Muthoot Microfin announced a strategic co-lending partnership with the State Bank of India on June 6th 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 engaged in agricultural and allied activities and other income-generating enterprises. Muthoot said the loan amounts will range from Rs 10,000 to Rs 3 lakh.
"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 cost-effectively," Muthoot Microfin's chief executive Sadaf Sayeed said.
The Kochi-headquartered micro lender serves about 3.35 million active customers through 1,508 branches across the country. At the end of March, its gross loan portfolio stood at Rs 12,193.50 crore.
