Muthoot Microfin launches co-lending partnership with State Bank of India
The collaboration with SBI enables lower interest rates, making loans more affordable for borrowers while driving financial inclusion and fostering self-sufficiency in underserved communities.
Indian Microfinance Institution, Muthoot Microfin has initiated loan disbursals under its co-lending partnership with the State Bank of India (SBI), the country's largest lender. Under this collaboration, SBI has sanctioned an Asset creation cap of Rs 500 crore, to be disbursed in tranches of Rs 100 crore.
The range of loans from Rs 50,000 to Rs 3 lakhs will be extended to identified and eligible customers, focusing primarily on members of Joint Liability Groups (JLGs) engaged in agricultural and allied activities, as well as other income-generating ventures.
The target beneficiaries of this initiative are members of Joint Liability Groups (JLGs) involved in agricultural and allied activities, as well as individuals engaged in other income-generating ventures. The co-lending initiative aligns with Muthoot Microfin's mission to scale financial inclusion in rural areas.
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Currently operating across 20 states and 369 districts, Muthoot Microfin plans to make this initiative available pan-India, ensuring broader access to credit for rural entrepreneurs.
The collaboration with SBI enables lower interest rates, making loans more affordable for borrowers while driving financial inclusion and fostering self-sufficiency in underserved communities.
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