end of March.
